Best Car Loans in Jordan for Private Sector Employees (June 2021)

Jun 10, 2021 by AmwalCom

It is not that easy to find the best car loan in Jordan especially if you work in the private sector. This is because the interest rate, payment terms, and financed amount depend on several factors including but not limited to: minimum salary, accreditation of the company, car type and brand.

If you ever decide to get a car loan from a bank, it will be hard for you to compare the different offers. We did this homework for you to help you make an informed decision. Below we present to you the best car loan offers in Jordan for June 2021:

1-      Al Rajhi Bank:

Benefits:

• Interest Rate: 2.75% fixed if the salary is transferred and for a financed period no more than 2 years
• Salary Transfer is NOT a must
  
• Accreditation of the company is NOT a must
  
• Min. Salary: 350 JDs for accredited companies
  
• Financed Amount: Up to 80% of the car amount for transferred salaries
  

Caveats:

• Interest Rate 3.25% fixed for a financed period of 3-5 years
• Interest Rate 4.0% fixed for a financed period of 6-8 years
  
• If salary is not transferred, the rate is 4%, and finance period is up to 5 years only
  
• If salary is not transferred, the financed amount is up to 70% of the car amount
  
• Min. Salary: 500 JDs for unaccredited companies
  
• Max. Car Age for used cars: 6 years
  
• The car has to have a 4-good test result
  

2-      Safwa Islamic Bank

Benefits:

• Interest Rate: 2.99% fixed if the financed period no more than 5 years
• Accreditation of the company is NOT a must
  
• Min. Salary: 350 JDs for accredited companies
  
• Financed Amount: Up to 90% of the car amount
  
• Max. Car Age for used cars: Up to 12 years
  

Caveats:

• Salary transfer is a must
• Interest Rate: 3.5% fixed for a financed period of 5-7 years
  
• Min. Salary: 500 JDs for unaccredited companies
  
• The car must have a minimum of 3-good test result
  

3-      Capital Bank:

Benefits:

• Interest Rate: 3.5% fixed for new cars
• Interest Rate: 4.5% for electric cars
  
• There is a one-time “dealer commission” of 0.5% of the car value for new cars, 1% for used cars, and 2.25% for electric cars.
  
• Accreditation of the company is not a must
  
• Min. Salary: 350 JDs for accredited companies
  
• Max. Car Age for used cars: Up to 10 years
  
• Debt Burden Ratio (DBR) of 55% for salaries>600 JDs
  

Caveats:

• Salary transfer is a must
• Company accreditation is a must
  
• Interest Rate: 4% fixed for used cars
  
• Financed Amount: Up to 60% of the car amount
  
• Financed period: Up to 6 years
  
• Chinese cars cannot be financed
  
• Min. Salary: 500 JDs
  

4-      Bank of Jordan:

Benefits:

• Interest Rate: 3.66% fixed
• Salary transfer is NOT a must
  
• Accreditation of the company is NOT a must
  
• Min. Salary: 350 JDs for accredited companies or transferred salaries
  
• Max. Car Age for used cars: Up to 12 years depending on the car brand
  
• Max. Financed period: 8 years
  
• Financed Amount: Up to 100% of the car amount for new cars or transferred salaries
  

Caveats:

• Interest Rate: 3.8% fixed for a financed amount of 70% of the car amount
• Interest Rate: 4%   fixed for a financed amount of 50% of the car amount
  
• Financed period: Up to 5 years for financed amounts < 100% of car amount
  
• Min. Salary: 500 JDs for unaccredited companies or if salary is not transferred
  

5-      Housing Bank:

Benefits:

• Interest Rate: 3.9% fixed for transferred salaries
• Salary transfer is NOT a must
  
• Company accreditation is NOT a must
  
• Min. Salary: 350 JDs
  
• Financed period: Up to 10 years
  
• Financed Amount: Up to 100% of the car amount for new cars
  
• Financed Amount: Up to 90% of the car amount for used cars
  
• Max. Car Age for used cars: Up to 10 years
  

Caveats:

• Interest Rate: 4.5% fixed if salaries are not transferred

** You can compare between all private sector car loan offers here
**All offers are subject to banks’ terms and conditions
** This article is not sponsored by any party