| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Arab Finance House - Used Car Loan
|
Minimum Salary: USD 600 | Salary Transfer: | Early Settlement Fees: - | Maximum Term: 4 Years | Flat Rate: 6.3% | Reducing Rate: 11.34% |
Features
Conditions & Required Documents
- Currency: USD
- Down Payment: 25%
- Repayment Period: 5 years for new cars & 4 years for used cars
- File Fees: 150 USD; 250 USD if the financing amount exceeds 30 K USD
- Profit Rate: 5% for new cars and 6.3% for used cars
- Monthly Payment: not to exceed 33% of the monthly income
- Applicant must be at least 21 years old
- Minimum Salary: USD 600 or or its equivalent in LBP
- Authenticated Salary Certificate
- Bank Account Statement for the past 6 months (if applicable)Proof of residence, electricity bill or mayor's certificate
- Life & permanent total disability Takaful insurance
- All risk Takaful insurance
- Vehicle Mortgage
- Red Plate Mortgage (if it is a Taxi)Other Guarantees: case by case
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
Representative Example Calculator
