cyborg

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

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Any clue guys which is the best bank in dubai and offereing lowest interest on car loans? Anyonbe using one with good or bad feedback please advice.

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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.

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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). 

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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.

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union national bank - 2.35% and ajman bank car finance - 2.3% is currently the lowest interest on car loan in uae market. I checked these last week, hope it helps

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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

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