First Abu Dhabi Bank (FAB) Used Car Loan

Buying a used car could be stressful, with several things to be looked into like insurance, features, price, and more. In fact, these details are to be verified more extensively when going with used cars to be assured of the quality. Consequently, you can at least have an easy experience with a used car loan in UAE by selecting a renowned provider. With First Abu Dhabi Bank Used Car Finance, users can enjoy great interest rates and a wide range of auto financing options that can help you get the car you want.

First Abu Dhabi Bank (FAB) is an eminent financial institution in the UAE banking sector, with a principal focus on servicing corporate and personal accounts and finances. One product offered by the bank is First Abu Dhabi Bank used car loan. You can use it to have the used car of your choice in an easy manner. 

Given below are the significant details related to FAB used car loan.

First Abu Dhabi Bank Pre-Owned Car Plan: An Overview

First Abu Dhabi Bank provides a convenient process to obtain your FAB pre-owned car loan. Besides being one of the most affordable car loans in Dubai, FAB car loan plans have a highly straightforward application process. You can find some of the key aspects related to the plan in the following table.

Benefits of FAB Pre-Owned Car Loans

Elaborated below are the significant First Abu Dhabi Bank Used Car Loan features.

1. Economical Rates of Interest  - FAB auto financing is categorised among the most economical loans in the UAE. It has lower overall loan costs compared to other popular financing options like vehicle leases and bank financing. The interest rate starts at 1.99% per annum for UAE nationals and 2.15% per annum for ex-pats and self-employed individuals, which ranks excellent when compared to other retail UAE financing offers.
2. High Loan Amount  - With First Abu Dhabi Bank used car finance, customers can get a lucrative loan amount to easily purchase even the high-end luxurious cars. You can borrow up to 1.5 million AED (up to 80% of the value of your desired car) with First Abu Dhabi Bank used car finance.
3. Easy-to-Manage Flexible Loan Tenure - With First Abu Dhabi Bank's flexible repayment tenure, you can repay your loan over a period of up to 5 years. This gives you the freedom to decide upon the term as per your financial needs and capacity to pay back the FAB loan amount.
4. 180-day First Instalment - Several unplanned expenses can emerge with a car purchase, especially if you opt for a pre-owned car. This aspect is taken care of by FAB Used Car Loan, where your first payment can be made 180 days after the disbursement date. Such an aspect gives you enough time to make all other payments in advance of the first instalment and have peace of mind.
5. Quick Finance Processing - The swift digital application process of the FAB ensures that you get quick approvals for a hassle-free experience. 

FAB Used Car Loan Interest Rate in UAE

With the interest rates for FAB used car loans varying as per the applicant, one can always refer to the rates specified for standard car loans and take the used car loan interest rates as higher than them.

Documents Required for FAB Used Car Loan

Applying for a car loan may appear a daunting task at times but it can be completed easily once you have collected all the required information and documents in one place. The following documents can be kept at one’s disposal before initiating the application process.

Salaried Applicants for FAB Used Car Loan

For Salaried Applicants	Driving License Emirates ID Passport ID Recent Utility Bill Last 6-month Bank Statement Recent Payslip Dealer Quotation or Car’s Proforma Invoice
For Self-employed Applicants	Driving License Emirates ID Passport ID, EIDA card, and VISA copy Trade License Last 3-month Individual Account Bank Statement Last 3-month Corporate Account Bank Statement Existing Liabilities and Loans details Power of Attorney copy (if applicable) Dealer Quotation or Car’s Proforma Invoice
For Corporate Applicants	EIDA card, Passport ID, and VISA copy Trade License Last 3-month Corporate Account Bank Statement Existing Liabilities and Loans details Power of Attorney copy (if applicable) Dealer Quotation or Car’s Proforma Invoice

Eligibility Criteria for FAB Used Car Loan

Keep in consideration the following eligibility criteria before you apply for a First Abu Dhabi used car loan. 

How to Calculate First Abu Dhabi Bank Used Car Loan Equal Monthly Payments in UAE?

Comparison of different used car loan plans in the UAE is unproductive if you do so without being aware of the monthly installments involved. However, the calculation of the monthly installment is a task in itself, with various variables and tedious calculations to be done. In such cases, you can take advantage of the First Abu Dhabi Auto Finance Calculator. It is a free online tool that allows you to calculate your monthly installment. 

Enter the specified data regarding the car and the loan like the former’s year of manufacture, model, the latter’s interest rate, etc., and the calculator will do the rest in just a click of a button.

With the advancement of insurance firms in the UAE, you can now find several used car loan plans there. To see and compare the best ones, you can visit the ‘car loans’ section on policybazaar.ae. You will be simply asked to provide details like your salary and nationality, after which you will be shown the best used car loan plans in  UAE. Pick out anyone from there and apply for it on our website. 

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