BY OUR BUSINESS BUREAU
DUBAI: Arabian Automobiles, flagship company of AW Rostamani Group, the exclusive dealer for Nissan, Infiniti and Renault in Dubai and the Northern Emirates has teamed up with Al Hilal Bank (AHB) to deliver what it considers to be the best car finance deal in the car market.
Since the economic slowdown and ensuing lack of liquidity that hit the region in quarter four of 2008, potential new car buyers have had to meet ever more stringent personal credit scoring and loan criteria in order to secure new car financing.
Customers at Arabian Automobiles can opt for two ground-breaking new finance deals put in place by Al Hilal Bank: typically a customer with a minimum salary of Dhs6,000 per month and above can opt for a zero per cent down payment option and additionally get a competitive 4.5 per cent profit rate over a four year finance deal.
For a longer contract term of over 4 years the profit rate rises slightly to 4.75 per cent. Arabian Automobiles and Al Hilal Bank staff can also deliver 'on the spot' finance approval, avoiding the typical 10 to 15 day wait.
Potential customers with a minimum salary of Dhs5,000 per month will be required to make a minimum 10 per cent down payment and this too comes with a competitive 4.5 per cent profit rate over a four year finance deal. For a longer contract term of over 4 years the profit rate similarly rises slightly to 4.75 per cent. This deal also features 'on the spot' finance approval.
"We are truly delighted to be able to offer our valued customers these highly attractive new finance facilities. The lack of liquidity in the market has in turn made it extremely challenging for the banks to provide competitive finance packages so Al Hilal Bank should be highly commended for having the foresight to help us deliver these new deals to our customers," Arabian Automobiles Company, CEO, Michel Ayat said.