Car Loans in UAE

Old Nov 7th 2008, 12:09 pm
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Default 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

Last edited by ssuh; Nov 7th 2008 at 12:10 pm. Reason: typo
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Old Nov 7th 2008, 12:51 pm
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Default Re: Car Loans in UAE

Do a search on this - I've written quite a bit on car loans and banks to avoid...
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Old Nov 7th 2008, 1:15 pm
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Default 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
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Old Nov 7th 2008, 1:43 pm
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Default Re: Car Loans in UAE

Originally Posted by busybee2 View Post
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
Thanks.......did think 3.99 was low - so is that what they call 'flat rate'

IndieG - searched but couldn't find much...will keep looking
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Old Nov 7th 2008, 2:10 pm
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Default Re: Car Loans in UAE

Originally Posted by ssuh View Post
Thanks.......did think 3.99 was low - so is that what they call 'flat rate'

IndieG - searched but couldn't find much...will keep looking
There you go...


http://britishexpats.com/forum/showt...Personal+Loans
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Old Nov 7th 2008, 2:16 pm
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Default Re: Car Loans in UAE

yep think its called flat rate, but you ask what the apr is and see the difference
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Old Nov 7th 2008, 2:27 pm
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Default Re: Car Loans in UAE

Originally Posted by Eva View Post
Thanks Eva!
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Old Nov 7th 2008, 8:36 pm
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Default 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
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Old Nov 8th 2008, 5:41 am
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Default Re: Car Loans in UAE

Originally Posted by NoughtyBoy View Post
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
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.
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Old Nov 8th 2008, 8:35 am
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Default 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.
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Old Nov 8th 2008, 1:15 pm
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Default Re: Car Loans in UAE

Originally Posted by Roadking View Post
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.
Eh?
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Old Nov 8th 2008, 5:33 pm
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Default Re: Car Loans in UAE

Originally Posted by Alen1 View Post
Eh?
Guess that should read; relatively easy to do.
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Old Nov 8th 2008, 6:28 pm
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Default Re: Car Loans in UAE

Originally Posted by CeeBee View Post
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.
4.8% is the avarage rate now days
which car you gona buy ??
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Old Jan 28th 2009, 4:46 am
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Default 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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Car Loans

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