We at PakWheels are committed to provide our users best automotive-related services and solutions possible. Among the array of our online services, one is our Car Loan Calculator. The purpose of the calculator is to find you the best deal for the vehicle you are looking for. The point of this post is to introduce briefly our car financing services to the users and elaborate how it can help you in getting the car of your dreams.
PakWheels car finance service has joined hands with 7 national banks to provide you with the best deal possible for the car you are interested in. The banks are:
- Bank Alfalah
- MCB Islamic Bank
- MCB Bank LTD
- Dubai Islamic Bank
- Al Baraka Bank Limited
- Bank Alfalah
- Bank Of Punjab
Key Features Of Our Car Financing
- Bank Auto Loan Calculator: You can easily buy a car on installment from bank with the help of our vehicle loan calculator. You just need to enter a few details like Make/model/version, period or tenure, down payment, and price. Afterward, it will show you all the essential information about the best car financing banks in Pakistan.
- Wide Range Of Bank Options: PakWheels car finance service collaborates with multiple banks that offer a variety of financing options for both new and used cars. Users can explore plans, interest rates, loan terms, and charges to find the best financing deal for them.
- Updated Financing Information: We provide our users with updated and reliable financing information about bank details, insurance rates, and changing interest and Kibor rates. In this way, customers can access accurate financing information to make the best buying decision.
- Hassle-Free Application Procedure: Our application process is easy and convenient. Before applying, the customers can explore details like features and benefits, required documents for salaried or professional persons, and eligibility for each bank. It helps them to evaluate the best option that meets their needs.
- Comprehensive Support And Guidance: Our team connects you with the bank of your choice and helps you to understand the car financing process.
How To Finance Car In Pakistan?
When you open the calculator, you can choose if you want to check the rates for a used or a new car. Let’s select Used Cars first. The calculator will ask you for few details like Price, Model Year, Time Period or tenure, and Down payment. You don’t need to enter make or model for used car calculations.
As a sample, let’s put PKR 1200000, a 2012 vehicle, for three years and down payment of 20% of total price. When you click ‘Calculate’, we will provide you with the details of the banks who are going to cater your needs. The details comprise the basic info like Processing Fee, Initial Deposit, and Monthly Installment. From there you can apply for the Car loan by entering your contact details.
And if you have selected New Car, the calculator will ask you for the car make, model, and version along with the tenure and down payment. Let’s check the loan details for Suzuki Swift 1.3DLX Automatic for the tenure of 5 years and down payment of 30%. And when you click Calculate, you get a list of banks for car loan. It includes the basic details like processing fee, initial deposit and monthly installment.
If you want a particular bank, you will find a CHANGE/VIEW DETAILS link under Apply Now button. Click on it and it will give you a flexible slider to select the best possible deal.
Last Note
In short, Pakwheels car finance platform can help you to get your dream car quickly. We provide auto financing services in 10+ major cities across Pakistan, including Lahore, Karachi, Islamabad, Rawalpindi, Faisalabad, Multan, Peshawar, Rahim Yar Khan, Bahawalpur, Sargodha, Gujrat, Sialkot, and Gujranwala. So, what are you waiting for? Explore, pay, and buy your favorite vehicle today!
FAQs
How To Calculate Auto Loan Interest Amount?
To calculate auto loan interest, you just need to multiply the loan amount with the interest rate and loan tenure. The mathematical representation of this formula is as follows.
Total Interest= Principal Amount x Annual interest rate x Loan Tenure
For example, if the loan amount is 100,000, the annual interest rate is 10%, and the loan tenure is 3 years, then after calculation, the total interest will be 1300,000.
Which Bank Has The Best Loan Car Rates?
The banks with the best loan car rates are MCB Bank LTD, Al Baraka Bank Limited, Bank Al Falah, Bank Of Punjab, Dubai Islamic Bank, and Faysal Bank Limited. They have different interest and insurance rates, and users can choose the one that suits their needs.
Which Car Has Zero Interest Rate In Pakistan?
Car Ijarah, offered by Meezan Bank, is Pakistan’s first interest-free car financing solution. It is based on the Islamic financing principle of Ijarah (leasing). This product is for individuals seeking Shariah-compliant financing to obtain locally manufactured or assembled vehicles.
How Do I Contact Meezan Bank Car Finance?
You can visit Meezan’s bank Car Ijarah website at www.meezanbank.com/car-ijarah or contact them at (021) 111-331-331 or 111-331-332. Moreover, you can share your contact details, city, and preferred branch, and our representative will reach out to assist you further.
What Is Profit Rate In Meezan Bank?
Meezan Bank’s Car Ijarah offers Shariah-compliant car financing with competitive profit rates. As of December 2024, the fixed profit rates of non-lien-based funding are:
| Financing Tenure | Fixed Profit Rate |
| 1 Years | 22.26% |
| 2 Years | 18.96% |
| 3 Years | 18.40% |
| 4 Years | 18.00% |
| 5 Years | 17.08% |
| 6 Years | 16.75% |
| 7 Years | 16.50% |
These rates can change depending on deposit rates and the PKRV rate at the time the loan is approved. Variable profit rates are also available, with the current rate for non-lien-based financing at 24.49%. It is important to note that these rates exclude Takaful and tracker costs.
