Ford Car Loan

The same applies to Ford, which is now one of the leading car brands in the UAE. With this brand being a highly popular one in the country, you will find several Ford car loan plans that can make it easy for you to buy the car and drive it as you require without much difficulty.

In the UAE, Ford has become a prominent player in the four-wheeler market. It currently sells around 20 models across the UAE to fulfil the requirement of different individuals. With a proper car loan plan for the same, you can easily enjoy the features and benefits of Ford cars in the UAE.

Benefits and Features of the Ford Car Loan

• Buying a Car Made Easy - You can now buy your dream Ford car easily, with numerous car loan plans available for the same. As the buyer can make the repayment in EMIs, which an applicant can decide based on the repayment tenure and loan amount, it becomes easier to purchase a Ford car. Moreover, such car loans also remove the need of paying the lump sum.
• Plan Your Finances - By knowing how much of your income is contributed towards EMI, you can easily plan your finances and monthly budget. You can also use the auto-debit facility to have the monthly EMIs deducted automatically and remove the stress of remembering dates for payments.
• Build Credit Score - A good credit score signifies that you're a responsible borrower, meaning that the risk is less for the bank and the loan provider. Consequently, you can expect low interest rates or benefits like zero processing fees with such good scores. If you take out a Ford car loan and make timely payments each month on the scheduled dates, you will be able to easily boost your credit score. This can be immensely beneficial with respect to future applications for loans and credit cards.
• No Collateral Required - As your car will act as a security for the lender, you won't be required to use any other collateral to take the car loan. However, keep in mind that if you fail to make payments or turn out to be a defaulter, the loan provider will have the authority to seize your vehicle and sell it to recover the funds.
• Flexibility in Interest Rates - In the UAE, one can find two types of interest rates on Ford car loans, allowing you to choose the plan of your choice as per your preferences and requirements:
  • Flat interest rate: The interest amount is constant here throughout the loan tenure as it is calculated on the principal amount
  • Reducing interest rate: In the reducing rate system, the interest is calculated on the outstanding principal loan amount. With your outstanding principal amount decreasing with each instalment, the interest amount on your loan keeps decreasing with time. 
• Flexibility to Choose Loan Duration - In the UAE, banks and loan providers grant car loans with a repayment tenure of at least one year and a maximum of 5 years. Most of these providers also allow users to select a loan tenure of their choice and make the repayments at their convenience.

Top Ford Car Loan Interest Rates

1- FAB Car Loan

Loan amount	Up to AED 1.5 million (80% of the car value)
Minimum Down Payment	20% of car value
Interest Rates	Starting from 2.49% (flat) for salaried individuals and 3.19% (flat) for self-employed individuals
Repayment Tenure	Minimum - 1 year Maximum - 5 years
Salary Transfer Required	Optional
Nationality	UAE Nationals Expatriates Residents with a visa permit
Features	120-day grace period before the first instalment Finance available for new and pre-owned cars Insurance finance option Quick approvals

Click Here to Apply Now

2- Abu Dhabi Islamic Bank Car Loan

Loan Amount	Up to AED 1 million for UAE Nationals Up to AED 500k for ex-pats with salary  Up to AED 350K without salary transfer
Repayment Tenure	Up to 5 years / 60months
Profit Rates	Starting from 1.99%
First Instalment Payment	Up to 90 days allowed to make the first payment
Instalment Postponements	One instalment deferment per year
Features	No salary transfer s required Low contribution and high coverage with ADIB motor Takaful protection
Salary Transfer Required	No
Minimum Age Requirements	21 years
Maximum Age Requirements	65 years for UAE nationals 60 years for expatriates years

Click Here to Apply Now

3- RAKBANK Car Loan

Available For	New and used cars Sports and luxury cars
Interest Rates	2.37% to 3.69% flat interest rate for salaried applicants 2.69% to 4.19% flat interest rate for self-employed individuals
First Instalment	After 60 days of application approval
Maximum Repayment Tenure	60 months
Processing Fees for Individual Customers	1% fee (Minimum AED 500 and Maximum AED 2500)
Processing fees for Business Customers	1.5% (Minimum of AED 500 and maximum of AED 2500)
Features	Direct 24-hour customer support service Quick processing Easy documentation Exclusive discounts on insurance rates
Instalment Deferral	Not allowed if payments are irregular
Loan deferral	2 deferrals allowed in a year (only after at least the first 6 instalments have been paid)

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4- Abu Dhabi Commercial Bank Car Loan

Interest Rates Starting from	1.99% per annum (flat) 3.65% per annum (reducing rate)
Loan Amount	Finance up to 80% of car value or AED 1.5 million
Maximum Repayment Tenure	Up to 60 months
Touchpoints Awarded	50 TouchPoints for every AED 1,000 of the loan amount
Features	One signature application Insurance finance option Simple documentation and quick approvals

Click Here to Apply Now

5- HSBC Bank Car Loan

Flat Interest Rate	Starting from 2.59% per annum
Loan Amount	Up to AED 600,000
Maximum Repayment Tenure	Five years / 60 months
Features	No salary transfer required Balloon payment allowed No account opening required for the loan Discount of 0.25% on flat interest rates when financing fully electric vehicles

Click Here to Apply Now

6- Emirates Islamic Bank Car Loan

Loan Amount	80% of the car value
Maximum Repayment Tenure	Five years/60 months
Minimum Down payment	20% of the vehicle value
Profit Rate	Flat rate starting from 2.15% per annum
Processing Fee	1% of the vehicle finance amount (Min AED 500 and Max AED 2,500 per vehicle financed) - this is a non-refundable fee
Late Payment Fee	AED 210 (including VAT)
Partial/ Early Settlement Fee	Fees applicable for early settlement – charged at 1.05% of principal outstanding or max AED 10,500 (whichever is less).
Features	Cooling off period allows you to cancel the product within five business days of signing the loan application Shariah-compliant Murabaha structure
Salary Transfer Required	No

Click Here to Apply Now

Eligibility Criteria for FAB Car Loan

Car loans provided by the leading banks and financial institutions in the UAE are generally subject to the following eligibility criteria.

• Minimum Age Requirement – 21 years  A maximum age limit also applies to the Ford car loan plans, although the limit depends on the applicant’s employment, nationality, monthly income, and more. Generally, the limit for the same is from 65 or 70 years.
• Nationality – Most car loan providers offer loans only to UAE nationals, resident Visa holders, and ex-pats. It should be noted, however, that most banks require continuous residency in the UAE and the fulfilment of other eligibility requirements for car loans.
• Minimum Income Requirements – All loan providers require the applicant to have an income that is above their minimum salary requirements to consider the applicant eligible. With several banks, one can get a car loan with a monthly salary as low as AED 5,000. However, it must be kept in mind that the car loan income criteria vary across banks and financial institutions.
• Down Payment – As per the UAE Central Bank guidelines, you must pay at least 20% of the car invoice cost as a minimum down payment, with the bank and the loan provider covering 80% of the amount at maximum.
• AECB Credit Score – Most banks in the UAE need the applicant to have a sufficiently high credit score to approve their application without any difficulty. Moreover, a decent credit score also guarantees a higher loan amount and preferential interest rates on your car loan.

How to Apply for a Ford Car Loan?

If you want to apply for Ford Car Loan from the comfort of your home and without any inconvenience, you can easily do the same online from Paisabazaar UAE. With paisabazaar.ae, all the steps related to purchasing a car loan plan from exploring and comparing to purchasing can be completed in just one place. Moreover, you can be assured of getting your queries resolved easily with 24x7 customer service available.

To apply for a car loan for your Ford vehicle, you can simply visit paisabazaar.ae and head to the ‘Car Loans’ section under the ‘Banking Products’ header on the main page. Here, you can fill out the brief form and access all the top quotes from the leading providers at your fingertips.

Documentation Required for Ford Car Loans

The primary purpose of asking loan applicants for various documents is to verify their credibility and financial stability. For most Ford car loan plans in the UAE, you will need to provide the following documents when you start the application process.

For Self-Employed Individuals

ID Proof	Driving License Passport UAE Visa Government-issued ID (Emirates ID)
Residence Proof	Bills of utility services Resident Visa Lease agreement
Income Proof	Last three statements of the bank Trade Licence In the case of an LLC, a Partnership agreement, Memorandum of Association, and the Article of Association are required Power of Attorney
Other Requirements	Filled up car loan application form Car information (MMV, vehicle price, and VIN)

For Salaried Employees

ID Proof	Driving Licence Passport UAE Visa Government-issued ID (Emirates ID)
Residence Proof	Bills of utility services Resident Visa Lease agreement
Income Proof	Last three statements of the bank Salary certificate Transfer letter Salary slips
Other Requirements	Completely filled up car loan application form Car insurance Car information (MMV, vehicle price, and VIN)

The following documents will be required if one wishes to get the car financed for an enterprise/company:

• Bank statements of the company
• List of authorised signatories on the company's behalf
• Trade License (If applicable)
• MoA (Memorandum of Association)

How to Calculate a Ford Car Loan Installments?

You can easily estimate the applicable monthly instalments or EMIs using the online loan calculator provided on the official websites of most loan providers. Once you access this car loan calculator, you will be able to check out the results after you provide it with details like the loan amount, repayment tenure, interest rates, and so on. 

While each car loan calculator will display different aspects of loans, there are two common results shown by most of them:

• Equated monthly instalments – This is the amount that a borrower will be required to pay each month to repay the loan in the specified repayment tenure
• Loan break-up – This will show the break-up of the interest paid and the outstanding balance each month after the installment for that month is paid

Charges Applicable for a Ford Car Loan

Several charges may apply when you obtain a Ford car loan. While there are slight variations in the fees as per each bank, the fees and charges generally applied by loan providers are as follows:

Early settlement fee	1.05% of the Principal outstanding amount
Late payment fee	AED 52.50
Change in the mode of payment	Free
Deferment	AED 105
Partial Settlement	1.05% of payments made
Rescheduling fee	AED 262.5
Cheque returned charges	AED 105
Liability/No liability letter	AED 52.5
Application processing fee	1% of loan amount applicable

Disclaimer- *These charges are subjected to change from bank to bank*

Ford Car Loan Repayment Options

There are mainly 5 ways in which you can pay your car loan in the UAE:

Regular EMIs	Equal monthly instalments throughout the loan tenure
Balloon EMI	Higher instalments at the end of the loan period - reduces the burden in the initial stage of the loan
Special-Tie Up Method	The borrower can prepay the loan whenever having excess funds
Step-Up EMI	The instalment amount gradually keeps increasing as the instalments keep getting paid - suitable for young adults who want to pay less initially
Step-Down EMI	The instalment amount keeps decreasing with time

Advantages of Ford Car Finance in UAE

Given below is a list of some benefits that one can enjoy with Ford car finance in the UAE:

• Easy way to purchase a Ford car
• Quick boost to credit score
• Enhanced financial planning

Most Popular Ford Cars in UAE

Given below is a list of the most popular Ford cars in the UAE along with their prices:

Ford Car Models	Ex-Showroom Price (AED)
Ford Mustang	171,470 onwards
Ford Taurus	109,525 onwards
Ford Escape	82,021 onwards
Ford Edge	120,865 onwards
Ford Expedition	170,000 onwards
Ford Explorer	151,100 onwards
Ford Expedition EL	183,750 onwards
Ford Branco	200,445 onwards
Ford Branco 2-door	188,895 onwards
Ford Ranger	108,045 onwards
Ford F-150	170,000 onwards
Ford Super Duty	240,880 onwards
Ford Transit Van	116,445 onwards

FAQ's