Keeping a car while staying and living in UAE is a dream plus a need of every citizen. Because UAE is a region where people from several other regions come and live together for some kind of specific purpose. Most job holders need a vehicle for their comfort zone, because of their long-distance workplace. So, the car is an essential need of the people, for possessing a car they try to get a loan. Especially, the individuals that can not afford a new car, reach out to the banks for taking car loans in UAE.
Banks are serving their nation with several loan facilities including auto finance facilities. So, for anyone who wants to apply for a car loan, the bank will treat them wisely. In a legal and authorized way with the full support of staff members. Each and everything will be discussed in the beginning with the candidate for auto finance, so that he may decide with full consent. People ask a variety of Questions related to car loans, this article will give them the answers with full authenticity.
Car loan without Bank statements
A bank statement is a very precious document, in which all your previous credit record is mentioned in detail. Every bank requires bank statements because this is the authentic way to know the capacity of an individual for paying monthly installments. Bank will ask for bank statements that should be almost 5 to 6 months old. Via these previous months, the bank will know about all the details of received income. what type of income an individual received in those few months, and the range of amount also will be considered for a loan.
Most people want to know about the procedure of car loans without bank statements. Few people require the same thing when the customer is new to the bank and doesn’t have enough credit history to show. Therefore they ask the car finance without bank statements, but if you don’t have this paper bank will try to avoid you. But sometimes, if you have an alternate slip like a business slip of a few months in which monthly income is mentioned, the bank may allow it. So, this is a must thing that can define your monthly repayment capability, you have to bring it with you. Otherwise, the bank may reject your application for a car loan.
What are the important things required for Auto finance?
- First of all, if the candidate is new here in UAE, so the visa and passport will play an important role in this case.
- The second essential item is your credit history, which will be in the form of old bank statements. Which will play the most fundamental part in this car loan in UAE, so prepare this paper also with all other documents.
- The next thing will be your Emirate ID, whether you are an expat or not keep that essential item with you always.
- The next most Meaningful and valuable thing is your driving license. Make sure before applying for auto finance that you have a driving license in UAE.
- Your pay slip, address of your home, email ID, and phone number are the other essential things.
Salary limit for Auto finance in UAE
The bank will decide about your salary range because it varies from bank to bank. So wherever you want to apply, must read their requirements first and accordingly apply for a Car Loan in Dubai. Some banks provide auto loans with a minimum limit of 3000, and some are giving loans with a 5000 salary limit.