Document background
The Car Loan Agreement Between Family members is a specialized legal document designed for use in the United Arab Emirates when one family member wishes to provide a loan to another specifically for vehicle purchase. This document bridges the gap between formal lending requirements and family relationships, ensuring clear terms while maintaining cultural sensitivity. It complies with UAE Civil Code, Traffic Laws, and Sharia principles, making it suitable for both Muslim and non-Muslim families. The agreement includes essential elements such as loan amount, vehicle specifications, repayment terms, and ownership details, while providing flexibility to accommodate family-specific arrangements. It's particularly useful in situations where families prefer to handle vehicle financing internally rather than through traditional banking channels, while still maintaining legal protection for all parties involved.
