Are you in the market for a new or used car in Dubai and want to arrange a loan? To give you a loan, the bank will want to know the resale value of car and that’s where a car valuation certificate comes in! Let’s take a look at some pitfalls you might run into when getting your car valued for bank loan purposes.
- Before you get a car valuation certificate, make sure that your loan request has been approved. These valuation certificates cost AED 300-500 so it would be pointless getting a certificate and then finding out that your loan application has been rejected!
- Every bank has a different set of valuators that they work with. Consult your bank to get a complete list.
- Block some time to take your car to a valuator to get a car valuation certificate prepared. This can easily take over an hour and might require multiple trips.
- Bear in mind that every valuator has a different method for valuing a car. It’s your job to ensure that the value they arrive at aligns with your loan request. Remember, the value on the certificate is the maximum amount for which the bank will issue a loan!
- Don’t forget to get the original certificate stamped because it’s a requirement of the bank’s credit department.
If you need help with bank financing, in general, or a Car Valuation Certificate, specifically, CarSwitch can take care of it all for you. Just call us at 04 243 8613! Or if you are just curious about what your car is worth, check out this car value calculator by CarSwitch for used cars in Dubai, UAE.
