Leasing Car... Worthy or Not

[shahbaz496.sk56]

Assalamoalaikum Guyz.
Need some expert review on the topic for my brother wants to Lease a Toyota Passo Hana Plus...
Is it worthy to Lease a Car through Bank..??

[abid110]

Interest rates are soaring. Around 14%. Means on leasing you will be offered not below 17-18% which is too too expensive. Believe me, charm of a new car will end in 4-5months but the pain of paying hefty amounts per month for years ahead is very painful.

[aliaamir0335]

never ever very painful

[hash737]

Please please buy a car with whatever money you have in hand. Stay away from banks. It gets very painful. Inshallah in 3-4 times you will or your brother will earn thrice the amount bank will lease to you. Stay away from bank.

[pwuser154404443270]

And what if you’re the employee of that specific bank ?

[hash737]

Regardless employee or not leasing is laanat. You never know when will the bank kick you when will you get unemployed money stops coming in. A car worth 15 lakh costs 22 lakh thats 7 lakh extra laanat.

You will earn 10 times the 7 lakh in coming years if you dont go for leasing inshallah. Always buy with whatever cash you have in your hand. Me and my family we learned it the hardway. Never be too overconfident about future.

[aliaamir0335]

this is business they want money all the time either customer or even employee

[pwuser154404443270]

I leased civic back in 2014 through my Uncle who was an employee in UBL. They didn’t charged us any interest. We just paid the actual amount in 3 years. Not a single penny over the actual amount. But somehow things don’t go well for everyone.

[shahbaz496.sk56]

Thanks to all Guyz.
So here are two things I read:
1. If you are not an Employee of the Bank,,, Dont Go For it...
2. If You are Employee of the Bank,, then it worths....

Am I Right....????

[aliaamir0335]

I don't agree it all depends on management. but yes if you are on good post then a lot of facilities.

[pwuser154404443270]

Not on management but on the actual bank. I’m sure if you lease through National bank then it won't be a great idea try having a chat with the authorised person of a good bank Like ABL UBL. I’m sure you’ll love the experience.

[shahbaz496.sk56]

If there is someone in ASKARI Bank,,, then..?? Will it be a Good IDEA...????

[sfjsag]

Leasing at present is not worth it. Too much mark up, you would end up paying upto 17-18% extra with conventional banking and upto 44% with islamic banking depending on duration of lease...
Not recommended, but if someone wants to go for it they should know the financial implications and go through fine details !

[sleeper]

If u wrkin in any company and go for bank lease, it will be 22lakhs total for a 15lakh car in 5yrs like Hash said....even if u want to sell it after 5yrs u wont get 22lakh for it even.
.
If u have some top notch person at any bank who can arrange lease without interest then u might look into it, when only u are sure the compny u work in wont kick u at all.
.

Usually companies where u wrk provide a lease/loan (be it a bank or any other cmpny) for any purpose.... then again u need to be sure u r nt going to be kicked
.
I had 2lakh on hand....requested my compny for a 4Lakh loan and bought a used Mira....paid 4lakh back in about 1.5yrs

[IceCold]

If you have the money than don't, if you don't than unfortunately you will either have to lower your quality or get it leased. I recently leased an Alto VXR from Pak suzuki finance arrangement program. Before the price hike my plan was to go for AGS however after the soaring high jump I decided to lower my wish list and settle for VXR. I tried fining used car in a budget of 6 lacs which was all I got however there were none good cars at that budget except mehran, santro and old cultus. Than comes the drawbacks of 10 or in some case 12 and 13 year old vehicles, they are abused and the wear and tear alone eithers keeps you at the workshop or one tends to avoid using car unless absolutely necessary. Ultimately I went for the new car.
So everything has its own merits and demerits. Only you can decide for yourself keeping in view your financial position.

[asifkidwai1]

With the way car industry is at the moment very soon we gonna have interest free program or lower rate program being offered by car manufacturers, like the western world ..... Finger crossed

[shahbaz496.sk56]

Actually bro is having 6 to 7 lacs in hand.
He is confused whether to go for leasing a Passo.... Or as @IceCold said.... An Old Model Cultus....
He is thinking that a new car will at least be good for minimum 4-5 years... (he uses car with much care)

[pwuser154404443270]

Go for Liana.

[shahbaz496.sk56]

I think.... Liana will be a headache in after resale. What do you think bro...

[pwuser154404443270]

Obviously, but that’s the only practical option.