So you have decided to buy a car. If you are looking to buy a new or used car but feel tight on budget, BBAC can help.
With the Car Loan from BBAC, drive away in the car you desire in no time, and benefit from convenient repayment terms, easy application process and preferential interest rates.
ARE YOU ELIGIBLE FOR THE CAR LOAN? -You must be Lebanese, residing in Lebanon -You must be between 21 and 68 years old at loan maturity -You must have a minimum monthly income of 800 USD or its equivalent in LBP
WHAT DO YOU NEED TO KNOW ABOUT THE LOAN? -Currency: US Dollars, Lebanese Pounds, or Euro -Down Payment: minimum 25% of car price -Loan Amount: between 5,000 USD and 250,000 USD or its equivalent in LBP or Euro -Repayment Period: up to 5 years Interest Rate: - New cars: between 5% and 5.5% for USD
- Used cars: between 6.75% and 7.00% for USD
Opening File Fees: 100 USD
WHAT ARE THE GUARANTEES AND CONDITIONS REQUIRED FOR THE LOAN? -The monthly repayment should not exceed 35% of the monthly income for employees and 45% for self-employed individuals -First degree mortgage on the car in favor of BBAC -All-risk insurance policy on the car -Life insurance policy covering death with The Capital Insurance and Reinsurance Co. or with another insurance company acceptable to BBAC -Additional guarantees such as salary domiciliation and personal guarantee on a case by case basis
WHAT IS THE NEXT STEP? You can apply for the Car Loan by visiting any BBAC branch, where customer service representatives are ready to provide assistance, or online.