According to Central Bank of the UAE, individuals may apply for a car loan from their banks or any registered finance company in the UAE.
Car loans are secured by a mortgage over the car, to the benefit of the bank or the finance company which offered the loan.
Car loans are treated separate from personal loans and should not exceed 80 per cent of the value of the financed vehicle.
The repayment period for a car loan should not exceed 60 months, against a monthly deduction of no more than half the borrower’s salary.
You can apply for a car loan through the banks and finance companies in the UAE.
Updated on 14 Oct 2021