Can I Get a Loan Against My Car?

With a loan against your car, you can access quick cash by using your vehicle as collateral.

With this loan type, you can borrow money based on the value of your car while still being able to use it. In this case, your lender keeps your car's registration as security until the loan is repaid.

A loan against a car is often easier to get than other types of credit. It is a convenient option if you need funds urgently.

Features and Benefits of Loans Against Car

Having understood what is a loan against car, let’s take a look at the benefits of this loan type -

• As the car functions as collateral, you can get a high financing amount
• You have multiple repayment options to choose from
• Banks instantly process loan applications
• The application process is mostly paperless and involves minimal documentation

What are the Eligibility Criteria for a Loan Against Car?

Given below are the common eligibility criteria for a loan against car in Dubai and other Emirates -

Documents Required for a Loan Against a Car

To get a quick loan against car, keep the following documents ready

• Emirates ID (original and a copy)
• Passport (original and a copy) of passport
• Valid residence visa (required if you are an expat)
• Valid salary certificate
• Latest 3-6 months’ bank statement

Note: Your respective bank may ask you to submit additional documents as per its requirements.

How to Apply for a Loan Against Car?

You can apply for a car loan from your bank’s official website. Simply follow the steps as prompted and successfully complete the process.

The bank will assess your application and follow up regarding the next steps.

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