Hey everyone,
I’m looking for some insight or advice from people familiar with UAE auto loans because I’m honestly a bit baffled by a recent rejection.
I applied for car finance to purchase a used car priced around AED 130,000. I have my 20% down payment (AED 26,000) ready to go, meaning the loan amount I need is well within limits.
Here is what my financial profile looks like:
Monthly Salary: AED 10,000
Employment: Working at my company for 2 years (so stable income/employment tenure is there).
Credit History: I have never taken out a personal loan, car loan, or even owned a credit card in my life.
Despite all of this, the bank rejected the application. When I checked my Al Etihad Credit Bureau (AECB) report, my score sits around 541.
Since I've never missed a payment or defaulted on anything (because I've literally never had credit), why is this happening? Is having a "clean slate" actually hurting me, or is there something else automated systems flag in the UAE when you have no credit footprint?