What are the requirements to apply for a car loan for the M8 GX in the UAE?

To apply for a car loan for the M8 GX in the UAE, you typically need to provide your Emirates ID, proof of income, bank statements, and a credit report.

How does a car loan affect my credit score in the UAE?

A car loan can impact your credit score positively if you make timely payments. However, missing payments can negatively affect your score.

What are the common interest rates for car loans in the UAE?

Interest rates for car loans in the UAE typically range from 3% to 5%, depending on your credit profile and the bank.

What should I be aware of when getting a car loan for the M8 GX?

Be aware of the total cost of the loan, including interest rates, fees, and the loan term. It's also important to ensure you can afford the monthly payments.

What factors can affect the loan amount I can get for the M8 GX?

Factors include your income, credit score, existing debt, and the bank's lending policies.

CarteaCar Loan Calculator

M8 GX Car Loan Calculator in UAE

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

Monthly Payment

AED 10,783

Down Payment

AED 32,000

Total Cost

AED 161,396

Car Loan Monthly Installments Schedule

Repayment Schedule	Monthly Repayment	Remaining repayment amount
1	AED 10,783	AED 118,613
2	AED 10,783	AED 107,830
3	AED 10,783	AED 97,047
4	AED 10,783	AED 86,264
5	AED 10,783	AED 75,481
6	AED 10,783	AED 64,698
7	AED 10,783	AED 53,915
8	AED 10,783	AED 43,132
9	AED 10,783	AED 32,349
10	AED 10,783	AED 21,566
11	AED 10,783	AED 10,783
12	AED 10,783	AED 0

Monthly Payment Composition

Interest: 117

Principal: 10666

M8 GX Car Loan Calculator FAQs in UAE

To apply for a car loan for the M8 GX in the UAE, you typically need to provide your Emirates ID, proof of income, bank statements, and a credit report.
A car loan can impact your credit score positively if you make timely payments. However, missing payments can negatively affect your score.
Interest rates for car loans in the UAE typically range from 3% to 5%, depending on your credit profile and the bank.
Be aware of the total cost of the loan, including interest rates, fees, and the loan term. It's also important to ensure you can afford the monthly payments.
Factors include your income, credit score, existing debt, and the bank's lending policies.