RAKBANK Used Auto Finance

RAK Bank Used auto finance ensures minimum formalities and flexible repayment periods, that will put you in the driver’s seat quickly and conveniently.

Points to Consider: There is down payment required, Salary transfer required to get better profit rates

Major Advantage: 2 months installment deferment

Reducing Rate:

• For Salaried: 4.46% p.a. 
• For Business & Self Employed: 7.57% p.a.

Flat Rate:

• For Salaried: Starts from 2.35% p.a. 
• For Business & Self Employed: Starts from 3.99% p.a.

Processing Fees: 

• Retail: 1% (Min AED 500, Max AED 2,500)
• Business: 1.5% (Min AED 500, Max AED 7,500)

Minimum Income Requirement: 

• For Salaried: AED 5,000
• For Business & Self Employed: AED 150,000 (Minimum Credit Turnover)

Down Payment Required: 20%  (0% for Business)

Repayment Period: 5 Years

Early Settlement Fees: 5% of outstanding amount

Sharia Compliant: Both Islamic and conventional options available

Salary Transfer Required: Not Compulsory

Maximum Finance Amount: AED 2,000,000

Holiday Period: Up to 90 days, offer valid until 31^st Dec 2018

Other Features:

• Special Offer: 90 days repayment deferment. Your first installment will go after 3 months (offer valid until 31^st Dec 2018 for 2015 model and above).
• RAK Bank offers both Islamic and conventional auto finance.
• Minimum 20% down-payment for Salaried clients and 0% down-payment for all Business & self-employed customers.
• Finance available for Takaful, Rustproofing, service and maintenance contracts if required.
• Available for sports and luxury cars, motorbikes etc.
• Profit rate can vary depends on the profile of the customer and the dealer the car is purchased from.

Common Documents: 

• Valid Passport, Resident Visa and Emirates ID Copy.
• Valid UAE driving license copy.
• Valuation Report from approved valuator.

Salaried Client Documents:

• Latest Salary Certificate addressed to RAK BANK.
• Latest 3 Months Salary Bank Statement.

Self-Employed Client Documents:

• Valid Company Trade license.
• MOA (Memorandum of Association) including all amendments.
• Latest 6 Months Personal Bank Statement.
• Latest 6 Months Company Bank Statement.
• Any other document as required by RAK Bank policy.  

• All info mentioned can change at any point in time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
• Flat rate is converted into reducing rate as per 5 years calculation.  
• Terms and conditions apply.