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Thread: Want to finance Honda City Vario, Guide

  1. #1
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    Default Want to finance Honda City Vario, Guide

    Dear All

    I would like to get a Honda City Vario on lease from Bank, Please guide me the bank with less hidden charges, Markup and delivery time. (Millioners, Son of MNAs and out of Pak, Please dont bother your self to reply) Also No Brokers.......:-)
    IT IS NICE TO BE IMPORTANT, BUT IT IS MORE IMPORTANT TO BE NICE

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    I am replying you for the comments you made in the brackets...I tend to agree with you.

    I have gone through some of them. Studied all of them. Work for one of them.

    MCB is good. No hidden charges. Good turn around time (TAT). Less (cumbersome) documentation. No control on delivery. Markup 11-13%. Surprisingly, I today checked the ON amount on Vario. Its 20,000 here in Islamabad. Just for teasing the dealer, I asked was it negotiable?

    UBL is also good so far as rates are concerned. Incidentally all banks & leasing companies have recently jacked up their rates. they are now 11 to 13%. UBL will take a very long time in approval of the case.

    HBL will tie you in lot of documentation and paper work.

    Bank Alfalah (Non Islamic) is ok. Islamic has lot of hidden charges. Rate is 22% (IRR).

    Are you fufilling all other conditions for lease. Bank account statement for the last one year, showing a constant stream of income, 3 times your vario's installment, salary/income proof, utility bill(s) in your name or landlord, no bad history of Datacheck.
    The tragedy of life is not what we suffer, its rather what we miss.

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    Salam Bro !!!
    i'm from UBL bank car financing depart.
    there' no such hard process in UBL and as far as approval is concerened its 90% upto customer if there is no flow in verification or any other thing so there is no delay ...........
    u can contact me and i will give the complete details ...
    0300-3599034
    Hamza
    Thanx
    For all you who talk about me, thanks for making ME the center of YOUR world!

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    sorry to mention i'm from khi
    thanx
    For all you who talk about me, thanks for making ME the center of YOUR world!

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    Avoid UBL at all costs. It is the most horrible bank to ever deal with. Pathetic customer service and equally pathetic procedures. It's more like a fish market than a bank. I would not do business with them again if they were the last bank offering financing.

    Go with Bank-Alfalah, excellent customer service & easy approval process.
    ProSpeed Imports -- www.prospeedimports.com -- Car parts direct from USA, Japan & Europe to your doorstep! Email us at special.requests@prospeedimports.com. Don't forget to ask about our special car wrapping, change the color of your car without changing the paint ;-)

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    I am thank full to all who replied, I am in Lahore and fulfil all the requirments, any person who is in Lahore and working in Bank auto loan section ...
    IT IS NICE TO BE IMPORTANT, BUT IT IS MORE IMPORTANT TO BE NICE

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    Dear Umer

    I am a keen follower of this website and have always enjoyed reading all the comments (and very seldom writing something). I have done an extensive research on leasing and financing and have analysed the products of various banks when, since I booked my Exi which I will get by 30 Novemeber.
    I have gone through most of the banks as it took me around 3 months to get the process done (I had some problem with my case!).
    Anyways, I think I can help you with my experience and guide you as to which bank is offering what...
    I am attaching an excel file which I developed for myself in which you can calculate the installments of various banks and for various cars. I am sure I dont have to guide you as to how to use this file
    Just some small pointers:
    1) MCB is very good in terms of rates etc
    2) UBL has lowest documentation requirement
    3) In terms of service, Bank Alfalah is excellent!
    4) If you have good contacts within the bank, only then consider Prime Bank, Habib Bank or Metropolitan Bank
    5) Another attractive avenue is Union Bank, who have developed a good auto financing product.
    6) Avoid Islamic products... they are expensive! (probably charging additionally for 'Islam')
    7) Avoid Citibank.... they will kill you!
    8) Standard Chartered Bank can be considered... but they are expensive. SCB have a kiosk at Honda City Sales (near Kalma Chowk) from where they can process your case if you want. BUT avoid them.. they are expensive

    My suggestion is that you go for MCB!.
    In case you need help in finding the right people, I know a couple of people... I can get you through Metropolitan Bank (a bit expensive though) without any problem (my nana works in that bank). I have a friend in Union Bank and one in UBL (in Okara though!). And I know an agent in MCB as well.... let me know if you require any assistance.
    Regards

    Raza Haider

    my email address: srhaider@softhome.net

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    Oops! couldnt attach the excel file... this is probably not allowed.. Give me your address and I will email it. OK!

  9. #9
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    One more thing....

    You will have to consider the 'term' (i.e. the duration of financing) you want to take.

    MCB, UBL, Union Bank, Citibank and SCB offer upto 7 years!

    Rest of them will only finance upto 5 years.

    Regards

    Raza

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    Dear Raza Haider

    I am extremely thankful to you as you took it very serious and try to help me, my email is umerinayat@hotmail.com
    IT IS NICE TO BE IMPORTANT, BUT IT IS MORE IMPORTANT TO BE NICE

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    hello mr srhaider, can you please forward the file to me at akbargr84@yahoo.com thank you
    Bees waal 4 life

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    Hi i just got a Honda City iDSI M/T financed from UBL this year ..beleive me the UBL ppl have the minimum eligibilty requirements,best markup & speedy case processing procedure n there rnt ny hidden charges.For ur referrence ill quote u the finance details :
    Car price Rs 830500
    Down payment 15% ..1 35
    OWn(paid to car dealer) 85 000
    finance period 4 yrs
    monthly installment 20498
    mark up was 9.8%

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