UAE banks are attracting new car buyers in 2023 with major deals including deferred payments

UAE banks are attracting new car buyers in 2023 with major deals including deferred payments

Dubai: With 2024 Model Year cars all set to arrive at a dealership near you, now could well be the time to head over and buy.

Because this time, these buyers will find that the road to owning a car is getting smoother, with more banks allowing 0 per cent down payment and even up to 3 months before having to pay the first instalment.

Not just that, there are offers extending 0 per cent interest rate for a certain duration of the auto loan.

The deferred initial payments have been of the biggest help to those buyers who are new to the UAE or have just started out at a new job.

The bank offer come on top of the extra incentives dealerships have been throwing on their sales, including super-extended warranties and free insurance.

UAE auto loan rates Major banks are offering flat rates of around 3%, but with the provision that there should be a 20% down payment. With a flat rate, the interest is calculated on the original borrowing sum.

So far this year, new model launches have not recorded a significant increase in showroom prices, particularly when it comes to entry- and mid-priced cars.

“It’s great to see banks support the car