Emirates NBD, Dubai’s biggest bank, has launched Autoswap, a first-of-its-kind auto loan buyout product that provides a hassle-free financing solution for individuals seeking to buy used cars.
Launched in partnership with Dubizzle, the classifieds platform in the UAE, the Autoswap solution will enable car owners looking to sell their vehicles to complete the transaction without having to settle their existing loans.
Sellers with outstanding loans can opt for this solution by using SellerAssist, a premium service offered by dubizzle pro which manages the entire selling process on behalf of the owner to help find the right buyer at the right price.
While the second-hand market makes car ownership more accessible, many sellers have an outstanding loan on their current vehicle that has to be cleared before the transfer of ownership can take place.
Dubizzle estimates that one in four customers find it difficult to settle their outstanding loans leading to inability to make the sale.
Suvo Sarkar, senior executive vice president and group head – Retail Banking and Wealth Management, Emirates NBD said: “Autoswap will offer peace of mind to car owners seeking a convenient way to sell and transfer ownership of their vehicles to prospective buyers without the hassle of having to settle the loan amount first. We anticipate this will go a long way towards solving one of the common challenges that car sellers and buyers face and boost the pre-owned vehicle marketplace in the UAE.”
Matthew Davidson, head of Motors Services for Dubizzle, added: “Autoswap marks an expansion to the scope of the existing partnership between Emirates NBD and Dubizzle… This is fantastic news for the industry as not only does it add an additional layer of trust and convenience, but it also opens up the second-hand car market to more people.”