Car Loans in UAE
 

First time car purchaser here and looking for a car loan at the moment. Couple of weeks back somebody was saying about a 3.99% deal with one of the banks?

Well I can't find it - so does anybody know of any particularly good deals out there at the moment.....those loans to avoid etc.

Thanks in advance:thumbup:

Re: Car Loans in UAE
 

Do a search on this - I've written quite a bit on car loans and banks to avoid...

Re: Car Loans in UAE
 

car loans are not 3.99 as they are not shown as apr rates, so it usually works out nearer the 8% mark, our loan with adcb taken out 2 years ago so cheaper i believe than now is apr of 7.38

Re: Car Loans in UAE
 

Thanks.......did think 3.99 was low - so is that what they call 'flat rate':confused:

IndieG - searched but couldn't find much...will keep looking :)

Re: Car Loans in UAE
 

There you go...


http://britishexpats.com/forum/showt...Personal+Loans

Re: Car Loans in UAE
 

yep think its called flat rate, but you ask what the apr is and see the difference:blink:

Re: Car Loans in UAE
 

Thanks Eva!

Re: Car Loans in UAE
 

hii
am working in al tayer motors - Sales advisor
the 3.99 was existed before yes..but not now any more
most of the banks increased the rate laterly (2 weeks ago)
now the cheapest is 4.5% for the new cars, and i think 4.75 for the used cars (am not sure coz i work in the new cars only)

plus.. now days after the financing problem came up..the banks using new rules (more deficult) your company should be listed, clean history ..and so

with wich bank you are banking? or to wich bank your salary get transfer
if you like i can help you in that thru the bankers which i deal with (i am dealing with 5 banks: standard chartard, emirates bank, mashreq bank, dubai islamic bank, emirates islamic bank)
i can help...send me PM

cheers

Re: Car Loans in UAE
 

Just had mine approved through HSBC who i bank with. One of the most painless things i've ever done. Rate is around 4.8% i think.

Re: Car Loans in UAE
 

Really easy to calculate your flat rate. Multiply your payments by the number of payments to be made. Deduct the amount you are borrowing. Divide the balance by the amount you are borrowing as a % and divide by the number of years the loan is over. Simple!
2'000 per month over 48 months on an 80'000 loan is 5% flat.
Just reverse to calculate your payments on a flat rate and balance.
Doesn't mean much but it's easy to do. :thumbup:

Re: Car Loans in UAE
 

Eh?

Re: Car Loans in UAE
 

Guess that should read; relatively easy to do. ;)

Re: Car Loans in UAE
 

4.8% is the avarage rate now days
which car you gona buy ??

Re: Car Loans in UAE
 

Hey its better to ask directly where you are going to get the loan.They will tell you about the lower interest rate.I think most of them are providing 8% interest and i am not sure about it.
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gomez

Car Loans