Easy Accessibility to Car Finance and Increased Demand for Passenger and Commercial Cars will be Key Growth Drivers in the UAE Car Finance Market: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Increasing demand for new and used cars, low profit rates or interest rates, increased number of offers from banks and private finance companies and easy accessibility to loans are the key factors that contributed to the growth of car finance market in UAE. The report titled “UAE Car Finance Market Outlook to 2021 – Rising Car Finance Penetration and Multiple Car Finance Products Offered by Banks to Foster Market” by Ken Research suggested a positive CAGR in terms of credit disbursed in car finance market in the next 5 years till 2021. The UAE car finance market is known for Islamic financing with the exclusion of ‘riba’ which means interest. Majority of banks and private finance companies follow the Islamic principles of financing. The market has been displaying a growth trend until 2015 supported by factors like growing demand for new and used passenger and commercial cars, rising SME automotive sector, easy accessibility to finance, variety of offers from dealers and banks and such other factors. The value of used cars has seen a consistent rise in the recent years. During 2011, the average cost was AED 63,000 for new cars which had reached AED 70,000 by 2016. Used cars in UAE is generally expensive than used cars in Latin America, Asia and Africa. This increases the amount of credit disbursed for used car finance. By the end of 2015, the market started displaying a declining trend due to the fall in the sale of new and used cars resulting from the economic slowdown of the country due to falling oil prices. The economic slowdown has also affected the car finance market. The lower oil prices have resulted in weaker deposits for most of the banks in UAE which led the banks to be more focused on the consolidation rather than growth. The banks started being more cautious on consumer lending such as car loans. Over the past few years, there had been a rise in the rate of non-performing loans which has induced the Central Bank of UAE to appoint an assessor of individual and corporate credit worthiness named Al Etihad Credit Bureau in 2014. The introduction of consumer credit data from the bureau has led to more cautious lending policies. Key Topics Covered in the Report: NBAD UAE Auto Finance Used Car Sales in the UAE Financing a Used car in UAE Compare Auto Loans in the UAE Auto Finance Opportunities in UAE Top UAE Car Loans Banks Car Financing Option in UAE Vehicle Financing in the UAE Used Car Financing in the UAE New and Used Car Financing in UAE For more coverage click on the link below: https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/uae-car-finance-market/110143-93.html Related Reports by Ken Research https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/india-car-finance-market-report/679-93.html https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/indonesia-used-car-report/79410-100.html https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/india-used-car-2015-edition/654-100.html Contact: Ken Research Ankur Gupta, Head Marketing & Communications query@kenresearch.com +91-124-4230204 Tags: Auto Finance Opportunities in UAE, Car Financing Option in UAE, Compare Auto Loans in the UAE, Financing a Used car in UAE, NBAD UAE Auto Finance, New and Used Car Financing in UAE, Top UAE Car Loans Banks, Used Car Financing in the UAE, Used Car Sales in the UAE, Vehicle Financing in the UAE