Ford Car Loan

While most of us dream of owning a car for a convenient and comfortable commute experience, obtaining a car solely with your savings can prove difficult. For this, one can find several car loan plans in the UAE by the top providers so that they can purchase the car of their choice without much difficulty. ...read more

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The same applies to Ford, which is now one of the leading car brands in the UAE. With this brand being a highly popular one in the country, you will find several Ford car loan plans that can make it easy for you to buy the car and drive it as you require without much difficulty.

In the UAE, Ford has become a prominent player in the four-wheeler market. It currently sells around 20 models across the UAE to fulfil the requirement of different individuals. With a proper car loan plan for the same, you can easily enjoy the features and benefits of Ford cars in the UAE.

Benefits and Features of the Ford Car Loan

  • Buying a Car Made Easy - You can now buy your dream Ford car easily, with numerous car loan plans available for the same. As the buyer can make the repayment in EMIs, which an applicant can decide based on the repayment tenure and loan amount, it becomes easier to purchase a Ford car. Moreover, such car loans also remove the need of paying the lump sum.
  • Plan Your Finances - By knowing how much of your income is contributed towards EMI, you can easily plan your finances and monthly budget. You can also use the auto-debit facility to have the monthly EMIs deducted automatically and remove the stress of remembering dates for payments.
  • Build Credit Score - A good credit score signifies that you're a responsible borrower, meaning that the risk is less for the bank and the loan provider. Consequently, you can expect low interest rates or benefits like zero processing fees with such good scores. If you take out a Ford car loan and make timely payments each month on the scheduled dates, you will be able to easily boost your credit score. This can be immensely beneficial with respect to future applications for loans and credit cards.
  • No Collateral Required - As your car will act as a security for the lender, you won't be required to use any other collateral to take the car loan. However, keep in mind that if you fail to make payments or turn out to be a defaulter, the loan provider will have the authority to seize your vehicle and sell it to recover the funds.
  • Flexibility in Interest Rates - In the UAE, one can find two types of interest rates on Ford car loans, allowing you to choose the plan of your choice as per your preferences and requirements:
    • Flat interest rate: The interest amount is constant here throughout the loan tenure as it is calculated on the principal amount
    • Reducing interest rate: In the reducing rate system, the interest is calculated on the outstanding principal loan amount. With your outstanding principal amount decreasing with each instalment, the interest amount on your loan keeps decreasing with time. 
  • Flexibility to Choose Loan Duration - In the UAE, banks and loan providers grant car loans with a repayment tenure of at least one year and a maximum of 5 years. Most of these providers also allow users to select a loan tenure of their choice and make the repayments at their convenience.

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Top Ford Car Loan Interest Rates

1- FAB Car Loan

Loan amount Up to AED 1.5 million (80% of the car value)
Minimum Down Payment 20% of car value
Interest Rates Starting from 2.49% (flat) for salaried individuals and 3.19% (flat) for self-employed individuals
Repayment Tenure
  • Minimum - 1 year
  • Maximum - 5 years
Salary Transfer Required Optional
Nationality
  • UAE Nationals
  • Expatriates
  • Residents with a visa permit
Features
  • 120-day grace period before the first instalment
  • Finance available for new and pre-owned cars
  • Insurance finance option
  • Quick approvals
Click Here to Apply Now

2- Abu Dhabi Islamic Bank Car Loan

Loan Amount
  • Up to AED 1 million for UAE Nationals
  • Up to AED 500k for ex-pats with salary 
  • Up to AED 350K without salary transfer
Repayment Tenure Up to 5 years / 60months
Profit Rates Starting from 1.99%
First Instalment Payment Up to 90 days allowed to make the first payment
Instalment Postponements One instalment deferment per year
Features
  • No salary transfer s required
  • Low contribution and high coverage with ADIB motor Takaful protection
Salary Transfer Required No
Minimum Age Requirements 21 years
Maximum Age Requirements
  • 65 years for UAE nationals
  • 60 years for expatriates years
Click Here to Apply Now

3- RAKBANK Car Loan

Available For
  • New and used cars
  • Sports and luxury cars
Interest Rates
  • 2.37% to 3.69% flat interest rate for salaried applicants
  • 2.69% to 4.19% flat interest rate for self-employed individuals
First Instalment  After 60 days of application approval
Maximum Repayment Tenure 60 months
Processing Fees for Individual Customers 1% fee (Minimum AED 500 and Maximum AED 2500)
Processing fees for Business Customers 1.5% (Minimum of AED 500 and maximum of AED 2500)
Features
  • Direct 24-hour customer support service
  • Quick processing
  • Easy documentation
  • Exclusive discounts on insurance rates 
Instalment Deferral Not allowed if payments are irregular
Loan deferral 2 deferrals allowed in a year (only after at least the first 6 instalments have been paid)
Click Here to Apply Now

4- Abu Dhabi Commercial Bank Car Loan

Interest Rates Starting from
  • 1.99% per annum (flat)
  • 3.65% per annum (reducing rate)
Loan Amount Finance up to 80% of car value or AED 1.5 million
Maximum Repayment Tenure Up to 60 months
Touchpoints Awarded 50 TouchPoints for every AED 1,000 of the loan amount
Features
  • One signature application
  • Insurance finance option
  • Simple documentation and quick approvals
Click Here to Apply Now

5- HSBC Bank Car Loan

Flat Interest Rate Starting from 2.59% per annum
Loan Amount Up to AED 600,000
Maximum Repayment Tenure Five years / 60 months
Features
  • No salary transfer required
  • Balloon payment allowed
  • No account opening required for the loan
  • Discount of 0.25% on flat interest rates when financing fully electric vehicles
Click Here to Apply Now

6- Emirates Islamic Bank Car Loan

Loan Amount 80% of the car value
Maximum Repayment Tenure Five years/60 months
Minimum Down payment 20% of the vehicle value
Profit Rate Flat rate starting from 2.15% per annum
Processing Fee 1% of the vehicle finance amount (Min AED 500 and Max AED 2,500 per vehicle financed) - this is a non-refundable fee
Late Payment Fee AED 210 (including VAT)
Partial/ Early Settlement Fee Fees applicable for early settlement – charged at 1.05% of principal outstanding or max AED 10,500 (whichever is less).
Features
  • Cooling off period allows you to cancel the product within five business days of signing the loan application
  • Shariah-compliant Murabaha structure
Salary Transfer Required No
Click Here to Apply Now

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Eligibility Criteria for FAB Car Loan

Car loans provided by the leading banks and financial institutions in the UAE are generally subject to the following eligibility criteria.

  • Minimum Age Requirement – 21 years  A maximum age limit also applies to the Ford car loan plans, although the limit depends on the applicant’s employment, nationality, monthly income, and more. Generally, the limit for the same is from 65 or 70 years.
  • Nationality – Most car loan providers offer loans only to UAE nationals, resident Visa holders, and ex-pats. It should be noted, however, that most banks require continuous residency in the UAE and the fulfilment of other eligibility requirements for car loans.
  • Minimum Income Requirements – All loan providers require the applicant to have an income that is above their minimum salary requirements to consider the applicant eligible. With several banks, one can get a car loan with a monthly salary as low as AED 5,000. However, it must be kept in mind that the car loan income criteria vary across banks and financial institutions.
  • Down Payment – As per the UAE Central Bank guidelines, you must pay at least 20% of the car invoice cost as a minimum down payment, with the bank and the loan provider covering 80% of the amount at maximum.
  • aecb credit score Most banks in the UAE need the applicant to have a sufficiently high credit score to approve their application without any difficulty. Moreover, a decent credit score also guarantees a higher loan amount and preferential interest rates on your car loan.

How to Apply for a Ford Car Loan?

If you want to apply for Ford Car Loan from the comfort of your home and without any inconvenience, you can easily do the same online from Policybazaar UAE. With policybazaar.ae, all the steps related to purchasing a car loan plan from exploring and comparing to purchasing can be completed in just one place. Moreover, you can be assured of getting your queries resolved easily with 24x7 customer service available.

To apply for a car loan for your Ford vehicle, you can simply visit policybazaar.ae and head to the ‘Car Loans’ section under the ‘Banking Products’ header on the main page. Here, you can fill out the brief form and access all the top quotes from the leading providers at your fingertips.

Documentation Required for Ford Car Loans

The primary purpose of asking loan applicants for various documents is to verify their credibility and financial stability. For most Ford car loan plans in the UAE, you will need to provide the following documents when you start the application process.

For Self-Employed Individuals

ID Proof
  • Driving License
  • Passport
  • UAE Visa
  • Government-issued ID (Emirates ID)
Residence Proof
  • Bills of utility services
  • Resident Visa
  • Lease agreement
Income Proof
  • Last three statements of the bank
  • Trade Licence
  • In the case of an LLC, a Partnership agreement, Memorandum of Association, and the Article of Association are required
  • Power of Attorney
Other Requirements
  • Filled up car loan application form
  • Car information (MMV, vehicle price, and VIN)

For Salaried Employees

ID Proof
  • Driving Licence
  • Passport
  • UAE Visa
  • Government-issued ID (Emirates ID)
Residence Proof
  • Bills of utility services
  • Resident Visa
  • Lease agreement
Income Proof
  • Last three statements of the bank
  • Salary certificate
  • Transfer letter
  • Salary slips
Other Requirements
  • Completely filled up car loan application form
  • Car insurance
  • Car information (MMV, vehicle price, and VIN)

The following documents will be required if one wishes to get the car financed for an enterprise/company:

  • Bank statements of the company
  • List of authorised signatories on the company's behalf
  • Trade License (If applicable)
  • MoA (Memorandum of Association)

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How to Calculate a Ford Car Loan Installments?

You can easily estimate the applicable monthly instalments or EMIs using the online loan calculator provided on the official websites of most loan providers. Once you access this car loan calculator, you will be able to check out the results after you provide it with details like the loan amount, repayment tenure, interest rates, and so on. 

While each car loan calculator will display different aspects of loans, there are two common results shown by most of them:

  • Equated monthly instalments – This is the amount that a borrower will be required to pay each month to repay the loan in the specified repayment tenure
  • Loan break-up – This will show the break-up of the interest paid and the outstanding balance each month after the installment for that month is paid

Charges Applicable for a Ford Car Loan

Several charges may apply when you obtain a Ford car loan. While there are slight variations in the fees as per each bank, the fees and charges generally applied by loan providers are as follows:

Early settlement fee 1.05% of the Principal outstanding amount
Late payment fee AED 52.50
Change in the mode of payment Free
Deferment AED 105
Partial Settlement 1.05% of payments made
Rescheduling fee AED 262.5
Cheque returned charges AED 105
Liability/No liability letter AED 52.5
Application processing fee 1% of loan amount applicable

Disclaimer- *These charges are subjected to change from bank to bank*

Ford Car Loan Repayment Options

There are mainly 5 ways in which you can pay your car loan in the UAE:

Regular EMIs Equal monthly instalments throughout the loan tenure
Balloon EMI Higher instalments at the end of the loan period - reduces the burden in the initial stage of the loan
Special-Tie Up Method The borrower can prepay the loan whenever having excess funds
Step-Up EMI The instalment amount gradually keeps increasing as the instalments keep getting paid - suitable for young adults who want to pay less initially
Step-Down EMI The instalment amount keeps decreasing with time

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Advantages of Ford Car Finance in UAE

Given below is a list of some benefits that one can enjoy with Ford car finance in the UAE:

  • Easy way to purchase a Ford car
  • Quick boost to credit score
  • Enhanced financial planning

Given below is a list of the most popular Ford cars in the UAE along with their prices:

Ford Car Models Ex-Showroom Price (AED)
Ford Mustang 171,470 onwards
Ford Taurus 109,525 onwards
Ford Escape 82,021 onwards
Ford Edge 120,865 onwards
Ford Expedition 170,000 onwards
Ford Explorer 151,100 onwards
Ford Expedition EL 183,750 onwards
Ford Branco 200,445 onwards
Ford Branco 2-door 188,895 onwards
Ford Ranger 108,045 onwards
Ford F-150 170,000 onwards
Ford Super Duty 240,880 onwards
Ford Transit Van 116,445 onwards

FAQ's

Q1. What are the general rates applicable on the Ford car loan?

Ans: Generally, the interest rates for Ford car loans start from 1.99% per annum. However, it must be kept in mind that the interest rates will be different for each bank and each applicant.

Q2. What is the car loan tenure period in UAE?

Ans: The maximum repayment period provided by most banks for car loans in the UAE is 60 months or 5 years in the UAE. For super premium or used cars, however, the tenure might be limited to three years.

Q3. What amount of money can one borrow for a Ford car loan?

Ans: As per the UAE central bank guidelines, you will be able to borrow an amount of up to 80% of the value of your car in the form of a car loan.

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