Car Financing

[pakiboy86]

AoA dear friends
I am new to the forum and absolutely know nothing about cars and driving. But I am in need of one now, especially after getting married. I have a middle-class background and have good job in a Public sector organization, Alhamdulillah. So I want to go for 'Car Financing' from a bank, as do not have enough savings. Now I need your opinions on Car Financing from banks, any experiences, suggestions, recommended banks etc.
I want to go for Mehran or Coure, because they are among cheapest. Kindly guide and advise.

[spectra]

u will be dealing in Interest (sood)
do i need to elaborate further???

[Shergill]

I wish the Almighty will fulfil your wish soon.

BTW, I think you need to go to a bank first ( jokin) and they will ask for your ID proof, Banking record ( six months or so ) Income tax return/ Salary slip/ Office I.D. proof/ Resi proof and above all any good loan track of which you could boast of ( any personal/home loan etc )

Now it is your turn. Ask for the installment at first, then the reducing rate of interest and then check the flat interest ( multiplying the installment amount with total tenure months, subtracting the principle and finally dividing the remainder with no of years of installments )

Above all check for any foreclosure or pre-payment charges ( banks charge enormous amounts for foreclosing a loan within the fist 6 months )

In the end check for any advance installment the banker is asking. If they are going to deduct the first installment amount from the disbursement money then it is O.K. Otherwise, they are just going to eat out your hard earned money by doing the case on arrears.

Compare the bankers commitments with the repayment schedule supplied by the Banker after the loan is sanctioned.

Happy funding!!!

[autophile]

@pakiboy86. Well avoid UBL if you want to get a car financing loan. Have heard other banks have also followed UBL's footsteps. Any conditions bank tell you at the time of financing are subject to arbitrary changes. For instance I was given a loan in July 2004 at 7.8 percent interest rate by UBL, after one year they raised the interest rate to 11 percent. When I protested they said under the loan agreement bank has the right to change any condition. The present day banks are like the Hindu moneylanders (don't want to be racial) of British raj, even worst than them. They show you a rosy picture "Ab chalay gi aap ki marzi" and in fact its banks' marzi. If you too want to get into this trap go ahead, otherwise raise money through several loans from friends relatives and pay them back.

[babaromar]

Dear pakiboy 86,
I would advise you to go for car leasing/financinh through bak Alfalaah. I could get youa car plus I could try my best to get your case approved. You may call on 0300-2242746.

Regards

[malikg115]

BRO
ASK FOR BANK HELPLINE NO
UAN FROM 17 THEN ASK THEM FOR ASSIGNING A PERSON FOR UR HELP
& GET EVERY PAPAER U NEED
FOR DIFF CARS DIFF TIME PERIODS DIFF DOWNPAYMENTS ETC ET
OR CALL ME
0304 4179 007
0333 4414 007

MUHAMMAD ZAHID IQBAL MALIK

[salmanasir]

never ever think of going for UBL. they make good fool of people.

[sasifh]

@salmanasir

bhai I was just about to say that why don't you go for UBL when your post appeard. LOL. Anyways, I thought UBL was really good because of all their advertisements, why do you think we shouldn't finance a car from UBL.

[autophile]

@sasifh. Please read my personal experience with UBL in the thread above. Do not go after rosy advertisements they have no legal value. They say there is no pre-payment penality, but a couple of months I went to pay all the loan and they asked me to pay 25,000 rupees prepayment penality. I said that why, you said in your ad that there was zero payment penality, they said that it was in the ad, but the bank had changed its policy. - - - - them.

[hamdani_08]

yaar ,,,,ALFALAH is the best,,,FAIR DEALING and everything is CRYSTAL CLEAR to the customer before financing,,,,,,when i went to them for pre payment they told me that i had to pay this penalty if my records were not good in giving the installment in time,,,,,,,,they checked it and told me that i had no late installments so they cancelled the whole penalty

also its most affordable and safe financing

[Ghuncha]

i am of the spectra views...

[taalaashh]

Salam !!!
If u want ur car to be financed from bank please do cantact me ....... i'll tell u all the bank policies wether its UBL or Alfalah ......
me_taalaashh@hotmail.com
please also write ur contact no. so tht i can contact u for clear ur views
thanxxx
peace