Used Car Loan in UAE
Car loans and car finance make it possible to avail your dream car without any hassles. Almost every bank in UAE offers car loans and car finance. While some banks provide finance only for new cars, there are several banks that offer finance for used and pre owned cars in UAE. The features of used car loan isn’t much different from that of new car loans. The customer can choose a used car of their choice and avail a loan to buy the same.
Used Car Loan Rates in UAE
The interest rate and profit rate (Islamic car finance) varies from the rate of interest offered on loans for new cars. Used car loans come at competitive rates. The rate of interest offered on used car loans starts somewhere around 2.99%. Given below is the current rate of interest offered on some of the popular used car loans in UAE.
- Amal Used Auto Finance- The rate of interest offered on Amal Used Auto Finance by RAKBANK ranges between 3.99% to 4.50%
- DIB Al Islami Used Car Finance- Dubai Islamic Bank offers Al Islami Used Car Loan which is based on the Sharia principle of the Islamic law. The loan comes with a profit rate starting from 2.25% (4.28% p.a. on reducing balance basis)
- ADCB Car Loan- ADCB offers finance to purchase used cars at a very low rate of interest. The rate of interest offered on ADCB Used Car Loan ranges between 5.25% and 10.70% depending on the loan amount.