Financing used car vs new car? imported/local/Japanese?

[meerbaloach98]

Kindly share your experiences related to car financing or any information related to banks, options, financing used vs new, local showrooms vs importing a Japanese car, best terms and rates. Any leads would be appreciated.

[anon35615524]

Dear would you be kindly a bit specific and more elaborative? as to what you need to know precisely?

[meerbaloach98]

I want to finance a car, I'm open to options imported/used/new (the cheapest option available i guess that's suzuki alto base variant) or any used or imported car in that range. With the minimal down payment and i can afford between 25k to 30k/month and i want the tenure to be 3 years so i can pay it off early so i'm up to compromise on luxury features etc.

What is the minimum down payment, minimum monthly payment that can be paid of in the least amount of time. Which banks offer good mark up rate? and what are the car options i can go for? I hope you get the idea.

[uzeemujeeb]

meezan bank askari bank and Dubai islamic bank are offering used & new vehicle financing with flexible terms. Pay a visit to any of these banks. They all have arrangement with vehicle dealers.

remember if you desire to pay-off before the agreed tenure there is an extra charge. With every bank, the terms are variable it will be good if you visit and keep your options open without any hurry.

[sukhera3211]

BankIslami is the top of line now a days. Offering 9.5% mark up rate which is least among other counterparts of BankIslami.

[sukhera3211]

Minimum 15% down payment.

[meerbaloach98]

thank you for the help, my options are open and i'm doing my research and I did go to meezan bank but i'm open to other banks as well and my priority is minimum mark up rate. I have heard bank alfala is offering decent mark up too

[meerbaloach98]

as I have mentioned my first priority is to get minimum mark up rate so I'll definitely consider it. Thank you for the information!

[sukhera3211]

@meerbaloach98 I want to add that bank will pay the invoice amount so keep this point in your mind if interested to buy a used car. In case of new car then no problem .

[sukhera3211]

Please mention your city also.

[meerbaloach98]

the original invoice amount? not the current value of the car?

[meerbaloach98]

Islamabad

[meerbaloach98]

I heard they send an evaluator who inspects and accordingly values the car

[sukhera3211]

Every bank pays invoice amount not the original in case of used car. Excess amount will be paid by the buyer. I can refer to a decent guy in Islamabad from BankIslami.

[sukhera3211]

Yes they send to evaluate the car.

[meerbaloach98]

yes please drop me a text 03175876033. I went to meezan bank their customer service is pathetic so i'm quite confused about which bank to go for.

[sukhera3211]

Don't worry Bank Islami will never disappoint you. There mark up rate is 9.35 so far.

[sukhera3211]

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