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29 March 2024

UAE banks rev up 0% auto loans: Time for a new set of wheels?

Published
By Sneha May Francis

Planning to buy a new car or upgrade to a swankier model? Now’s a good time.

Banks in the UAE are offering interest-free loans on select car models, making this the perfect time to go car shopping.

That’s not all. Motor companies are backing the deal with free service contracts, insurance, registration, and other fantastic frills.

Emirates NBD has tied up with Volkswagen for interest-free car loans, which can be extended for up to five years.

The deal extends to four of their models – Jetta, Passat, Tiguan and Touareg.

That’s not all – a sales rep at Volkswagen added that they will top this offer up with three years or 40,000km service plan, free registration and three years’ roadside assistance.

Customers can also defer their payment plan by four months.

The 20% down payment will remain unchanged, the sale rep added.

Emirates NBD also joins Mitsubishi for another no-interest sale for the Pajero.

The interest-free loan is offered for three years.

A sales rep at the Mitsubishi showroom added that the offer extends to 2014 Pajero models and the 20% down payment will remain unchanged.

The deal will also include five-year warranty.

Abu Dhabi Islamic Bank (ADIB) joins Nissan for its ‘sign and drive’ deal.

As per this deal, customers will not have to cough up the 20% down payment.

The Nissan sales representative adds that this option is subject to a few clauses being met, mainly the minimum salary requirement, one year of employment, and the customer’s company being featuring in the bank’s list of select companies.

“If the company is listed with the bank, then they are flexible about the minimum salary requirement,” he adds.

Customers can also avail of financing for up to six years.

The car dealer will also pack in insurance and registration, and the offer extends to all new Nissan models.