There are numerous financial services providers in Dubai that offer a wide range of car financing solutions. Typically, these institutions will only finance cars that are 4 years old or less. Some will finance older vehicles but this will be reflected in a higher interest/profit rate. There are also many Islamic Sharia compliant car financing products if required.
Be careful, though. There are several companies that provide “easy finance”, requiring just 1-3 months of banks statements and they don’t mind if the borrower has a low salary. These companies typically carry a much higher interest/profit rate, so be aware!
When selling a car that’s still on finance, the balance must be paid in full prior to transferring the ownership to the new owner under UAE law. This can be a cause for concern for a private buyer as they would first have to clear the loan and then wait for the bank to update the RTA. Only then can ownership of the car be transferred to the prospective buyer. WeCashAnyCar.com takes all the hassle out of selling a car with an outstanding financing balance. Once we’ve agreed on a purchase price, we will clear the balance on your behalf and give you the difference in cash. We can even transfer the ownership between you and your buyer so neither of you have to deal with the hassle of buying and selling a car on finance. .
When buying a car in Dubai and you are looking to have the car financed, the bank will require several documents, including but not limited to:
- Valid passport
- Emirates ID
- Salary certificate
- VISA and bank statements
- Valuation of the car from an approved showroom in Dubai - like us!