What is the car loan process for purchasing a Renault Symbol 2018 1.6L PE in UAE?

To obtain a car loan for a Renault Symbol 2018 1.6L PE in UAE, you need to provide the necessary documents such as identification, proof of income, residence proof, and details about the vehicle. Then, you will need to apply through a bank or financial institution that offers auto loans.

Will applying for a car loan affect my credit score?

Yes, applying for a car loan may impact your credit score. When you apply, the lender will perform a hard inquiry on your credit report which can temporarily lower your score. However, if you make timely payments, it can improve your score over time.

What factors should I consider when applying for a car loan?

You should consider the interest rate, loan term, monthly payments, and any additional fees. Additionally, evaluate the total cost of the loan over its duration and check if the lender offers any special promotions.

What is the average interest rate for car loans in UAE?

The average interest rate for car loans in UAE can range from 3% to 5% depending on the bank and the borrower's credit profile. It's essential to compare rates from different lenders to find the best deal.

How does the loan-to-value ratio affect my car loan?

The loan-to-value (LTV) ratio is the amount of the loan compared to the value of the car. A lower LTV ratio may lead to better interest rates and loan terms, while a higher ratio might result in higher rates and additional requirements.

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Renault Symbol 2018 1.6L PE Car Loan Calculator in UAE

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

Monthly Payment

AED 2,561

Down Payment

AED 7,600

Total Cost

AED 38,332

Car Loan Monthly Installments Schedule

Repayment Schedule	Monthly Repayment	Remaining repayment amount
1	AED 2,561	AED 28,171
2	AED 2,561	AED 25,610
3	AED 2,561	AED 23,049
4	AED 2,561	AED 20,488
5	AED 2,561	AED 17,927
6	AED 2,561	AED 15,366
7	AED 2,561	AED 12,805
8	AED 2,561	AED 10,244
9	AED 2,561	AED 7,683
10	AED 2,561	AED 5,122
11	AED 2,561	AED 2,561
12	AED 2,561	AED 0

Monthly Payment Composition

Interest: 28

Principal: 2533

Renault Symbol 2018 1.6L PE Car Loan Calculator FAQs in UAE

To obtain a car loan for a Renault Symbol 2018 1.6L PE in UAE, you need to provide the necessary documents such as identification, proof of income, residence proof, and details about the vehicle. Then, you will need to apply through a bank or financial institution that offers auto loans.
Yes, applying for a car loan may impact your credit score. When you apply, the lender will perform a hard inquiry on your credit report which can temporarily lower your score. However, if you make timely payments, it can improve your score over time.
You should consider the interest rate, loan term, monthly payments, and any additional fees. Additionally, evaluate the total cost of the loan over its duration and check if the lender offers any special promotions.
The average interest rate for car loans in UAE can range from 3% to 5% depending on the bank and the borrower's credit profile. It's essential to compare rates from different lenders to find the best deal.
The loan-to-value (LTV) ratio is the amount of the loan compared to the value of the car. A lower LTV ratio may lead to better interest rates and loan terms, while a higher ratio might result in higher rates and additional requirements.