If you are planning to buy a used car and want to apply for a car loan, obtaining a car valuation certificate is a crucial step in the UAE. A car valuation certificate can help you negotiate an amount that suits you the best and get the maximum bank loan amount if the vehicle is in pristine condition. So, if you want to apply for a car valuation certificate, we are here to help!
Here are several steps to get a car valuation certificate in the UAE.
DECIDE THE VALUE OF YOUR CAR
It is not the price of your car that matters. The car's value is critical when applying for a bank loan. You can consider several factors, such as car specs, mileage, trim, car history, color, and other things, to get the right price for your vehicle and crack a profitable deal. It can be challenging to decide on your car's right value, but if you have a car valuation certificate, it can help you get the best value for your vehicle.
CHECK FOR THE CAR VALUATION OPTIONS IN THE UAE
You can conduct an on-site car valuation to get the right value for your vehicle. Here, you can inspect your vehicle and acquire a car valuation from any testing center approved by RTA. All these centers are connected to RTA's car valuation certification system. You can test the car to determine its condition for an accurate car valuation, visit the check-in counter of the car testing station and ask for a thorough test, including a road test and vehicle inspection. You can also visit the Cars24 online portal to get the exact valuation of your car. Here, you need to add your car specifications and get a free car valuation.
GET LOAN APPROVAL BEFORE GETTING A CAR VALUATION CERTIFICATE
In the UAE, a car valuation certificate costs around AED 170 to AED 350, which is a significant investment. If the bank rejects your car loan application after you get a car valuation certificate, you may need to repeat the process for the second time, investing double the amount of money. Therefore, it is better to get approval for your car loan application and then apply for a car valuation certificate, saving you time and money.
UNDERSTAND THE SET OF VALUATORS OF A PARTICULAR BANK
Different banks use valuators they work with while deciding the loan amount for your car. For example, most lenders use the National Automobile Dealer Association (NADA) to determine the value of a used car. You can talk to your bank manager and get a complete list of evaluators.
GET YOUR CERTIFICATE STAMPED
Last but not least, it is necessary to get your original certificate stamped as it is a
requirement of the bank's credit department in the UAE.
The above process can help you get a car valuation certificate easily and quickly. But if you still have doubts regarding bank financing or car valuation certificate, Cars24 can take care of all your needs. If you are curious about the resale value of your used car, you can visit our website or online portal and check out our online car value calculator.
How to renew car registration in the UAE?
To renew your car registration online, you can download the Dubai Drive app, head to the RTA services section, and start the online registration process. After that, you can select My Vehicle on the dashboard followed by Renew Vehicles. There are other options to get your car registration renewed. For example, you can visit RTA Dubai official website or download an app for this process.
How to retain a car’s resale value in the UAE?
You can do several things to retain your used car’s resale value. For example, you can strictly follow a car maintenance schedule, keep your car clean, prefer an extended warranty, have proper documentation, protect your car against harsh weather conditions and keep repairing small dents and scratches.
How to check car accident history in the UAE?
Once you find the chassis number of your vehicle, you can visit the MOI (Ministry of Interior) website https://www.moi.gov.ae/. Here, you can click on E-Services and select Traffic and Licensing from the ‘drop-down menu’. Once you choose ‘Accident Inquiry’, type your chassis number, click on submit and the result will be displayed on the screen.