The best financing options to buy a used car in Dubai, EAU

Buying used cars in Dubai causes one to have a reliable vehicle without being loaded by the high price of a new car. However, not everyone can afford to pay the total cost of the car at once. Fortunately, there are quite a few financing options available in the EAU that make the purchase Used cars in Dubai more accessible and affordable. Here we will present the best alternatives available for a buyer and how you can make an informed decision for your next car.

1. Bank car loans

Bank loans are the common way to finance a car used in the EAU. Most local and international banks in Dubai offer loans for cars specifically designed for used vehicles. The benefits of this loan include competitive interest rates, flexible reimbursement terms and high loan amounts, often up to 80% of the value of the car.

Requirements
● Valid EAU residence visa
● Income test or salary certificate
● Initial payment (generally 20% of the value of the car)
Compare the offers of different banks to take advantage of the one with the lowest interest rate and the best terms. Some of the main banks for a used car loan are Emirates NBD, ADCB and FAB.

2. Cars dealership financing plans

Internal financing plans for buyers are common among many car dealers in Dubai. The greatest advantage of such plans is the financing process without problems and without problems administered by a dealer.

Plans often come with promotional offers, such as low rates or even zero interest for a stipulated period of time. Be cautious, however, and read the small print; After the promotion period, those interest rates could firing quickly.

For example, if you are looking cars convertible to sale in DubaiMany distributors provide financial solutions adapted to their budget. Consult with good reputation distributors to explore your financing options.

3. Islamic car financing

Islamic banks in the EAU, who attend purchases that seek financing alternatives that comply with Sharia, offer car financing based in Muebaha or headquarters in Ijarah. Bajo Miebaha, the bank will buy the car and then sell it to a buyer with a fixed margin of profits. Bajo Ijarah, the bank will lease the car until the full payment is made.

Benefits
● There are no interests since it is compatible with the Sharia
● Fixed monthly payments
● Clear terms
The leading institutions for the financing of Islamic automobiles include the Islamic Bank of Dubai and the Islamic Bank of Abu Dhabi.

4. Personal loans

You can also finance a used car in Dubai using a personal loan. Personal loans differ from cars loans, since they are not insured by the value of the vehicle, leaving you with more room for maneuver. That would be ideal if you don’t want restrictions on the type or age of the car.

However, personal loans generally have higher interest rates than cars loans. It is important to consider your refund capacity before looking for this option.

5. Employer’s assistance programs

Some employers in Dubai offer car financing as part of their employee benefits package. Programs may include loans or interest without interest to buy a car. If your employer offers such benefits, this may be a profitable way to finance your purchase. Consult your human resources department to find out if this is an option available for you.

6. Parent loan platforms

In recent years, pairs loan platforms have become quite popular. These are platforms that gather the borrowers and lenders, usually at much lower interest rates than to go to a bank and with flexible terms. Some of the P2P loan platforms in EAU include Beehive and YallacomPare. While this option can be useful, make sure that the platform with which it operates is credible and regulated so as not to expose yourself to possible risks.

7. Credit card financing
A buyer who has a high credit limit can choose to finance a used car through a credit card. Many credit card suppliers in Dubai allow quota plans to low interest rates or even zero for high -cost items such as cars.
Pros
● Fast approval process
● Flexible reimbursement newspapers

However, high interest rates will be charged if the balance is not paid during the promotional period. Go to this option only when you are sure to make all payments on time on time.

Conclusion

The financing of owned cars owned in Dubai does not have to be so complex. Consider bank loans, concessionaire financing and Islamic car financing before deciding which is the most convenient for your budget and needs. Never accept any agreement before comparing offers and consider all the details provided in the contract; If it is done correctly, the car of your dreams will be yours in Dubai. You can also explore a market like OneClickdrive, since some distributors can offer financing options for buyers. See with each distributor to make such consultation.