There are many people tried to own cars but the prices of these cars prevent them from doing so. With the installment system provided by the many cars agencies in the country, you can get your dream car very easily and with a little amount of money every month. There are some countries that produce some types of cars that can be owned with less than 1,000 dirham per month. We believe that this is a brilliant idea for many people which enables them to get any car they need from the local market.
This year,the cars’ markets in United Arab Emirates recorded some new updates regarding this system where there are many cars agencies and showrooms introduced 10 categories with total of 14 cars which are made by Japanese, Malaysians, Americans, French and Koreanmanufacturers which can be purchased by monthly installment that does not exceed 1,000 dirham. The strength of pricingcompetition is one of the most important factors in the success of sales around the world, including auto sales which saw in 2013 an increase of 12% compared to the previous year. This has encouraged many national and privatebanks to decrease the interest rates for loans to buy new cars where these banks adjusted the rate to be between 1.99% and 3.25%.
In order to calculate the value of the monthly installment for the car, it was adopted as an average rate of 2.99% interest rate on the financing because this ratio is the most suitable and active ratio among many local banks while the payment period had been identified by 48 months.
Despite the fact that Koreansmanufacturers which are “Hyundai” and “Kia” companies were the most companies that provided these categories in the local market but the lowest price among all the ten models went to the Malaysian manufacturer which is “Proton” companythrough its “Saga” car. This car comes at a starting price of 29 thousand dirham which makes it the cheapest car in the country in terms of monthly installment where the company offers this car with 676 dirham for the monthly installment while “Nissan Micra” from Nissan company with its price that worth 42.5 thousand dirham is the most expensive car in the list of theseten models where the company offers this car with a monthly installment of 992 dirham.
