Growing Used Car Sales Coupled with Rising Penetration of New and Used Car Finance to Stimulate the UAE Car Financing Market Growth: 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 number of expatriate population has infused an improved growth in the used car market, which is regarded as a driving force for the market’s growth in the coming years Government initiatives to promote the use of electric cars as a step to reduce the fuel emissions is expected to raise the demand for car finance within the country Rising value of used cars is expected to increase the amount of credit disbursed for used car finance Though at a slow pace, the UAE car finance market is anticipated to recover during the forecast period 2017-2021, from the fall in the credit disbursement that has been observed towards the end of the review period. Real time deposit rates have been negative since 2013 and the major factor that discourages people from depositing in banks is the low interest rates. The banks are expected to focus more on consolidation rather than growth and be more cautious in consumer lending such as personal and car loans. Further, the credit worthiness of the applicant is assumed to be strictly assessed with the help of the credit bureau, before lending. Hence, the rate of rejections is expected to rise in near future. Car finance has become extremely competitive in recent years, to the point where it is almost a loss-leader for some financial institutions. With so low margins and the higher processing costs associated with car loans, interest rates are more likely to rise in the coming years. The introduction of value added tax in 2018 and the liquidity crunch in the country is expected to affect the car sales, reducing the demand for car finance. However, UAE’s economic growth is expected to accelerate from the year 2017 by more than 4% a year until 2020, owing to the new projects underway driven by real estate, transport and power projects. The economic growth is expected to increase the household spending and improve the standard of living, increasing the demand for cars thereby increasing demand for car finance. Ken Research in its latest study, UAE Car Finance Market Outlook to 2021 observed that the introduction of Al Etihad Credit Bureau by the Central Bank of UAE will enable the banks to assess the creditworthiness of their prospective customers and to prevent the risk of credit loss, provided that the measures are properly implemented. To withstand competition in the market, many players are in plans to introduce more bundling options in loans. For banks, car loans are a more attractive proposition when it is packaged with a suite of other products that cater to multiple customer requirements. The UAE car finance market is estimated to register a positive CAGR during 2017-2021. Future growth in the expatriate population, rising demand for electric vehicles and standardization of Islamic financial products are expected to be key drivers for spiked demand for car loans in the country. The report provides information on the number of new cars financed, new and used car penetration, tenure of new and used car loan and the emirates dominating the market in terms of credit disbursed and number of cars financed. It also covers the major players in the market such as Emirates NBD, Dubai Islamic Bank, Mashreq Bank, Emirates Islamic Bank, Al Hilal Bank, Al Wifaq Finance and Finance House. Key Topics Covered in the Report: UAE Auto Loan Market Top UAE Car Loans Banks Dubai Average Loan Rate Competition UAE Car Loan Car Financing Option in UAE Car Loans UAE Top 5 Banks Vehicle Financing in the UAE Used Car Financing in the UAE Finance the Car in UAE Process Islamic Banks UAE Car Loan Market New and Used Car Financing in UAE Emirates NBD Market Share Auto Loan Passenger and Commercial Vehicles Sales in the UAE For More Information on the Research Report, refer to below links: – 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 Us:- Ken Research Ankur Gupta, Head Marketing & Communications Ankur@kenresearch.com +91-9015378249 Tags: Auto Finance Opportunities in UAE, Auto loan Industry in the UAE, Car Financing Option in UAE, Car Loans UAE Top 5 Banks, Car Payment or Car Loan Decision UAE, Compare Auto Loans in the UAE, Competition UAE Car Loan, Dubai Average Loan Rate, Dubai Islamic Bank Loan Disbursed Car, Emirates NBD Market Share Auto Loan, Finance the Car in UAE Process, Financing a Used car in UAE, Future Strategies UAE Car Loan, Growth Trend Car Loan UAE, Islamic Banks UAE Car Loan Market, NBAD UAE Auto Finance, New and Used Car Financing in UAE, Passenger and Commercial Vehicles Sales in the UAE, Top UAE Car Loans Banks, UAE Auto Loan Disbursal, UAE Auto Loan Market, UAE Car Financing Market, UAE Car Loan Industry, Used Car Financing in the UAE, Used Car Sales in the UAE, Vehicle Financing in the UAE