What is the car loan process for purchasing an Explorer 2.3L EcoBoost Limited AWD in the UAE?

The car loan process typically involves selecting a lender, submitting required documents, and completing an application. Once approved, you'll receive the loan amount to purchase the vehicle.

Will taking out a loan for the Explorer affect my credit score?

Yes, taking out a loan can affect your credit score. It may initially lower your score due to the hard inquiry, but timely repayments can improve it over time.

What factors can affect my car loan interest rate in the UAE?

Factors include your credit score, loan term, the lender's policies, and current economic conditions. A higher credit score usually results in a lower interest rate.

What documents do I need to provide when applying for a car loan in the UAE?

You typically need to provide identification, proof of income, bank statements, and details about the vehicle you wish to purchase.

Are there any prepayment penalties for car loans in the UAE?

Some lenders may impose prepayment penalties, while others may not. It's important to check the terms of your loan agreement for any such charges.

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Explorer 2.3L EcoBoost Limited AWD Car Loan Calculator in UAE

To finance this car, you can first calculate the installment price in UAE

Monthly Payment

AED 14,853

Down Payment

AED 44,079

Total Cost

AED 222,315

Car Loan Monthly Installments Schedule

Repayment Schedule	Monthly Repayment	Remaining repayment amount
1	AED 14,853	AED 163,383
2	AED 14,853	AED 148,530
3	AED 14,853	AED 133,677
4	AED 14,853	AED 118,824
5	AED 14,853	AED 103,971
6	AED 14,853	AED 89,118
7	AED 14,853	AED 74,265
8	AED 14,853	AED 59,412
9	AED 14,853	AED 44,559
10	AED 14,853	AED 29,706
11	AED 14,853	AED 14,853
12	AED 14,853	AED 0

Monthly Payment Composition

Interest: 160

Principal: 14693

Explorer 2.3L EcoBoost Limited AWD Car Loan Calculator FAQs in UAE

The car loan process typically involves selecting a lender, submitting required documents, and completing an application. Once approved, you'll receive the loan amount to purchase the vehicle.
Yes, taking out a loan can affect your credit score. It may initially lower your score due to the hard inquiry, but timely repayments can improve it over time.
Factors include your credit score, loan term, the lender's policies, and current economic conditions. A higher credit score usually results in a lower interest rate.
You typically need to provide identification, proof of income, bank statements, and details about the vehicle you wish to purchase.
Some lenders may impose prepayment penalties, while others may not. It's important to check the terms of your loan agreement for any such charges.