What is the average interest rate for a car loan on a Toyota Corolla 2020 1.8L XLI Hybrid in UAE?

The average interest rate for a car loan in UAE typically ranges from 3% to 5% depending on the bank and your credit score.

How do I apply for a car loan for a Toyota Corolla 2020 in UAE?

You can apply for a car loan by visiting a bank or financial institution, providing necessary documents like your ID, salary certificate, and vehicle details.

Will taking a car loan affect my credit score?

Yes, taking a car loan can impact your credit score, especially if you miss payments. However, timely payments can help improve your score.

What documents are required for a car loan application in UAE?

Common documents include a valid ID, salary certificate, bank statements, and details of the vehicle you wish to purchase.

What factors can affect the exchange rate for a car loan?

Factors include economic conditions, interest rates set by central banks, and inflation rates in the UAE.

CarteaCar Loan Calculator

Toyota Corolla 2020 1.8L XLI Hybrid Car Loan Calculator in UAE

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

Monthly Payment

AED 5,655

Down Payment

AED 16,780

Total Cost

AED 84,640

Car Loan Monthly Installments Schedule

Repayment Schedule	Monthly Repayment	Remaining repayment amount
1	AED 5,655	AED 62,205
2	AED 5,655	AED 56,550
3	AED 5,655	AED 50,895
4	AED 5,655	AED 45,240
5	AED 5,655	AED 39,585
6	AED 5,655	AED 33,930
7	AED 5,655	AED 28,275
8	AED 5,655	AED 22,620
9	AED 5,655	AED 16,965
10	AED 5,655	AED 11,310
11	AED 5,655	AED 5,655
12	AED 5,655	AED 0

Monthly Payment Composition

Interest: 62

Principal: 5593

Toyota Corolla 2020 1.8L XLI Hybrid Car Loan Calculator FAQs in UAE

The average interest rate for a car loan in UAE typically ranges from 3% to 5% depending on the bank and your credit score.
You can apply for a car loan by visiting a bank or financial institution, providing necessary documents like your ID, salary certificate, and vehicle details.
Yes, taking a car loan can impact your credit score, especially if you miss payments. However, timely payments can help improve your score.
Common documents include a valid ID, salary certificate, bank statements, and details of the vehicle you wish to purchase.
Factors include economic conditions, interest rates set by central banks, and inflation rates in the UAE.