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These financing solutions have seen an overall worldwide growth, due to the impossibility of people to purchase a car or, in the case of companies an entire fleet of vehicles, with a single lump payment, without borrowing money from a bank.
Car Finance Companies in the UAE provide financing solutions to individuals or companies, so they can get a credit covering the amount of money needed to make a car purchase.
The licensed brokers negotiate with various credit providers, such as banks, credit unions or financing companies on behalf of these individuals or companies to arrange loans that suit their needs, with the best possible interest rates. This is a good solution if you are busy and you do not have the necessary time to do research and also saves you a lot of effort, since there is no need for you to find the best options.
The companies are responsible of making enquiries about the financial situation of the person or company seeking a loan, making enquiries about the requirements and objectives of the client and take the responsible steps in verifying the information provided, to see if they are suitable and can get approval for a specific loan and if they meet the minimum financial obligations under the contract. They check not only the credit and payment history of the client, but also credit scores and the debt to income ratio. They will usually ask for information about your present and past addresses, to establish for how long you have been in the area, about your occupation and your employment history, to estimate your annual income, about the period of time you have been working for your actual employer, about your additional sources of income, if there are any, about the occupation and income of your spouse and about all loans and credit cards you have at the moment. Taking this aspects into consideration, they will tell you if you are suitable for a specific loan, what is the maximum size of loan that you can access, what is the down payment needed and what are the applicable interest rates. Usually, the larger the down payment from the price of a vehicle, the better for the client, as a larger down payment lowers the size and the period of the loan and helps you get lower loan payments and interest rates too.
The funding supplier may retain ownership of the vehicles during the contract time or before a complete payment has been done, in some cases.
Once you set a deal with one of these companies, they take care of everything related to your loan and the formalities in purchasing one or more new vehicles.
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