Arabian Automobiles teams up with Al Hilal Bank on ground breaking finance deal

Since the economic slowdown and ensuing lack of liquidity that hit the region in quarter four of 2008, potential new car buyers have had to meet ever more stringent personal credit scoring and loan criteria in order to secure new car financing.

From today, however, customers at Arabian Automobiles can opt for two ground-breaking new finance deals put in place by Al Hilal Bank: typically a customer with a minimum salary of Dhs6000 per month and above can opt for a 0% down payment option and additionally get a competitive 4.5% profit rate over a four year finance deal.

For a longer contract term of over 4 years the profit rate rises slightly to 4.75%. Arabian Automobiles and Al Hilal Bank staff can also deliver 'on the spot' finance approval, avoiding the typical 10-15 day wait.

Potential customers with a minimum salary of Dhs5000 per month will be required to make a minimum 10% down payment and this too comes with a competitive 4.5% profit rate over a four year finance deal. For a longer contract term of over 4 years the profit rate similarly rises slightly to 4.75%. This deal also features 'on the spot' finance approval.

"We are truly delighted to be able to offer our valued customers these highly attractive new finance facilities. The lack of liquidity in the market has in turn made it extremely challenging for the banks to provide competitive finance packages so Al Hilal Bank should be highly commended for having the foresight to help us deliver these new deals to our customers"

commented Michel Ayat, CEO of Arabian Automobiles Company.

Speaking on the occasion Mr. Mohamed Zaqout, EVP and Head of Personal Banking of Al Hilal Bank said "We are committed to provide consumers the flexibility and convenience of owning their dream car. With Arabian Automobile's Big 5 offer we see a synergy of putting people first. We customize our banks policies in sync with the market demand and are happy to have partnered with the group in this innovative offer."

"Customers can avail the unique opportunity of instant finance evaluation by our team and with the required documentation papers they can walk in and drive out." concluded Mr. Zaqout.