Credit Score for Car Loan

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  • Easy loan approvals
  • Credit limit Increased
  • Reduced Insurance Premiums

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Credit score is essentially a three-digit number ranging between 300 and 900 and demonstrates your ability to repay a debt. The credit score has a serious impact on your finances. It is essential for getting a credit card approval and even to achieve an interest rate of your choice when taking any kind of loan.

The credit score to buy a car needs to range anywhere between 651 to 900. A score below 651 will put you in the high risk category, thus your application may be rejected. The following information will give you a glimpse of what exactly is AECB credit score, how is the credit score calculated in UAE and what credit score is needed for a car loan. 

What is a Credit Score?

A credit score shows how credible you are to apply for a loan. It is important in deciding whether you are eligible for a loan or a credit tool from the bank. The higher the score the less is the hassle of paperwork, lower the rate of interest, quicker loan processing, and high loan aggregate and credit extents. Al Etihad Credit Bureau (AECB) has set the credit score range between 300 and 900. 

Credit Score - Policybazaar uae

What is an Ideal Credit Score for Car Loan in the UAE?

To achieve a car loan at your preferred rate of interest, it is important to exhibit your credit worthiness. A high score implies that there are higher chances of your car loan getting approved. Any score that is 700 and above falls under this range. If the score is below 700 the applicant needs to improve their credit score. A score ranging between 300 and 540 is considered a low credit score for car loans and can have the loan proposal rejected.

A credit score in the range of 541 to 650 is still at a high risk of getting the loan rejected. The individual could even be subjected to a high rate of interest and less time to pay the loan. An applicant with a credit score ranging between 651 and 710 has a fair chance of getting an approval. They can improve their credit score for an auto loan. An individual with a score between the range of 711 and 745 is considered to a trustworthy borrower, hence projecting lesser risk of application rejection. A person with 746 and above credit score is sure to get the loan at preferred interest rates as they fall under the “very high” score category with 5 star rating. 

Credit Score Range Stars Allotted Category Allotted
300 to 540 1 Very Low
541 to 650 2 Low
651 to 710 3 Medium
711 to 745 4 High
746 to 900 5 Very High
5 Tips to Build a Powerful Credit Score

How to achieve a high Credit Score?

So far it is understood that your car loan rates are affected by your credit score. But you can improve your credit score to get reasonable interest rates. You can improve your credit score by following these simple steps:

Ask for higher credit limit:

Because credit utilisation ratio can have an instant impact on your credit score, it is important to ask for a higher credit limit. 

Pay your Bills on Time:

To improve your credit score, it is mandatory to take care of your utility bills that are pending on your credit cards. Make sure you do not delay the payments as clear debts improve the score.

Ask to become an official user:

If a relative has a good credit history, you can request their allowance to become an official user. It will imply that the specific account has a great credit evaluation. This can be added to your credit score.

How can you Access your Credit Score to buy a Car?

Policybazaar UAE is now working in collaboration with Al Etihad Credit Bureau to let you check the credit score for free. You can apply for credit cards on based on your AECB score that can be accessed easily from the system.

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Guide for Credit Score in UAE

What Affects Your Credit Score in UAE ? Credit Score You Need to Buy a House in 2024
Reasons for Low Credit Score in UAE 500 Credit Score: Good or Bad?
Minimum Credit Score required to get a car loan in UAE AECB Increases its Scoring Capacity
What is a Good Credit Score in UAE? Minimum Credit Score required to get a Credit card in UAE
How Long Does It Take to Improve Your Credit Score in UAE What is a Bad Credit Score in the UAE?

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