# Car Loans in DUBAI



## nathan2211 (Sep 1, 2013)

does anyone know what the minimum salary has to be to get car loan of 300,000AED?

Has any one got any recommendations on which bank has the best rates and is the best one to use for car loans? 

Thanks so much for your help


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## Chocoholic (Oct 29, 2012)

I don't know, but bear in mind on new car purchases, you now have to put down 20% cash up front.


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## nathan2211 (Sep 1, 2013)

ok, good to know, if anyone has some further advice to this then that would be great......


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## Chocoholic (Oct 29, 2012)

Car companies usually have deals with certain banks and depending which car company you're looking at, you might be forced to get a loan with a certain bank. Also sometimes it depends whether your company is registered in their system as a 'safe' company and listed as ok to loan money to their employees. Sadly you're not going to find out this info, unless you go and ask the company you're looking at.

It's just my opinion, but I'd be very careful about taking out a loan for that kind of money on a car. Things can change in an instant in this country. Think carefully about it.


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## imac (Oct 14, 2012)

An observation... if you need to know how much a minimum salary requirement is for qualifying for a loan of a particular amount, you should probably not take that loan....

ENBD has a pretty decent car loan calculator on their website... I dont know about the ENBD loan itself though...

As for rate, depending on your relationship with the bank, you can get anywhere from below 2.25% to 4%... the interest rates on car loans here is frankly pathetic compared to NA...


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## saraswat (Apr 28, 2012)

Another doozy that some banks offer to prospective clients is the facility to take out a second loan to cover the 20% deposit on the car loan. The second ofcourse being a personal loan... 

Please don't indulge in that either, it's just a rather blatant way of enticing people to go beyond their budget, meanwhile profiting from the extra business...


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## Dubai here i come! (Aug 7, 2013)

what would be the best option:

buy a car on upfront cash. keeping in mind u get almost the same value after 2-3 yrs of use. 10% Reduction acceptable or is it more???

OR

buy on installments.

surely depends on the dubai market where i need input.


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## saraswat (Apr 28, 2012)

Dubai here i come! said:


> what would be the best option:
> 
> buy a car on upfront cash. keeping in mind u get almost the same value after 2-3 yrs of use. 10% Reduction acceptable or is it more???
> 
> ...


Too many important factors at play to be able to answer that question. What kind of car, what make of car, usage of the car (heavy, normal, light), driving prowess/level of comfort with driving here (factors into the number of accidents etc if any you might have, also how serious the accidents would be), job security, length of stay. To name a few ....

Only you would be able to effectively answer some of the above ...


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## Dubai here i come! (Aug 7, 2013)

does a car loses value quickly in dubai. 

where i come from the value more or less remains the same due to currency devaluation.


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## Tropicana (Apr 29, 2010)

All cars lose value; Prados and Landcruisers lose less of their value than others.
But typically cars lose anything from 20-35% within a year

That is why the 20% down payment makes sense; with most cars, you wont be upside down on the loan after a year


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## saraswat (Apr 28, 2012)

Tropicana said:


> That is why the 20% down payment makes sense; with most cars, you wont be upside down on the loan after a year


This is assuming the OP wants to buy/get a loan for a new car .. for a used car it can get upside down ...


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## Dubai here i come! (Aug 7, 2013)

Yes it does make sense... i have heard that Toyotas give you the best return.

What about others, aren't Germans, Americans give you returns in Dubai.

(By returns i mean selling after 2-3years.)


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## Chocoholic (Oct 29, 2012)

Some European cars will hold their value, but parts are VERY expensive.


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## TallyHo (Aug 21, 2011)

300,000 AED car loan?

A fool and his money are soon parted....

There's no point being in the market for that kind of car unless you can pay in cash. It's not just the loan but the more expensive the car the more expensive it is to operate the car. Higher grade petrol along with repairs and servicing costs. Tyres are also more expensive especially if you're looking at sports cars. When I briefly looked at the Audi TT I was told that whilst a warranty was in place for parts, there was no free servicing. The average servicing cost was in the thousands. 

If you have to take out a loan for this calibre of cars you can't afford it. 

Then again it's your money and your decision.


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## vantage (May 10, 2012)

TallyHo said:


> When I briefly looked at the Audi TT ................


At which point you realised you didn't have the required degree in hairdressing or beauty therapy..


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