A number of banks provide used car loan service to B employees in the government or private sector, as well as self-employed and business owners with different terms, rates and payment terms.
Some banks require that the customer meet several conditions, and the interest on the car loan decreases in the event that the installment or salary is transferred to the bank, as well as the possibility of obtaining the maximum available loan.
In light of the banking news service that it provides to readers and followers on a daily basis, we review the terms and advantages of a used car loan in some banks as follows:
QNB Alahli Bank:
With regard to the increasing price of new cars at the present time, it has become difficult to buy a new car at affordable prices. Therefore, QNB Alahli Bank offers you a solution that provides you with financing the car of your dreams even if it is used and with the simplest procedures.
1- Free life insurance during the term of the loan.
2- The loan amounts to 75% of the value of the used car or 70% for the electric car.
3- The value of the loan reaches 750 thousand pounds.
4- Deduction of installments automatically, whether from the current account or from the current account with interest.
5- The loan is available to employees, current QNB AlAhli salary transfer customers and self-employed persons.
6- The age must not be less than 21 years and not more than 60 years at the end of the loan term.
7- The loan period is up to 60 months.
8- The loan is available to Egyptian customers only.
Used car parameters:
1- Maximum manufacturing date: 7 years prior.
2- Financing all cars (except for the Chinese ones).
3- Available for all types of cars (petrol, electricity, etc.).
4- Minimum down payment: 25% of the used car value or 30% of the electric car.
Abu Dhabi Islamic Bank:
Abu Dhabi Islamic Bank provides loans to finance the purchase of used cars for businessmen, employees, and systems on advance payments and with a guarantee to savings coffers.
1- A repayment period of up to 5 years.
2- Financing up to 600,000 EGP.
3- The age of the client must be between 21 – 60 years at the time of financing expiration.
Required Documents:
1- A copy of the (valid) national ID card for Egyptians.
2- Car finance request.
3- An evaluation report of the car from the insurance company approved by the bank.
4- Car price offer from the bank’s authorized distributors.
5- An approved certificate in a letter approved by the employer to transfer the salary or installment. Or a statement of the monthly salary items.
6- For a businessman, a license to practice the profession (for self-employed persons), and a bank account statement shall be added to the previous six months and a recent commercial record (for businessmen).
National Union Bank:
1- A maximum finance amount of 85% of the car’s value.
2- The maximum loan amount of 500 thousand pounds.
3- A repayment period of up to 10 years in case the salary or installments are transferred to the bank.
4- It is possible to buy any passenger car except for pickups and sports cars.
5- It is stipulated for the applicant with regard to employees: that the minimum number of years of work is not less than 6 months in the current entity, that the minimum monthly income is 800 pounds, and that the age of the client ranges between 21 to 60 years at the end of the installments. To self-employed and self-employed, the client’s age ranges between 24 to 65 years at the end of the loan period, and a minimum at the beginning of the activity of 3 years.
6- The repayment period is from 36 months and a maximum of 120 months (depending on the car model and year of manufacture).
Paperwork:
For business owners:
1- A personal bank account statement for the last 6 months.
2- A recent copy of the commercial register, up to a maximum of 6 months (valid).
3_ The value of the car (official document)
For employees:
1_ The original salary certificate and transfer letter.
2_ ID card.
3_ A bank account statement for the last 3 months.
4_ A recent utility bill at the current address (electricity, gas, water).
For liberal professions:
1_ Bank account statement for the last 6 months.
2_ Syndicate registration.
3_the price of the car (official document)
4_ License for pharmacy / clinic / office.
EG Bank:
1- The value of the loan reaches 500 thousand Egyptian pounds.
2- Financing up to 60% of the car’s value.
3- The loan period ranges from 6 months to 60 months.
Paperwork:
1- Proof of the source of income.
2_ A copy of the ID card.
2. A recent utility bill (water, electricity or gas).
3_ For clients without the installment or salary transfer, a bank statement of the last 3 months, and a notarized salary letter.
5_ For salary or installment transfer clients: The client’s company undertakes to transfer the installment or salary.
6_ Professionals and Self-Employed Persons: a bank statement of the last 6 months, a valid tax card, as well as a valid and recent record to the self-employed, or a valid union card, a profession practice certificate and a medical facility license to professionals.
Arab Bank:
1_- Financing up to 900 thousand pounds.
2- Financing up to 100% of the car’s value.
3- Free life insurance.
4- Flexible repayment periods of up to 5 years.
Paperwork:
1_ A recent bill for public services (electricity / gas / telephone).
2_ A copy of the national number to a borrower or a copy of the passport for resident foreigners.
3_ A salary account statement for the last 3 months to employees and a bank account statement for the last 6 months for professionals and self-employed.
4_ A letter of job information to the customer from the employer.
5_ A certificate of the technical condition of the car and its market value from one of the approved residents of the Arab Bank.
Al Baraka Bank:
1- The repayment period is up to 5 years (60 months).
2- The maximum finance amount is 750 thousand pounds.
3- Financing for American, European and Japanese cars, with a maximum of 4 years from the year of manufacture.
4- The monthly installment does not exceed 50% of the total monthly income.
5- In the event of an advance payment of 50% of the car value, an insurance policy against risks and non-payment is required, as well as the condition of evaluating the car from the authorized agent.
6- The possibility of financing without salary transfer.
7_ The bank issues a bank check in favor of the seller.
8- Korean cars, a maximum of 3 years from the year of manufacture.
9- In the case of purchase from the approved agent, the quotation is a substitute for the evaluation with the possibility of exemption from imposing a sale ban and comprehensive insurance on the car.
–
