• Car Loan

Size, color, style... buying a new or a used car is a big decision, not to mention an expensive one. With AM Bank’s car loan, we can help you get behind the wheel of your dream car.

 

Benefits

  • Up to USD 100,000
  • Loan period up to 6 years
  • Up to two Payment Breaks every 6 months
  • No guarantor required or salary domiciliation required
  • No commissions on loan

FAQ and Conditions

What are the conditions for a Car Loan?
  • Minimum 21 years of age.
  • Monthly payment must not exceed 35% of the monthly income
  • Should be employed for more than 1 year
  • Self-employed business should be operational for more than 2 years
  • Enrolled in NSSF
  • Residency: Lebanon
  • Minimum salary USD 800 or LBP 1,200,000
  • Loan should not exceed 75% of car value
  • The car’s production year should be less than 10 years from the date of the application
What are the documents needed to apply for a Car Loan?
  • Two valid IDs (such as passport, ID, syndicate card, civil register, driving license, etc.…)
  • Employed:
    • Salary certificate
  • Self-employed
    • Bank statement for the last 6 months
    • Income statement / balance sheet for the past year
    • Copy of Commercial Certificate or Register
    • Copy of Rental Contract or Title Deed for the premise where the business is operating
Do I need my salary to be domiciled to apply for a Car Loan?
No
In which currency is the Car Loan available?
In USD
What are the guarantees required?
  • Pledge of the car
  • Life insurance
  • Motor insurance
What is the maximum loan I can apply for?
  • New car: USD 100,000
  • Used car: USD 60,000 (age of car < 10 years)
What is the maximum repayment period?
Up to 6 years conditioned by type of loan
What are the charges and file fees?
USD 75, USD 100, USD 150 or equivalent conditioned by type and amount of loan
How are the life and motor insurance paid?
Either paid upfront or discounted from the net loan amount