Jump to content
  •  
Advertise here

Which bank offer the lowest interest rate on car loan in uae?


cyborg

Recommended Posts

Car loans in UAE differ for new cars and used cars. New cars have lower interest rates, as low as 1.29% whereas used car interest rates can go as high as 4.99%. I have always used Emirates NBD or Emirates Islamic bank for all my car loans and never faced an issue. I cannot compare as I did not use any other banks, but this could be a compliment to them to have hassle free loans so that I did not have to look around for better service. However with the current situation it is difficult to get a loan, specially if you have not taken a loan before.

Link to comment
Share on other sites

I used car loan once in my life and that too from Dubai Islamic and regretted totally with hell of bureaucracy of going from red planet to green moon to orange earth utter non-sense pillar to post behavior from approval to closing the loan.

After that I told myself i'll buy couple of years older car but on cash only (lesson learned). 

Let's root for each other & watch each other grow.

Link to comment
Share on other sites

Sadly all banks have similar procedure, so the only thing you can compare is with their interest rate and choose the one that offers less. You can't have one bank name as lowest interest provider as all banks keep on changing their interest rate on so many criteria (salary, car age, loan ammount, down payment and various promotions). Last I checked 6-7 months DIB was the best as and ENBD was little higher and Mashreq was teh highest. So do fresh search on their website and compare in excel when you are ready for the car buying.

Link to comment
Share on other sites

You are in luck @cyborg. here is a complete list of banks with their requirements and interest rates. Emirates NBD tops the list right now.

https://compareit4me.com/en/car-loans/

Link to comment
Share on other sites

These comparing sites are not accurate and shows sponsored results most of the time, than actually showing the genuinely lowest offering bank. better to diy little search on each bank site and realize who is better in charging less

Link to comment
Share on other sites

×
×
  • Create New...

Important Information

Terms of use