Nowadays many finance companies, banks and vehicle dealers are offering Vehicle Finance, with or without a down payment (Advance Payment).
Generally, most installment companies provide 48 – 60 Months Installment Plan with a maximum of 25 percent Last Payment: Lease transfer procedure of Al Yusr finance co.
Use this Installment Calculator to get a basic idea
Here are the Steps to Apply for Vehicle Finance.
- Decide which vehicle you want to buy
- Get a Quotation from Vehicle Dealer or Marad (If it is a used vehicle, it should not be older than 3 years)
- Prepare the Following Documents
- Salary Certificate from Your Employer with Chamber of Commerce Attested
- Original and Copy of Iqama
- Passport Copy
- House Rent Agreement Copy
- Electricity Bill
- Location Map of both Your Home and Work
- National Address Registration Copy
- Copy of your ID in your home country
- Submit all these documents to your Financier
After a few days of your Submission, a representative will visit your work location for the Verification Process. He will submit his report after verification,
If your application is approved you will receive a confirmation call or SMS from Financier, then you can go for the dawn payment (if required) to get registered the Vehicle.
Financier will issue a drivers Authorization Letter which you can renew every 3 months.
After all the installments and final payments paid, the Financier will transfer full vehicle ownership to your name.