Info regarding leasing car from bank

[mwajahatkhan]

Aoa. My mother wants to lease a car from a bank, but we have no information regarding it. If my fellow pakwheelers would be so kind enough to guide me, i would be forever grateful.

The car we want to lease is a Wagon R (for driver usage), or a 2014 Honda City (for her usage). The decision will be made later. The questions i want to ask is:

1. Which bank is the best for car leasing?
2. What are the pros, and the cons of leasing a car?
3. What are the dues required to pay upfront, and what are the monthly dues?

I would be really grateful if anybody answers these questions. God bless.

[MrUnknown]

Leased cars are pain in a** seriously bhai ....i also leased a mehran (shokia) in 2006.. And later regreted my decision nd sold it just to get rid of this lease thing ... It was not much i think 10k something /month but after a year became a headache for me...

Agay twaadi marzi

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[mwm749]

Leased cars are pain in a** seriously bhai ....i also leased a mehran (shokia) in 2006.. And later regreted my decision nd sold it just to get rid of this lease thing ... It was not much i think 10k something /month but after a year became a headache for me...

Agay twaadi marzi

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Different banks have different schemes, different markups. Select the bank which has firm rates for the leased period.
Also important is the penalty rate, in case you want to settle the loan early.

I have had experience of getting 2 cars from MCB, the difficult part is paying the equal monthly installments every month.
and then you end up paying 1.5 times (approx) the cost of vehicle.

If you can afford to buy the car in cash, please stay away from leasing.

[MrUnknown]

Different banks have different schemes, different markups. Select the bank which has firm rates for the leased period.
Also important is the penalty rate, in case you want to settle the loan early.

I have had experience of getting 2 cars from MCB, the difficult part is paying the equal monthly installments every month.
and then you end up paying 1.5 times (approx) the cost of vehicle.

If you can afford to buy the car in cash, please stay away from leasing.

So true bhai! That was the most tensed period of my life though 10k/month is not an issue for me (ALHAMDULILLAH) but i always felt burden on my head or 30 days guzarty pta b nae chlta and yes mehran was about to cost me near 9.5 lacks something at that time

Better buy a used or small car then leasing

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[drtanveerali]

Please visit suzuki showroom, they have desk for leasing vehicles. They may help you make your mind.

[capsat]

Legit leasing - contact ORIX please. - Banks in Pakistan are scammers, they are cheaters loan sharks under cover of Leasing.
IF I add more the thread will be closed -

[Fayaz02]

Legit leasing - contact ORIX please. - Banks in Pakistan are scammers, they are cheaters loan sharks under cover of Leasing.
IF I add more the thread will be closed -

Are you sure that ORIX peoples are not cheaters?

[xubair.ashraf]

Legit leasing - contact ORIX please. - Banks in Pakistan are scammers, they are cheaters loan sharks under cover of Leasing.
IF I add more the thread will be closed -

Can you give details about orix or anyone else who has used it. The procedure and their experience.

[capsat]

every leasing contract is based on Interest [ soud ] and it is HARAM by all means., always remember that

Orix 111 24 24 24 - Also check from UBL - Do Not , Do Not get trapped by name of ISLAMIC Banking it higher 'service' charges compared to conventional leasing. Use of ISLAM in Banking is entrapment., Loans & Leases from bank means Interest, [ soud ] and soud is haram. make a wise choice

every creditor will make a credit check on you from state bank CIB, before making an agreement., without any collateral

[faiz.aslam.121]

Got a Swift leased from ORIX- Best guys ever.
They asked for 12 months statement, showed them my moms 6 months statement ( She made her account 6 months ago ....) and they accepted it. They came down to our place and we had a general chit chat and done- We were accepted.

Had some Insurance problems- They made sure that the documents were at the Insurance inspectors desk 09-00 AM in the morning and the best thing- They do not change the % rate...

If you have not so good credit rating, you might have to pay 30% down payment, usually it's 20%.
Insurance is paid for monthly, so no 50k charge upfront.

If the person dies*whose name the car is registered to and the car is valued less than 4.1 Mil rupees, you keep the car. No need to pay a penny for the car ( Don't do something stupid...)
*Person has to be under 65 years of age I think.

[xubair.ashraf]

Got a Swift leased from ORIX- Best guys ever.
They asked for 12 months statement, showed them my moms 6 months statement ( She made her account 6 months ago ....) and they accepted it. They came down to our place and we had a general chit chat and done- We were accepted.

Had some Insurance problems- They made sure that the documents were at the Insurance inspectors desk 09-00 AM in the morning and the best thing- They do not change the % rate...

If you have not so good credit rating, you might have to pay 30% down payment, usually it's 20%.
Insurance is paid for monthly, so no 50k charge upfront.

If the person dies*whose name the car is registered to and the car is valued less than 4.1 Mil rupees, you keep the car. No need to pay a penny for the car ( Don't do something stupid...)
*Person has to be under 65 years of age I think.

What was the down-payment and monthly installment for swift. Can you give the breakup please. And which model was it.

[Spano]

The bank rep will tell you all the pros let's tell you the cons here

[faiz.aslam.121]

What was the down-payment and monthly installment for swift. Can you give the breakup please. And which model was it.

Suzuki Swift DLX without Nav. '13 model.

Controlled price- 12,62,000- we paid 30% to get lower monthly cost, so, 3,78,600 down + 87,500 for registration and monthly cost is 36,845.- including the Insurance from EFU. Other cost would be urrm 10,000.- for the process and the transportation cost to dealership.

[juventus]

Suzuki Swift DLX without Nav. '13 model.

Controlled price- 12,62,000- we paid 30% to get lower monthly cost, so, 3,78,600 down + 87,500 for registration and monthly cost is 36,845.- including the Insurance from EFU. Other cost would be urrm 10,000.- for the process and the transportation cost to dealership.

can you please share interest rate as well as no of leasing years ?

[faiz.aslam.121]

can you please share interest rate as well as no of leasing years ?

Hmm I honestly cannot remember the interest rate, if KIBOR raises, ORIXs' rate rises, so you will just have to call them or visit them personally for a quote. The leasing period was 3 years.

The good thing is- They do not increase their interest rates, unlike most banks.

[bilalsiddique]

bank leasing car are very common now a days ... visiting nearest bank and get the information ....Working interest rate almost for all the bank or leasing company is KIBOR + 5 (10.2+5 =15.2%) with procession charges ... ad up insurance with tracker 4% . but u have to bargain on this rate they will give relaxation for 1% - 2%. when u deal make sure there is no hidden charges and termination charges applied on ur file.