United Arab Bank Used Car Loan in UAE

Purchasing a car, especially on a limited budget, can prove challenging. Consequently, a car loan or an auto loan is a simple way to acquire proper finance even for used cars. With UAB Used Car Loan simplifying the application process with flexible arrangements and favourable aspects, an increasing number of consumers are relying on the UAB for their car finance requirements.

United Arab Bank (UAB) is acclaimed in the UAE for its innovative banking services and products. The bank also offers a comprehensive range of financial services to meet both individual and corporate requirements, of which the UAB Used Car Finance is a popular financial product.

To familiarise yourself with the key aspects of a car loan in UAE and the UAB Used Car Loan, keep reading the article below.

United Arab Bank pre-owned car loans are affordable and provide several benefits for efficient financial management. You can have a glance at the key features of UAB used car finance below.

Features of UAB Used Car Loan

Whether you are a UAE resident or an expatriate, the United Arab Bank has made it easier to buy your ideal car by offering competitive loan packages. Such features allow users to finance their vehicles in manageable and easy monthly installments. 

Find below the most relevant features of UAB Used Car Loan in UAE.

1. Moderate Interest Rates - With the interest rate on UAB used car finance starting as low as 5% per annum, it is a perfect choice for customers looking to obtain a used car while keeping the overall loan costs low. So while a used car loan in UAE is generally more expensive than the standard ones, plans provided under UAB car finance are quite affordable.
2. Flexible Loan Term - United Arab Bank has set its used car loan term to a maximum limit of 60 months. Thus, you can select the tenure of your choice and smoothly manage your finances. It should be kept in mind that a lower tenure comes with a higher monthly instalment amount, while a longer tenure may incur higher interests.
3. High Loan Amount - With loan amounts as high as AED 500,000, you can purchase pretty much any pre-owned car available in the market. However, the mentioned amount is the maximum one, as the actual amount that you will receive will be based on your income, financial status, loan repayment ability, and more.
4. Quick Loan Processing - Prioritising the convenience of the customer, the UAB has brought a completely digital loan application procedure. Instead of making repeated visits to the bank branches and engaging in monotonous paperwork, you can do all the application steps in a few clicks from your home’s comfort. Such convenience has also resulted in quicker loan processing.
5. 80% Financing - Adhering to the UAE official guidelines, UAB Bank offers financing up to 80% of the car’s invoice amount, making your car purchasing experience more affordable than ever.
6. Zero Salary Transfer - Contrary to popular customs, the UAB does not require a salary transfer to accept your application for a used car loan in UAE. Applicants who match the qualifying requirements can be straightaway authorised for a UAB used car loan in UAE.
7. Minimal Documentation - Simply demanding the documents for proof of your identity, income, residency, and overall repayment capability, UAB ensures minimal paperwork to fasten the procedure and make it hassle-free for the customer. 

UAB Used Car Loan Interest Rates

Tabled below are the general interest rates applicable for UAB used car finance.

Required Documents for UAB Used Car Loan 

Keeping the required documents handy before applying for UAB used car finance ensures quick processing of your application along with a comfortable overall experience. Here is the required paperwork:

Salaried Applicants

• Driving License
• Recent Payslip or Salary certificate
• Passport
• Last 6-month Bank Account Statement
• Recent Utility Bills
• Emirates ID
• Proforma invoice or Dealer’s quotation

Self-Employed Applicants

• Driving License
• Emirates ID
• Passport
• Copy of Trade License
• Last 6-month Individual Bank Account Statement
• Last 6-month Corporate Bank Account Statement
• Power of attorney paperwork (if applicable)
• Proforma invoice or Dealer’s quotation

Corporate Applicants

• Passport ID
• Emirates ID
• Power of attorney paperwork (if applicable)
• Existing Expenses, Loans, and Liability Details
• VISA Details
• Last 6-month Corporate Bank Account Statement
• Proforma invoice or Dealer’s quotation
• Copy of Department of Economic Development (DED) Trade License

For further assistance, you can connect with the UAB used car loan contact no: +971 6 5987332

Eligibility Criteria for UAB Used Car Loan

With lenders often having stringent loan qualifying criteria, it is crucial to comprehend and meet the qualifying standards established by the UAB Bank while applying for a pre-owned car loan in UAE.

• Age: The minimum age requirement, like with most UAE banks, is 21 years. The maximum age limit, albeit more flexible than the lower one, is set to 70 years.
• Residency: UAB Used Car Finance is available to UAE nationals as well as expatriates, although adequate proof of residency has to be provided.
• Salary: UAB Bank has established an income requirement of AED 6,000 for their used auto financing plans. 
• credit Score: The UAB  has not established any credit score restrictions for its vehicle financing. Nevertheless, a credit rating of 700 or above is encouraged as it demonstrates that you are a trustworthy borrower. The better your credit score, the more perks you will get from the bank, with low-interest rates being the most remarkable advantage.
• Down Payment: As per the guidelines set by the Central Bank of UAE, applicants need to pay 20% of the car’s invoice price as a down payment. Consequently, you must be able to demonstrate your capability to fulfil the down payment requirement at the time of loan application.

How to Calculate UAB Used Car Loan Monthly Instalment?

Car Loan Calculators can assist you in calculating your monthly installments for a car loan. In just one or two clicks, you would be able to skip the complicated manual complications and get the estimated installment amount. All that you need to do here is to submit basic information about your vehicle and the loan like the car model and price, interest rate and tenure of the loan, and so on.

Overall, you will discover plenty of used car options in the UAE. The same is the case with a used car loan in UAE, with no scarcity of options. To navigate past the multitude and get the plan you want, you can check out the best used car loan plans in the UAE, extensively compare them, and buy one of your choices right there. In a few clicks, you can complete all the required procedures related to buying a used car loan in UAE with policybazaar. ae. 

To ensure the resolution of your queries, you can check out the commonly asked details of used car loan plans in the UAE below.

FAQs for UAB Used Car Loan