Auto Finance

• 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:
   
  1. New and used cars
  2. Sports and luxury cars
  3. Light commercial vehicles such as buses, pickups and trucks
  4. Motorbikes

• 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.

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.