Abu Dhabi Commercial Bank (ADCB)

To apply for a personal car loan you will need copies of certain documents, including your passport, Emirates ID, labour card, salary certificate, three to six months of bank statements, and your driver license. Your vehicle registration card, a copy of insurance policy and a valuation certificate proving the value of the car will also be required.

The minimum salary requirement to apply for a car loan in the UAE is AED 5000-8000. The figure may vary at some banks, so check with your bank before you proceed.

Rates on car loans can be calculated in two ways - as a Reducing rate or as a Flat rate. With a flat rate, the rate is calculated on the entire principal amount of a loan ( full, original amount borrowed) whereas with a reducing interest rate, interest is charged only on the outstanding amount of the loan on a periodic basis. Flat interest rates are normally lower than the reducing balance rate and therefore considered misleading. When it comes to comparing loans, the best way to compare their true cost is to convert everything into the Reducing Interest Rate equivalent.

This depends on the individual bank but can be up to 60 months

Yes, your chances of getting auto finance are reduced drastically if you have a history of bad repayments. However, if your credit score has been increasing recently your chances may increase as well.

Yes, as a car owner you can sell your car back to your dealer or directly to another buyer. Since your car is kept as a mortgage by your provider/bank, you are supposed to clear out your outstanding loan and only then transfer the car to the new owner.