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RAKBANK Used Auto Finance

RAKBANK Used Auto Finance
Minimum Salary

5,000 AED

Flat Rate

2.35 %

Reducing Rate


Max. Term

5 Years

Salary Transfer


Islamic Finance



RAK Bank Used auto finance ensures minimum formalities and flexible repayment periods, that will put you in the driver’s seat quickly and conveniently.

Points to Consider: There is down payment required, Salary transfer required to get better profit rates


Major Advantage: 2 months installment deferment

Reducing Rate:

  • For Salaried: 4.46% p.a. 
  • For Business & Self Employed: 7.57% p.a.


Flat Rate:

  • For Salaried: Starts from 2.35% p.a. 
  • For Business & Self Employed: Starts from 3.99% p.a.


Processing Fees: 

  • Retail: 1% (Min AED 500, Max AED 2,500)
  • Business: 1.5% (Min AED 500, Max AED 7,500)


Minimum Income Requirement: 

  • For Salaried: AED 5,000
  • For Business & Self Employed: AED 150,000 (Minimum Credit Turnover)


Down Payment Required: 20%  (0% for Business)

Repayment Period: 5 Years

Early Settlement Fees: 5% of outstanding amount

Sharia Compliant: Both Islamic and conventional options available

Salary Transfer Required: Not Compulsory

Maximum Finance Amount: AED 2,000,000

Holiday Period: Up to 90 days, offer valid until 31st Dec 2018

Other Features:

  • Special Offer: 90 days repayment deferment. Your first installment will go after 3 months (offer valid until 31st Dec 2018 for 2015 model and above).
  • RAK Bank offers both Islamic and conventional auto finance.
  • Minimum 20% down-payment for Salaried clients and 0% down-payment for all Business & self-employed customers.
  • Finance available for Takaful, Rustproofing, service and maintenance contracts if required.
  • Available for sports and luxury cars, motorbikes etc.
  • Profit rate can vary depends on the profile of the customer and the dealer the car is purchased from.
Documents Required

Common Documents: 

  • Valid Passport, Resident Visa and Emirates ID Copy.
  • Valid UAE driving license copy.
  • Valuation Report from approved valuator.


Salaried Client Documents:

  • Latest Salary Certificate addressed to RAK BANK.
  • Latest 3 Months Salary Bank Statement.


Self-Employed Client Documents:

  • Valid Company Trade license.
  • MOA (Memorandum of Association) including all amendments.
  • Latest 6 Months Personal Bank Statement.
  • Latest 6 Months Company Bank Statement.
  • Any other document as required by RAK Bank policy.  
Additional Info
  • All info mentioned can change at any point in time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
  • Flat rate is converted into reducing rate as per 5 years calculation.  
  • Terms and conditions apply.
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