Fleet Finance

Overview

Whether you are looking to make a single vehicle purchase for your business, a whole fleet or heavy trucks and machineries, CBD can provide the necessary support.

Utilise Fleet Finance solution to ease your cash flow and avoid dipping into your business reserve capital.

The auto fleet financing program offers flexible and competitive financing for businesses engaged in passenger transport, bus rental, tourism activities, car and vehicle rental and any other business that operates an income-generating fleet of vehicles.

Auto fleet loans are secured by a mortgage over the vehicles themselves together with fully comprehensive insurance cover, rather than having to tie up any other form of security.

Up to 90% of the vehicle purchase price can be financed, depending upon the type of vehicle and applicant’s business profile, with a fixed monthly instalment repayment period up to 48 months.

Features and Benefits

• Flexible financing program for all new vehicles fleet purpose.
• Finance of auto vehicles whether it is single or whole fleet finance.
• Availability of financing heavy trucks and machineries.
• Finance limits up to AED 2 Million.
• Processing fees: 1% of approved fleet limit.
• Competitive financing rate and low processing fees.
• Islamic Murabaha fleet finance option available.

Eligibility Criteria

• Business entities legally registered in the UAE (sole proprietors, partnerships and limited liability companies) who operate vehicle fleets
• Business operating for at least one year, with annual sales turnover of AED 1,000,000 or over
• Applicants must have a minimum of two years in business in the UAE with a successful financial history
• All vehicles to be financed must be new (first registration)
• All financed vehicles must have comprehensive insurance cover with CBD registered as the beneficiary

Required Documents

• National ID or valid passport with UAE residence visa and Emirates ID of all signing authorities and shareholders, if applicable
• Valid legal and constitutive documents (i.e. Trade License, Certificate of Commercial Registration, Free Zone Certificate of Incorporation, Memorandum of Association, Partnership Agreement) as applicable
• Power of Attorney or Board Resolution, if applicable
• Proof of Address
• Details of Ultimate Beneficial Owners
• Bank Reference Letter and Company Profile, if applicable
• No requirement for audited financial statements
• 12 months business bank statements
• Dealer pro forma invoice for new vehicle purchase
• Applicants cash flow forecasts for income generating vehicle purchases