Your Ultimate Guide to Car Loans in Jordan

Oct 31, 2018 by Ohood Awayes

We all appreciate whatever makes our lives easier. The technology that excelled at this since its inception is automobiles. Unfortunately, acquiring a car can be hard to finance at times. Therefore, people resort to banks to help them own their dream car. If you are looking for a way to finance your car purchase, you can simple take an auto loan from a bank in Jordan and pay it off in installments. In this article, we will point out the options you can choose from when you take a car loan.

1. More solutions: As a separate category of loaning, each bank tends to have its set of solutions for car loans. This means that you have a variety of options to weigh the pros and cons of and select what you deem most suitable for you.
    
2. Less restrictions: Car financing embraces a bigger chunk of the society as its criteria to accept a loan request are less restrictive. At the end of the day, every one of us needs a car, no matter the salary range or the credit history. You have a bigger chance to be accepted to take the loan from various banks as opposed to personal loans, which require many documentation and paperwork, not to mention the conditions.
    
3. Islamic financing: If you are looking for an Islamic Auto Loan that complies with Sharia Law, you will find banks in Jordan that will be willing to give you an Islamic car loan.  

4. No salary transfer: If you find that the bank that can provide you with the best car loan is not the bank you are registered with, you don’t have to worry about it. As part of the offers they provide for car loans, banks may not require salary transfer to be accepted to take the loan, taking into consideration the conditions of the bank as well as the salary and designation of the individual.    

5. Customized facilitation: It doesn’t sound fair when all cars are processed under the exact same procedure, right? They’re not! Some banks offer tailored solutions that can come down to the make of the car and the working status of the individual.  

6. Short term loans: Most banks allow a duration that can reach 8 years to pay off the loan. However, some banks allow a short-term payoff duration. This means that within one year, or maybe less than that, the car is completely your own, without the burden of your next installment pressing on your driving fun.  

As a way to guarantee that you will duly submit the installments, the vehicle is officially owned by the bank up until the last installment is paid. In this case, some restrictions may ensue. It will be harder for instance to replace or sell the car during the payoff duration. Therefore, a thorough read of all documents and conditions is still a must before taking the final decision.  

It might sound confusing to the uninitiated in the banking world, and that’s why we’re here. Check out our Car Loans Calculator page. Here you will have an idea as to which banks offer car loans and what options each of them has. Drive safe!