Finance House Auto Finance

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Having a car can be considered a necessity for a large portion of the population. Whether for commuting to work or going on leisure trips with friends or family, having a car can prove beneficial. However, with buying cars often proving expensive, one can always opt for a car loan in UAE to purchase their dream car. You can look towards Finance House Auto Finance, which offers various car loan options to help you make the purchase.

Finance House, established in 2004, is among the first independent financial firms in the UAE. It is currently a prominent financial institution with a large customer base and an international presence. With the Finance House car loans coming with attractive rates and features, one can easily select this option when searching for a car loan in UAE. 

Finance House Auto Loan

  • Minimum Salary AED 10,000
  • Monthly Payment AED 1916
  • Flat Rate 7%
  • Reducing Rate NA
  • No Salary Transfer

Features & Benefits of Finance House Auto Loan

To start with, let’s have a look at some of the key features and benefits that one can enjoy with a Finance House car loan.

  1. Low Rates of Interest - Finance House auto loans are provided at low-interest rates, making it easy to finance your car. With the rates starting as low as 7% per annum, one can easily manage other finances without worrying about the loan plan.
  2. Adequate Loan Term - With Finance House car loan tenures ranging up to a limit of 60 months, you can choose a convenient loan plan that suits your budget and repay it in affordable instalments.
  3. Zero Salary Transfer - Unlike several of its counterparts in the country, you don't require an active bank account with the bank for salary transfer to acquire a Finance House Auto Finance. Nevertheless, the bank can provide you with special rates if you have a good relationship with them and opt for a salary transfer.
  4. Auto Insurance - While you may have the car of your dreams with an auto loan from Finance House, you can also safeguard your automobile with Finance House car insurance coverage. In addition to the auto loan interest rates, you can easily secure insurance coverage at a modest fee calculated at 2.80% per annum. This also includes personal accident coverage at no additional cost.
  5. 80% Financing - Finance House offers auto financing with an amount as high as 80% of your preferred car’s value. The rest 20% is needed from the borrower’s side as a down payment.
  6. Free Credit Card - Finance House provides applicants with a free-for-life credit card to make all their expenses easier, starting right from the first purchase. All Finance House car loan applicants are automatically eligible for this offer, with attractive shopping, lifestyle, and travel offers designed to take the hassle out of managing your finances.

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Finance House Auto Finance Interest Rate

Car Loan Plan

Rate of Interest (Flat) Starting from

Finance House Auto Loan

7% per annum (new cars)
8% per annum (used cars)

Finance House Auto Finance Documentation Requirements

To apply for a Finance House car loan, you will be required to provide some documents as specified by the bank. Go through the following checklist to gather the required documentation and be better prepared for the application process:

Salaried Applicants

  • Driving Licence (copy) 
  • Emirates ID
  • Passport (original and copy)
  • Visa details (for expatriates)
  • Bank account statements for the previous 3 months
  • Recent Payslips or Salary Certificates

Self-Employed Applicants

  • Emirates ID
  • Driving Licence (copy)
  • Visa details (for expatriates)
  • Passport (copy and original)
  • Valid trade licence

Note: The bank may request additional documents at its discretion.

Finance House Auto Loan Eligibility Criteria

When applying for a Finance House car loan, applicants are required to satisfy certain eligibility requirements. Listed below are the major eligibility criteria for the same:

  • Age: You must be at least 21 years old to be considered eligible for this car loan in UAE. A similar limit exists on the other side, as individuals older than the age of 60 years cannot apply for a finance house loan either. 
  • Residency: For a Finance House car loan, UAE nationals and residents can both apply. However, the latter group of applicants must be ready with the residential proof.
  • Salary: If you are a salaried individual, you must have a net monthly income of AED 10,000 to qualify for a financing house automobile loan. On the other hand, if you are a self-employed applicant, the criterion will depend on your average income and other aspects.
  • Credit Score: Finance House requires applicants to have a good credit score in UAE to consider them eligible for its car loan plans. While one won’t find the bank specifying the minimum limit, a score of at least 700 should be aimed to have better chances of approval.
  • Down Payment: Applicants must be able to pay 20% of their car’s value upfront as a down payment.

Age 

21 to 60 years

Residency

UAE Nationals and Expatriates

Salary Requirement

AED 10,000 for Salaried Applicants 

Credit Score

700+

Down Payment

Car Value’s 20% 

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Top Reasons to Choose Finance House Auto Finance

The following aspects of Finance House car loans make them a popular choice among UAE customers:

  • Affordable rates of interest
  • Loan amounts ranging up to AED 250,000
  • Easy loan application via both online and offline means
  • Auto Insurance at low premiums
  • Free Schengen countries’ travel insurance
  • Free credit card
  • Both new and old car financing available

One can easily apply for Finance House car loans online and offline. If you opt for the former mode, you will be required to visit the ‘Auto Finance’ section on the official Finance House website and complete the specified procedure to apply. If you go offline, you can visit a Finance House branch nearby and submit the application form there to complete the application process.

You can also explore various plans related to a car loan in UAE with Policybazaar UAE. In just one place, you will be able to compare the plans provided by the top providers in the country and purchase a plan for the same in a few clicks. Simply continue on policybazaar.ae and head to the ‘Car Loans’ section after reading this article.

Frequently Asked Questions

What is the minimum salary needed to apply for a car loan with a Finance House?

Finance House Auto Loans requires a minimum salary of AED 10,000 AED for salaried applicants. For self-employed applicants, the salary requirement will depend on their financial situation and revenues.

Can I settle my Finance House Auto Finance early before the term ends?

Yes, if you wish to pay off your auto loan early, you can do this with a lump sum payment. However, it should be noted that an early settlement fee will be levied by the provider.

How can I apply for a Finance House Auto Loan?

To apply for a car loan with Finance House, you can visit their website and follow their application instructions. As an alternative, you can also opt for the traditional method and apply for the same at one of the offline branches of Finance House.

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