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The MoneyDoctor Program
Lifestyle
Your Money
Your Family
Your Business
Your House
Your Car
Your Travels
New to UAE
All New to UAE
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Accounts
Savings Accounts
All Savings Accounts
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Expert Insights
Buying a car: Cash or loan?
You're thinking of buying a car - and you found one. How do you...
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Terms & Definitions
Lease
Early Settlement Fee
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Reducing balance loan
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Rules & regulations
In addition to the interest rate, banks should be informed of specifications of the vehicle and the value of payment.
Insurance company must be approved by the bank.
Renewal fees will be added to the loan, in case of failure of the borrower to renew insurance policy
,
The borrower will default in respect of his auto loan if the following conditions hold true:
The security provided by the borrower ceases to be valid or the bank has reason to believe that it may become invalid.
The vehicle is damaged to the extent that it is a total loss or becomes permanently inoperable.
The borrower is in default in respect of any other loan, fees or charges of the bank.
In case the borrower defaults the bank has the right to foreclose on the vehicle and sell it against the sums due.
A car loan should not exceed 80% of the value of the financed vehicle.The maximum period for repayment of the loan should be not more than 60 months
.
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Popular FAQs
How to get a car loan in the UAE?
What are the general rates applicable on car loans?
How can I settle a car loan?
Can I sell my car with loan on Dubai?
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