# Auto loan for Used Vehicle



## ayesha.ali768

Is it possible to get an auto loan for used vehicle in UAE? If yes, what are the requirements?
A friend of mine is planning to sell of his car which he has bought 2 years back. The car condition is good and since I have just finish my car driving training. I am planning to get my hands on used car and then go for a new one. But short of cash hence looking for auto loan. Any suggestions will be helpful.


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## Elphaba

Take a look at this website for information on the loans available

Compare Credit Cards, Personal Finance, Loans, Insurance, RakBank Loans in Dubai, UAE, Saudi Arabia, Kuwait- Souqalmal.com


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## rsinner

yes, you can get a loan. Just copy pasting what I had received when I had approached a bank for a loan (didn't take the loan). This probably varies from bank to bank, and probably from time to time
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List of documents required for Approval
1) Passport Visa page
2) Last 2 month payslip
3) UAE driving license
4) Company ID Card (only if visa issued from Free zone OR Media city)
5) Labour Contract
6) Labour Card
7) Updated salary certificate required only if salary is increased and Labour contract showing old salary amount
8) Company Trade License all pages

Seller Documents required for Approval
1) Passport Visa
2) Car registration (Mulkiya both front & back copy. kindly note car needs to be free of loan)
3) Evaluation Certificate (Required after approval either from Dealer or Reem Automobiles )

After approval
You and the seller need to carry all original documents when coming to sign finance agreement
Seller need to carry original documents ( Original Evaluation, Original car registration card )
Kindly note Original registration card need to be sighted by staff after car transferred in your name Fax or Email copy is not accepted)
Seller payment cheque will be issued after 3 working days the day new original registration card will be provided in your name


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## Proff42

Don't forget you need 20% deposit for the value of the vehicle.


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## nekha123

ayesha.ali768 said:


> Is it possible to get an auto loan for used vehicle in UAE? If yes, what are the requirements?
> A friend of mine is planning to sell of his car which he has bought 2 years back. The car condition is good and since I have just finish my car driving training. I am planning to get my hands on used car and then go for a new one. But short of cash hence looking for auto loan. Any suggestions will be helpful.


Hi Ayesha, so this will be your first car driving on your own. Glad! Well, yes, it is possible to get a auto loan. The only thing is you would be requested to submit a bunch of documents and even the seller of the car i.e., your friend also would be asked to produce a lot of documents. No worries, there wouldn't be any problem in getting loan if you are able to deposit about 20% of the entire loan amount required. All the best!


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