What is the car loan process for purchasing a Groove 1.5L LT in the UAE?

The car loan process generally involves selecting your vehicle, applying for a loan with a bank or financial institution, providing necessary documents, and then awaiting loan approval before finalizing the purchase.

Will taking a car loan affect my credit score?

Yes, taking a car loan can affect your credit score. Timely payments can improve it, while missed payments can negatively impact your score.

What should I consider when applying for a car loan?

Consider the interest rate, loan term, monthly payments, total cost of the loan, and your ability to make payments before applying.

What factors can influence the interest rate for my car loan?

Factors include your credit score, the loan amount, loan term, the bank's policies, and current market conditions.

Are there any specific documents needed for a car loan application?

Yes, typically you will need identification, proof of income, bank statements, and details about the car you wish to purchase.

CarteaCar Loan Calculator

Groove 1.5L LT Car Loan Calculator in UAE

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

Monthly Payment

AED 4,752

Down Payment

AED 14,100

Total Cost

AED 71,124

Car Loan Monthly Installments Schedule

Repayment Schedule	Monthly Repayment	Remaining repayment amount
1	AED 4,752	AED 52,272
2	AED 4,752	AED 47,520
3	AED 4,752	AED 42,768
4	AED 4,752	AED 38,016
5	AED 4,752	AED 33,264
6	AED 4,752	AED 28,512
7	AED 4,752	AED 23,760
8	AED 4,752	AED 19,008
9	AED 4,752	AED 14,256
10	AED 4,752	AED 9,504
11	AED 4,752	AED 4,752
12	AED 4,752	AED 0

Monthly Payment Composition

Interest: 52

Principal: 4700

Groove 1.5L LT Car Loan Calculator FAQs in UAE

The car loan process generally involves selecting your vehicle, applying for a loan with a bank or financial institution, providing necessary documents, and then awaiting loan approval before finalizing the purchase.
Yes, taking a car loan can affect your credit score. Timely payments can improve it, while missed payments can negatively impact your score.
Consider the interest rate, loan term, monthly payments, total cost of the loan, and your ability to make payments before applying.
Factors include your credit score, the loan amount, loan term, the bank's policies, and current market conditions.
Yes, typically you will need identification, proof of income, bank statements, and details about the car you wish to purchase.