Used Car Loan
Finance a pre-owned car up to 7 years old.
Loans and finance
Your new car, with just 10% down.
Finance up to 90% of a brand-new car from our approved dealers, from 4.49% p.a. flat, and spread the cost over up to 7 years.
Applications are not possible: this is a fictional test website.
Key benefits
Only 10% down payment
We finance up to 90% of the showroom price, up to JOD 80,000.
From 4.49% p.a. flat
That is 8.25% APR, clearly shown in your offer before you sign.
Approval at the dealer
Our partner dealers can submit your application from the showroom.
Insurance in one instalment
Add comprehensive motor insurance to your monthly payment.
Who it's for
For drivers who want a new car with a full warranty, without paying it all at once.
- Growing families upgrading to a bigger, safer car
- Professionals who drive daily for work
- First-time new-car buyers with a stable salary
- Electric and hybrid car buyers looking for lower running costs
Features
- Up to 90% financing
- Fixed instalment for the whole term
- Up to 7 years
- Special rate for electric and hybrid cars (4.25% p.a. flat)
- Car registered with the bank as lien holder until repaid
- Early settlement allowed
Rates and figures
| Car type | Flat rate | APR | Maximum tenor |
|---|---|---|---|
| Petrol or diesel | 4.49% p.a. | 8.25% | 7 years |
| Hybrid or electric | 4.25% p.a. | 7.85% | 7 years |
| Salary not transferred | 4.99% p.a. | 9.10% | 5 years |
Flat rate is applied to the original amount for the full term; APR shows the true yearly cost. Fictional figures.
Fees and charges
| Administration fee | JOD 150 |
|---|---|
| Early settlement | 1% of the outstanding balance |
| Late payment | JOD 10 per missed instalment |
| Release of lien letter | Free |
Eligibility
- Aged 21 to 65 at the end of the loan
- Minimum monthly salary JOD 500
- Car bought new from an approved dealer
- Comprehensive insurance for the full term
Documents you need
- National ID or passport with residence permit
- Valid driving licence
- Salary certificate
- Dealer quotation (pro-forma invoice)
How to apply
- Choose your car at an approved dealer
- Get a quotation and use the loan calculator
- Apply at the dealer or in the app
- Sign, register the car and drive away
Frequently asked questions
What is the difference between flat rate and APR?
A flat rate is charged on the original loan amount for the whole term. The APR shows the equivalent yearly cost on a reducing balance, so it is higher. We show both.
Can I buy from any dealer?
New car finance is available through approved dealers. For a private purchase, see our used car loan.
Is insurance mandatory?
Yes, comprehensive insurance is required for the full term of the loan.
Can I sell the car before I finish paying?
Yes, once you settle the outstanding balance and we release the lien.
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Loan calculator
Estimate your monthly instalment (needs JavaScript).
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Insurance and bancassurance
Simple life, home, travel and credit protection cover arranged through the bank.
Lanternvale Bank is fictional. Figures are examples for software testing only. Finance is subject to credit approval and, if it were real, to local banking regulation.