If you are planning to buy a car in the UAE over the next couple of months, good times are awaiting you !
We are not only nearing the holy month of Ramadan — one of the best times for new car deals, but we have also seen car dealers around the country offering great discounts over the last couple of months.
For instance, Jeep Trading Enterprises has been offering substantial down payment contributions on new Jeeps, and Land Rover presently offers 5 percent cashback on the new Range Rover Sport. Both of these offers come with a five-year warranty and service package.
Looking ahead to Ramadan, Al Futtaim Motors recently announced that customers buying Toyotas during the holy month can take advantage of a 12-month deferred payment plan. It implies that you can purchase a new Toyota now, and you will only have to start paying next year. Terms and conditions apply, obviously, but there is no doubting that the dealers are really trying to incentivise UAE residents to buy new cars.
In all likelihood, you won’t have to buy your new car in cash – you will be getting it on finance. However, instead of simply accepting any finance deal that you get offered, it is worth comparing options. Reducing interest rates range anywhere between 4.6 percent and 7.23 percent. And while you may be getting a great deal on the actual price of your car, that will be negated if you end up paying more than you have to on interest when it comes to the auto loan.
Using a comparison site, you can check which car loans offer the lowest interest rate. But it doesn’t always come down to that. For instance, some loans are tailored specifically for used cars, while other banks may have arrangements with certain brands, meaning lower interest rates on new cars from those brands.
If you are in need of some new wheels, you are spoilt for choice at the moment with a ton of great deals. And while there isn’t as much of a sales bonanza happening when it comes to car loans, by comparing, you can assure that you will be getting a better deal on your car finance.