Interest-Free Car Loans in UAE

Housing, food and clothes, a hundred years ago these were considered the basic necessities of life. Fast forward to today and we have added a fourth element to this trio, an element without which we can’t imagine the world. This fourth element has captured our imagination from childhood, right from seeing it on TV to wanting to jump into it the moment we could. We are talking about the invention which changed the way we travel, the stuff our dreams are made of, the humble car.

Cars have had a tremendous impact on our lives, evolving from a means of commute to a lifestyle statement. UAE is home to some of the most extravagant cars on earth, cars which vie for your attention at every step, cars which cannot be ignored. The high standard of living in UAE is extremely conducive for cars, with global manufacturers fighting with each other to be the preferred car brand. In this battle between manufacturers there is one clear winner, the car buyer, who is wooed and charmed, getting the best offers to suit their needs.

Having a car is the new basic necessity of life!

Buying a car in UAE today is as easy as buying groceries from the supermarket, all one has to do is walk in to the showroom and drive out with a beast. Car companies have tied up with banks to ensure that money is not a constraint when it comes to buying a car, with interest free loans and on-spot financing available. Interest can often be a deciding factor when purchasing a car, but today there are a few organizations which offer interest free car loans in UAE, ensuring you don’t have to worry about rising interest rates.

Banks and financial institutions have come up with offers which make anytime the right time to buy a car. With UAE being home to both traditional banks and Islamic banks, customers can opt for different benefits when it comes to car loans. Islamic Banks do not charge interest rates on loans, but have the concept of profit rates, which can work out to be extremely economical for car buyers. In this concept, the bank purchases the car on behalf of a customer and sells it to them after adding a certain fixed profit rate. This is not an interest rate per se and could be viewed as an interest free car loan.

Traditional banks, on the other hand generally charge a certain amount of interest, with a few of them offering interest free car loans, subject to certain conditions.

Bank-Manufacturer tie ups offering interest free car loans In today’s competitive world it pays to have strategic tie ups which benefit both parties. Car manufacturers have used this to their advantage, forming strategic alliances with financial institutions wherein customers can buy their vehicle with easy financing and interest free loans.

Emirates NBD & BMW - Individuals wishing to buy a BMW could get the best deal with the Emirates NBD Auto Loan, which offers customers an interest free loan for the first five years on all BMW models. Buyers also enjoy additional benefits including free insurance and extended service when they purchase a BMW with this loan.

Emirates NBD and BMW have tied-up to provide interest free car loans!

Al Futtaim Motors & Lexus – Lexus has tied up with Al Futtaim Motors, one of the oldest car dealerships in UAE to offer interest free loans for the first three years on certain models of the Lexus. Additional benefits include insurance and complimentary vehicle service.

Lexus has tied up with Al Futtaim Motors to offer interest free loans!

Emirates NBD & Mitsubishi – The Mitsubishi Pajero is one of the most popular cars in UAE, thanks partly to its off-roading capabilities and Emirates NBD offers interest free loans for the first three years to customers who are looking to buy this modern marvel.

Emirates NBD offers interest free loans for the Mitsubishi Pajero!

Best time to get deals There is never a dull moment when it comes to buying cars, with offers sprouting up throughout the year, celebrating every occasion. While year round offers are beneficial in some ways, the best time to get the best value for money in UAE is during the holy month of Ramadan. Banks and vehicle manufacturers go over the top during this month, and interest free car loans can be best witnessed during this period.

Owning a car is a dream for most of us, a dream which we strive to achieve. Car loans are the ladders which we climb In order to reach our destination. While getting a car loan is not very hard, car buyers could benefit significantly if they keep their eyes and ears open for interest free car loans. It is not every-day that you get to see a car and then drive away in it too, and that too without having to sell an arm and a leg to buy it.