Pakwheels

Car Finance

Hassle Free Car Financing

Car Loan Calculator

Why Choose PakWheels for Car Finance?

Customer Service

Customer Service Representative

Expert in handling auto financing cases from partner banks

Quick Processing Time

Quick Processing Time

Partner banks prefer PakWheels customers as top priority

No Hidden Cost

No Hidden Cost

PakWheels charges nothing from customers

Rate Comparison

Rate Comparison

Users can compare rates from top banks

Car Finance Steps

1 Apply for car financing on Pakwheels
2 Our representative will contact you to verify your details
3 We will share verified car financing requests with our partner banks
4 Partner bank will contact you and initiate the financing process
5 You will get the auto financing loan once the bank approves the case
CarSure Video

Partner Car Finance Companies

PakWheels Car Financing: 

PakWheels is making tools that help users in buying vehicles on Auto Financing.Various Banks are offering New and Used Cars on Finance. HBL Car Financing, Dubai Islamic Bank Car Financing, UBL and Faysal Bank Car financing are few examples of Popular Car Finance Options in Pakistan, offering Cars on Installments.

Used Car Financing:

Banks and other financial institutions were not very keen on offering Car Leasing arrangements for used cars until the recent growth of used cars sector, especially the imported cars. Most of the leading banks in Pakistan are now offering used/imported cars financing alongside the brand new cars financing like HBL offering HBL Car Loan scheme for both new and Used Cars on Installments.

Process of Cars Financing:

Although the Car Finance processing would differ from bank to bank, but generally it follows the same procedure. The process, documentation, and eligibility criteria are also mostly same for both new and used cars financing with little variation from bank to bank.

Banks would normally require an applicant to meet certain eligibility criteria, produce documentation and give financial security for the purpose of initiating Car Financing

Eligibility criteria for Auto Finance would normally require one to be a citizen of Pakistan between the ages of 22 to 65. This age bracket differs from bank to bank with minor differences. Applicant should have a steady source of income to afford the Car Installments. This source of income may include salary income, rental income, agricultural income or income from the business. Car Loan Calculator helps to determine monthly Car Installment.

Documents required would normally be passport size photograph, copies of National Identity Card, Bank statements for a certain past period (to ascertain the steady income), and salary certificates for salaried individuals. Additional documentation may also be needed from some other banks. This will widely depend on the source of income.

Once the eligibility criteria are met and documentation is in place, financing case is forwarded for further processing. This involves the verification of case. Pre-approval checks shall be established to ensure the financial stability to minimize the risk on bank’s end. Once the bank has approved this facility, the car is arranged and delivered to the customer. This will obviously include the upfront payments from the customer.Car Leasing Options has made easier to Buy Car on Installments while you can calculate monthly Car Installment through Car Finance Calculator.

Car financing rates are currently varying between 17% to 21% depending on the term of financing and type of arrangement. For variable interest rates, it is varying between KIBOR+3% to KIBOR+5% depending on same variables.

Disclaimer: Prices and Calculations might have slight variation depending on KIBOR or any other variable rates. Prices can be verified from respective bank(s)

Car Finance FAQs

Car Financing or Auto financing is a process of taking help from a bank or any other financial institution to buy a car. You can buy the car by borrowing money from the bank and then returning that money in installments.
PakWheels Car Financing makes this process easier for you by displaying all the available financing options in one place. The PakWheels website and app allow you to choose the installment plan which suits you best and helps you in contacting the bank to secure financing.
For 1000cc or lower engine capacity cars, minimum 15% of total car value is required as down payment and for 1000cc above cars, 30% down payment is required.
You can calculate this exact amount using the Car Loan Calculator.
For Salaried Individuals:
  • Applicants must be a Pakistani citizen.
  • Applicant’s age must be 22 years or more at the time of loan application and max 60 or retirement age whichever is lower.
  • Minimum monthly income must be PKR 20,000.

  • For Self-Employed Business Professionals/Individuals
  • Applicants must be a Pakistani citizen.
  • Applicant’s age must be 22 years or more at the time of loan application and max 70 years or less at the time of maturity.
  • Minimum monthly income to be PKR 25,000.

  • Pensioner/Retired Individuals:
  • Applicants must be a Pakistani citizen.
  • Applicant’s maximum age to be 70 at the time of maturity.
  • Minimum monthly income to be PKR 200,000.

  • Minimum financing or loan amount is PKR 1 million.
  • Maximum financing or loan amount is PKR 3 to 4 million.
  • Minimum financing tenure is 1 year (12 months)
  • Maximum financing tenure is 5 years (60 months) or 7 years (84 months)
  • For Salaried Individuals:
  • Latest employment certificate including the date of joining
  • Nominee CNIC copy
  • Last six-month credited salary bank statement
  • Name of employer’s HR representative with mailing address

  • For Businessman:
  • Valid business proof
  • Last six-month verified bank statement through embassy
  • Nominee CNIC copy
  • In case of remittances income, last six months bank statement of remitter would be required.
  • Yes, it is possible to get car financing for used cars. Several banks in Pakistan provide car leasing and car loan services for used cars. These services can be easily accessed through PakWheels Car Financing Service.
    You can calculate the car's monthly installments as well as down payment required from the Car Loan Calculator.

    Get The PakWheels App

    Buy & Sell Cars, Bikes and Auto Parts faster and better
    using our App

    Google-play-badge App-store-badge Huawei-store-badge
    Scanner_arrow App-install-qr-code

    Scan the QR
    to get the App