UAE bank set to offer 'one hour' car loan approvals

While the credit crunch continues to impact lending in the UAE, one bank has pledged to offer a one-hour finance service on new cars, it was revealed on Monday.

The move comes as the auto industry in the UAE continues to suffer in the global downturn and, according to a report by Business Monitor International last month, is predicted to see negative growth of 8.5 percent in 2009.

BMI revised its forecast for the country’s auto industry from 2.9 percent growth to a contraction of 8.5 percent as dealers continue to feel the impact of a lack of car loans being offered by banks.

But Al Hilal Bank, owned by the Abu Dhabi Investment Council, on Monday announced it would be offering a special "Walk In, Drive Out" financing deal as part of its sponsorship of the Dubai International Motor Show in December.

The strategic partnership with Al Hilal Bank will allow customers to complete all necessary finance transactions within an hour, without specifying what the criteria for approval would be.

The approval package includes the documentation, finance approval, insurance and vehicle registration, all processed in 60 minutes, the bank said.

Mohamed Zaquot, executive vice president and head of Personal Banking for Al Hilal Bank said: “Since our launch a year ago Al Hilal Bank has worked hard to deliver banking excellence within the region, and with innovative business models like our ‘Walk In Drive Out’ automotive financing service we look forward to providing innovative and impactful banking services to exhibitors and visitors alike.”

The event, which is open to the public from December 16-20 at the Dubai International Convention and Exhibition Centre, celebrates its 10th anniversary this year.  

Aston Martin, Audi, Bentley, BMW, Bugatti, Daihatsu, Ford, Hyundai, Kia, KTM, Mitsubishi, MINI, Peugeot, Renault, and Shelby Super Cars, with first time appearances from AC Cars and Luxgen, have already confirmed their presence at this year’s event.

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