Car Financing through private companies

speedgear2 (speedgear2) 2020-01-13 12:41:13 +0500 #1

AoA all, there are lots of options available on olx https://www.olx.com.pk/cars-on-installments_c86 which are financing cars on 8%. Does anyone have first hand experience of financing through this method?

Thanks.

abid110 2020-01-13 12:55:44 +0500 #2

Leasing, banking, Insurance etc are full regulated sectors and no other than registered/listed companies can operate without proper licensings. its just like i ask you to keep 1million rupees with me in the name of ABC Investments with a promise of 20k/month. i have seen so many such ads on olx too, please do not trust them. when interest rate is +13% so howcome anyone will give loan/financing for 8%! possibility is that they acquire 20% downpayment from you and then gone.

speedgear2 (speedgear2) 2020-01-16 12:17:36 +0500 #3

Thanks, which bank finances oldest cars any suggestion would be appreciated. I approached Meezan, oldest they finance is 2013 model. I am looking at 2009 gli.

abid110 2020-01-16 14:07:13 +0500 #4

interest rates are too high. you will not get lower than 18-19% rate which is too expensive. i suggest you to get a smaller car for now and save for this gli. i have absolutely no info for banks btw.