Auto Finance
Auto Finance ensures minimum formalities and flexible repayment periods, that will put you in the driver’s seat quickly and conveniently.
Features
- Minimum 20% down payment required for Salaried Customers, and from 0% Down Payment for All Business & Self Employed Customers
- Low profit rate starting from 2.35% for salaried customers
- No salary transfer needed for salaried customers
- First installment after 60 days
- Flexible repayment periods up to 60 months
- Finance available for new companies with Length of Business from 6 months onwards
- Finance available for Takaful, Rustproofing, service and maintenance contracts, and GAP if required
- No hidden charges
- RAKdirect 24-hour phone banking support
- We provide auto finance for the following vehicle categories:
- New and used cars
- Sports and luxury cars
- Light commercial vehicles such as buses, pickups and trucks
- Motorbikes
Drop into our dedicated Auto Finance Centres for your dream drive
Abu Dhabi & Al Ain Branches |
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Airport Road |
Al Ain |
Al Jazira |
Al Corniche |
Mussafah |
Dubai, Sharjah & Ajman Branches |
Sharjah Industrial |
Sharjah |
Ajman |
Fujairah (Auto Finance Centre) |
Sharjah Rolla |
Al Quoz (Auto Finance Centre) |
Sheikh Zayed Road |
Dragon Mart |
Deira Maktoum |
Al Ghusais |
Umm Hurair |
Oud Metha |
Ras Al Khaimah Branches |
Al Nakheel |
Al Kharan |
Al Mannai |
Shaam |
Al Madinah |
Al Dhait |
Al Rams |
Risks and Limitations
- Only 2 deferrals are allowed in a year one month at a time subject to minimum 6 installments repaid since the finance was availed
- Installment deferral cannot be given if payments are irregular or if there are 4 cheques / Direct Debit System (DDS) returns in the last 12 months or if the request does not meet the Bank’s internal risk policy requirements.
- If you fail to make any payment due under the Finance or otherwise breach our terms, you will lose the vehicle mortgaged to the Bank as a result of the mortgage enforcement proceedings that we may take.
Customer Obligations
You need to:
- Pay all installments and other amounts due on the due dates without delay.
- Review this document and all other terms & conditions set out in the application form in detail.
- Regularly check our website www.rakbank.ae for updates.
- Notify the Bank in writing if there is a change in your employment or income details, contact details, residential status, identification details, financial details or any other material information as declared in the application form.
- Notify the Bank in writing if you wish to prepay your Finance prior to its maturity.
Key Terms and Conditions
- The Bank may amend the features, fees, charges, terms & conditions of the Finance with prior notice of 60 days to you.
- The Bank may amend the profit rates for the Finance on 30 days’ notice to you in advance.
Warnings:
- If you pay off the Finance prior to the due date, you will pay prepayment charges at the rates described in the Service & Price Guide.
- If you are late in payment or fail to make a payment on the due date, you will pay default profit at the rates described in the Service & Price Guide.
- If you fail to make a payment or otherwise breach the Finance terms, this will be a default and the Bank will be entitled, among other things, to:
- (a) cancel the Finance and demand full repayment immediately
- (b) report the default to the appropriate regulatory authorities including the UAE Central Bank and Al Etihad Credit Bureau and credit rating agencies, which will affect your credit rating
- (c) bring legal proceedings against you and repossess the mortgaged vehicle.