Emirates NBD, a leading banking group in the region, has launched AUTOSWAP, a first-of-its-kind auto loan buyout product that offers a convenient and easy financing solution for individuals seeking to buy used cars.

Launched in partnership with dubizzle, the leading classifieds platform in the UAE, the AUTOSWAP solution will enable car owners looking to sell their cars to complete the transaction without having to settle their present loans. Sellers with outstanding loans can choose for this solution by using SellerAssist, a premium service offered by dubizzle pro which manages the whole selling process on behalf of the owner to help discover the right client at the right price.

While the second-hand market makes car ownership more accessible, many sellers have an excellent loan on their present day vehicle that has to be cleared before the transfer of ownership can take place. dubizzle estimates that one in four clients find it tough to settle their outstanding loans leading to lack of ability to make the sale.

Suvo Sarkar, Senior Executive Vice President & Group Head Retail Banking and Wealth Management, Emirates NBD said: AUTOSWAP will provide peace of mind to car owners looking for a easy way to promote and transfer ownership of their vehicles to prospective buyers without the trouble of having to settle the loan amount first. We expect this will go a long way towards solving one of the common challenges that car sellers and buyers face and enhance 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 present partnership between Emirates NBD and dubizzle. It easily allows a car to be offered via dubizzle pro at its present day market value and Emirates NBD will clear the current loan. The client will also be offered a new loan to assist finance their purchase. This is fantastic news for the industry as not only does it add an additional layer of trust and convenience, however it additionally opens up the second-hand car market to more people.