Porsche is a German sports and luxury car manufacturer based in Stuttgart. Porsche cars are renowned for their precise handling and powerful performance among sports car enthusiasts. Since Porsche cars are comparatively expensive, exploring Porsche Car loans is a smart move if you are planning to buy Porsche as well. This article will explore all important aspects related to Porsche car finance in detail. Read further to understand the benefits of availing of Porsche car loans, how to apply for the finance and other relevant details concerning Porsche Car finance.
Benefits & Features of Porsche Car Loan
Let us have a look at some of the features and benefits of a Porsche car loan:
Low Interest Rates: Banks in UAE offer the highly affordable loans with interest rates starting at only 2%. Borrowers can choose from flat and reducing car loan interest rates for their Porsche finance. Interest is calculated on the outstanding amount of the loan instead of the principal amount with reducing rates of interest. This decreases the interest burden on the customer.
High Finance Ratio: The banks in the UAE finance up to 80% of the value of the car for UAE residents. Several banks offer up to 85% financing for UAE nationals Porsche auto loans. Borrowers are free to choose any down payment amount over the minimum required limit.
Flexible Tenure: Most Porsche auto loans come with a flexible tenure of 60 years. The minimum available tenure for auto loans in the UAE is 12 months. Borrowers can choose any repayment tenure of their car loan at their convenience.
Convenient Processing: UAE banks offer very simple, convenient and quick loan processing. There is no need to spend multiple days for approval and completing formalities to purchase the car. Applications for the loan can be submitted using online platforms. Application processing takes only a few hours and approvals are sent accordingly.
Option of Loan Insurance: Some banks in the UAE also offer loan insurance options to their customers. The loan insurance secures the outstanding amount of the loan in the event of death of the borrower, critical illness, loss of employment or permanent disability. Auto loan insurance is an optional feature and comes with an added fee.
Large Finance Amount: Several banks provide funds up to 1.5 million, perfect to purchase your dream car. You can choose the finance amount as per the price of the car and the down payment ratio you choose.
Builds Credit History: Availing car loans and repaying the instalment timely helps to strengthen your credit history and helps in building a good credit score. This ensures higher credibility and better chances of loan approval in the future.
Porsche Car Loan Interest Rates
The top banks in the UAE provide car finances at meagre interest rates to ensure that you can easily purchase your dream car. Let us have a look at the interest rates on Porsche car loans offered by different banks in the UAE:
1. First Abu Dhabi Bank
Type of loan
Car loan for self-employed individuals
Flat rate – starting from 3.19% per annum
Reducing balance rate – starting from 5.98% per year
Maximum loan amount - AED 1,500,000
Up to 80% financing on the car’s cost
Loan available for both new and used vehicles
Car loans for salaried employees
Flat rate – starting from 2.49% per annum
Reducing balance rate – starting from 4.72% per year
Loans up to 80% of the car’s value.
Maximum loan amount - AED 1.5 million
Up to 180 days moratorium
Etihad Guest Car Loan
Flat rate – starting from 2.99% per annum
Reducing balance rate – starting from 5.62% per year
When the tenure ends, refinance the loan, pay the final instalment and own the car or return the car under the ‘Buy Back’ option
Buy with Cars24 and get 7-day return with a 100% refund
Warranty for 24 months and 40,000 km
Free insurance and registration
Auto cash loan
Financing of up to 75% of the car’s invoice value
Preferential interest rates
Up to 60 months repayment tenure
Green auto loan
Loan for electric cars
Fixed deposit auto loan
Convert your down payment into fixed deposits that yields interest
Free annual registration renewal
Free bank account and credit card
Business vehicle loans
Loan for commercial vehicles
Maximum loan amount - AED 3.5 million
Interest rates start from 3% per annum on a flat rate basis
Up to 80% finance option
Same-day loan processing
Commercial vehicle and construction equipment loan
Maximum loan amount - AED 7 million
Up to 90% financing
Loan tenure - up to 48 months
4. Emirates Islamic Bank
Type of loan
Starting from 2.15% on a flat rate basis
Repayment tenure up to 5 years
Grace period of 60 days before the first instalment
Eligibility Criteria for Porsche Car Loan
Banks in the UAE lay down certain eligibility requirements for their Porsche Finance products. While some eligibility criteria may vary for each applicant, here are some of the common ones followed by most banks in the UAE:
Residency: Banks provide car loans only to UAE residents and nationals i.e., Emirates and ex-pats. You will be required to submit residency and nationality proof at the time of applying for Porsche Finance.
Age: The minimum age requirement for acquiring a car loan in UAE is 21 years. Banks may have variating eligibility criteria for maximum age. Depending on the employment and nationality of the applicants, the upper age limit can range from 65 to 70 years.
Salary requirements: Banks and finance houses set minimum salary requirements for Porsche car loans to ensure that borrowers are capable of repaying the finance within the prescribed tenure. Most of the banks in the UAE have minimum monthly salary requirements of AED 5,000 for salaried individuals to qualify for car finance. Minimum monthly or yearly income requirements may differ for self-employed individuals
Down payment: As per the guidelines of the Central Bank of the UAE, a minimum of 20% down payment must be made for Porsche car loan products.
Credit score: The bank verifies your credit score before approving your loan. A high credit score increases the chances of loan approval. Having a good credit score not only ensures a high loan amount but also helps you to avail preferred rates of interest. Financial institutions may restrict or reject your car loan applications as per their risk appetite.
How to apply for Porsche Car Loan?
You can apply to top banks in the UAE for a car loan through various channels. The easiest way to apply for your Porsche car loan is via Policybazaar.ae, our official website. Simple visit our car loan section and fill out the lead form to get personalised car loan quotes. Choose the plan that fits your requirements the best and proceed with the application. The application will be sent directly to the bank for approval. You will receive a revert within a few hours only. You can complete the further loan disbursal formalities with the loan executive assigned to your case.
Why Buy from Policybazaar.ae?
You get access to the best Porsche car loan quotes in the UAE from all the top banks that we partner with.
Our interest rates are highly competitive allowing you the opportunity to get your Porsche loan at favourable terms.
We have an in-house team of financial experts ready to guide you toward making sound financial decisions.
Our customer support cell is available 24x7 to help you with any troubles you face with your Porsche car loan or other financial services.
The smart integrated algorithm of our website is designed to make your purchasing experience as comfortable as it can get. On top of that, you can use our universal interface to research, compare and buy your Porsche auto loans without switching multiple tabs and windows.
Documentation required for Porsche Car Loan
The list of documents required to be submitted with the bank for applying for a Porsche car loan in the UAE is as follows:
For salaried individuals
Filled and signed loan application form
Original driving licence
Original Emirates identity card
Original passport of the applicant with a photocopy
Resident’s visa for expatriates
Address proof like lease agreement, utility invoices, mortgage statement, property tax bill, etc.
Latest 3 to 6 months statement of bank account
Salary certificate as income proof
Performa invoice of the car or quotation from the manufacturer/ dealer
For self-employed individuals
Duly field and signed loan application
Original driving licence
Original Emirates identity card
Original passport of the applicant with a photocopy
Resident’s visa for expatriates
Valid trade licence
A copy of power of attorney, if applicable
Latest 3 to 6 months’ statement of bank account
Residency proof, lease agreement, mortgage statement, etc.
Proof of vehicle insurance
Memorandum of association or article of association (for an LLC)
Partnership agreement (for an LLC)
Apart from the above-stated documents, the bank may ask for additional documents depending on your employment status and income.
What are the advantages of having Porsche Car Finance in the UAE?
A Porsche car finance is suitable for all individuals who are passionate about sports and luxurious cars but do not want to spend a fortune to purchase one. Following are some of the benefits of availing Porsche car loan:
Since Porsche are unsecured loan, submitting security to avail of a car loan is not required. The car itself works as collateral for car finance.
Since most banks offer flexible loan amounts and loan tenures, borrowers can easily avail an ideal amount to finance their Porsche and the loan tenure of their choice to pay it back comfortably.
With an option to choose from flat and reducing interest rates for Porsche finance, you can control your monthly instalment amounts.
Financing your car instead of paying for it upfront is a great way to improve your credit score.
You can keep your savings and emergency funds safe when you choose to finance your Porsche with a Porsche car loan product.
How to calculate EMI for Porsche Car Finance?
A car loan calculator is a simple online tool that can be used to calculate the total cost of the loan and the monthly instalment amount. Follow the steps stated below to compute the equal monthly instalment of Porsche car finance using an online car loan EMI calculator:
Fill in the Required Details: Enter the required information like the loan amount, the loan tenure and the interest rate. See if any unique information is required like the preferred down payment amount. Enter the required information accordingly.
Click and Calculate: Once all the necessary details for computing Porsche finance are provided, click on calculate button to know the EMI amount necessary for repayment of the loan on time.
Thereafter, you can adjust the EMI amount by changing the variable. Remember that the displayed Porsche finance monthly instalment amount is only an estimated amount. It may change slightly when your loan particulars are finalised by the bank.
Porsche Car Finance Repayment Options
Porsche car finance comes with several flexible repayment options. You can repay your Porsche car finance using any of the three options stated below:
Equal Monthly Instalments: Normal EMI is the easiest and most common way to repay a loan in the UAE. Equal monthly instalment is computed based on the flat rate of interest. This amount is fixed for each month and does not change over the tenure of the loan.
Balloon Payment: Under the balloon EMI option, you can repay a chunk of the loan amount as a lump sum payment towards the end of your loan repayment tenure. The rest of the loan amount can be paid using the normal monthly instalment system.
Reducing Monthly Instalments: These instalments are calculated using a reducing rate of interest. Hence, the instalment amount is higher towards the beginning of loan tenure and lower at the end.
You can repay your Porsche auto loan using both offline and online channels. Offline repayment modes include cash and cheque payments via ATMs or at a branch office of the bank. Online repayment can be done via internet banking and mobile banking using your debit/credit cards or e-wallets.
Most popular Porsche cars in the UAE
Let us have a look at some of the most popular models of Porsche cars in the UAE
What do you mean by reducing interest rates on car loans?
Reducing interest rates calculate interest on the outstanding or remaining amount of the car loan. That is why the total instalment amount for the loan decreases towards the end of the loan tenure.
What are the aspects that I should consider at the time of comparing Porsche car finance?
You can consider the following aspects while comparing Porsche car finance in the UAE:
Rate of interest
Maximum loan amount offered
Maximum loan repayment tenure
Special variants for luxury and speciality vehicle loans
Down payment ratio
How much Porsche car loan can I avail of from the bank in the UAE?
You can avail up to AED 1.5 million as Porsche car loan amount depending on your credit profile.
What happens if I default a monthly instalment of my Porsche car loan?
All banks charge a payment default fee for defaulted instalments. Multiple payment defaults may lead to seizing of your finance car.
Can I get Porsche car finance if my car is registered under my spouse’s name?
Yes, most banks allow borrowers to get a car finance even if their car is registered under their spouse’s name.
Reviews & Ratings
4.6 / 5 (based on 14,000 + reviews)
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