the lowest interest rate for a car loan for the private sector is found at Islamic International Arab Bank with a 2.99% if the financing is up to 5 Years.
Salary transfer is a must and if financing is more than 5 years interest will be 4%
The second best car loan based on the interest rate is Al Rajhi Bank with a 2.75% interest rate. However, you need to keep in mind this interest rate is for 2 years financed period only.
If you would like to have a bigger financed period, it will be 3.25% for 3-5 years and 4% for 6-8 years.
You get these interest rates if you have your salary transferred only. Else, it will be 4% for 5 years financed period.
Al Rajhi Bank can finance employees working for unaccredited companies but will be asking for a minimum salary of 500 JDs instead of 350.
The third-best interest rate for car loans is from Safwa Islamic Bank with 3.25% if financed for 5 years and if you work for an accredited company.
If you work for an accredited company and the financed period is 5-7 years, the interest rate would be 3.75%.
If you work for an unaccredited company, the interest rate would be 4.25% for 5 years financed period and 4.75% for 7 years.
Safwa Islamic Bank asks for 400 JDs minimum salary for accredited companies and 500 JDs for unaccredited companies and salary transfer is a must.
The Arab Bank has a campaign now where you can get a new car for a 3.5% interest rate and used cars for 3.75%.
The bank can grant you the loan for up to 6 years for new cars and 5 years for used cars.
The Arab Bank can grant employees working for unaccredited companies, but they would need to transfer their salaries and they should have salaries higher than 400 JDs.
The fifth best car loan is from the Capital Bank with 3.5% interest rate for new cars and 4% for used cars.
Salary transfer and accreditation of the company is not a must, but you would need to have a minimum salary of 500 JDs and be financed for up to 6 years.
In general, banks ask for income proof subject to social security for at least 6 months. You would also need to make sure you have a good DBR with a good financial history.
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