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Thread: Help Me buy a Vitz..

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    Question Help Me buy a Vitz..

    Dear All,
    I am thinking of selling my Alto and buy a Vitz(2005,2006). As i have very less experience of buying/selling cars, i want help from the experts here so i may not be ripped off..

    Initially, i would need help on two things:

    1) For how much can i get a registered Vitz(2005,2006) in a good condition in Lahore?

    2) Can i get it on a lease?

    I would really appreciate help from all of you. Thanks..

    Regards,
    Hassan

    What we do in life, echoes in eternity!

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    vitz 05 will cost you around 850k-900k
    and about lease, i guess you will have to contact some banks for info...
    -

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    Quote Originally Posted by iLLDuDe786 View Post
    vitz 05 will cost you around 850k-900k
    and about lease, i guess you will have to contact some banks for info...
    thanks, and what would u suggest about it,should i go for it, my daily use in about 30 km in city and thats it. What about its power, performance and stability?
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    any member who recently leased a used car from a bank?
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    959
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    Sir do not lease a car from bank.

    Its nearly 22% interest.
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    Leasing on 22% rates is really really not a smart choice .
    About the Vitz, its an awesome car, i have one myself too and you should go for it if you can afford the A/T maintenance and the PETROL cost as CNG is horrible for this car.
    -

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    Quote Originally Posted by iLLDuDe786 View Post
    Leasing on 22% rates is really really not a smart choice .
    About the Vitz, its an awesome car, i have one myself too and you should go for it if you can afford the A/T maintenance and the PETROL cost as CNG is horrible for this car.
    Actually we dont have any other option other than leasing.. And yes if its mileage is around 15km/l in the city as i am told, then i can afford it..
    What we do in life, echoes in eternity!

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    @hassan4772

    Sir get the financing done by an Islamic bank, preferably from Dubai Islamic Bank or Bank Islami and not on variable rate.

    Set the tenure to 5 years, you can also set the tenure lower to 3 or even 1 year to reduce the interest/profit paid to bank, but installment amount will increase considerably.

    Pay as much equity as you can.

    They will check your other loan obligations and makes a debt burden or debt/income ratio, i.e if your salary (take home) is 100,000, your calculated monthly installment cannot exceed 40,000, 60/40 ratio.

    Bank will also check the period of service with your current employment and your credit history, if any or if you are businessmen, your business, income and assets.

    You can only lease a car of 2005 August or later (if you will apply in August), if you will avail the financing of 550,000 and pay 300,000 cash as your equity for the total cost of 850,000 for Vitz, your average monthly installment will be 15,000 and you must show an income of 40-50K Rs take home with stable financial statements.

    Takafaul/Insurance costs are 3% separate and tracker fee is around 1,500 Rs which is necessary for all imported/expensive cars.

    You can also pay the principal (financing amount) early to avoid paying installment and interest.

    I do not think you should buy an imported car on lease and make a switch from Alto to Vitz, I suggest you to buy a Late 2005 City Vario or Civic, if you can afford one.

    Previously leased a 2005 Gli from meezan bank (paid early) and 2003 VTI ORIEL UG.

    Regards
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    I must say .. very nice info 959. Just bought one yesterday, although i ve just paid the token but cud'nt transfer money as it is bank holiday today. I hope it stays calm as my first three cars were all suzuki, in order of Alto, Liana and Cultus. This time instead of going for the Swift I preferred going for an imported car and praying that it behaves well

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    Dear 959,
    Thanks alot for your so detailed help. I really appreciate it.
    Actually im looking into Vitz 2005 and City 2005 both, will give Meezan Bank and Dubai Islamic bank a visit soon to check what they are offering and then discuss here.
    Thank you so much.
    Regards,
    Hassan
    What we do in life, echoes in eternity!

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    you are welcome anytime.
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    dont forget to update this thread ok. visit the bank and write the calculations if u can
    beating my current record for number of consecutive days alive

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    sure, will update.
    What we do in life, echoes in eternity!

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    Banks are interested in the year of registration rather than manufacturing .. further you will be paying higher interest due to
    1. imported vehicle
    2. used vehicle

    I think they charge 1+1 extra % for both of these
    so if a local assemble 0 meter is on 21 pc ROR your choice will be 23 pc

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    dont mean to burst your bubble, but no vitz gives 15km/l in city and that too in lahore traffic
    -

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    Quote Originally Posted by iLLDuDe786 View Post
    dont mean to burst your bubble, but no vitz gives 15km/l in city and that too in lahore traffic
    vitz 05 will cost u more then 850k n it will gives u r around 13km/l in city n more then 15 16 km/l on loog roots....
    Sent From My Samsung Galaxy S4 Using Fingers

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    Thumbs down

    Quote Originally Posted by humayunahsan View Post
    I think they charge 1+1 extra % for both of these
    so if a local assemble 0 meter is on 21 pc ROR your choice will be 23 pc
    Be it islamic or unislamic, effective interest rates are ridiculously high, 21-23%, and are not recommended, imo, unless one has some kind of backup arrangement (employee benefit)...

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