When you decide to get a new or used car, you have basically two options to procure it. One is by making an outright purchase from your funds and the second option is to get your car financed by a bank of your choice where you get many benefits in return as well as your financial burden is eased. In this write up we will be jotting down some of the best ways you can get the car of your choice financed.
This is probably the biggest advantage you have when it comes to car financing. Numerous banks in Pakistan are offering car financing with an exceptionally high rate of acceptance when you apply for car financing. The documentation needed is also minimal and the processing times are fast. Thus it totally makes sense to prefer going for car financing rather than buying it outright which might translate into putting yourself into burden financially. Some of the major banks offering car finance in Pakistan are Dubai Islamic Bank, Bank Al Habib, Askari Bank and JS Bank.
Currently most banks are offering car financing services at highly subsidized rates that enable consumers opting for car financing in Pakistan to make their decisions with ease. Markups can be kept fixed or variable as some banks offer this option. Some banks even offer the option to pay as much as you can in the name of down-payment of the vehicle. You can also avail special rates when it comes to comprehensive insurance of your car. It doesn’t get any easier than this.
Currently car financing is offered with a ton of options that can be tweaked according to the consumer’s needs. Installments are also based upon the duration of car financing which is usually a long term affair with up to 7 years. Lastly some banks also offer balloon payment options that enable you to pay in lump sum when it’s possible for you thus lowering the number of installments. You can also choose between new, used or imported vehicles of most brands. You can also pay registration and insurance charges in installments which makes it extremely affordable as the down-payment is greatly reduced to lowest possible limits.
Since we live in a country with its founding roots based upon Islam and the majority of population being Muslim, it’s only natural that most people tend to have their financial transactions done in a Sharia compliant way. Thus many banks have now started to offer Car Ijarah which is based upon Islamic principles and is completely interest free thus a compelling option for those who prefer Islamic banking and finance. Islamic car financing in Pakistan is offered by Meezan Bank, Dubai Islamic Bank and Bank Alfalah being the renowned names.
Do Your Own Research:
Last but not the least this is another important aspect to get the best car finance deal for your new or used car. Always have a look at multiple options and compare them to see if there are any unique offerings from a provider that the others might be lacking on. See markup rates, payment terms and conditions and installment duration etc to see what suits you best and then make your choice.
There you go, following these 5 best practices will ensure that you get the best car finance deal no matter which bank you choose to go with. For any comments or feedback, please write to us at firstname.lastname@example.org