Used car loan guidance

[hashiraulia]

Assalam u alikum everyone, i a m job holder. i want to buy a used car of suzuki mehran or cultus worth 7or 7.5lac approx. i have heard now a days many banks are offering used car loan (auto financing) in this regard. i am planning to buy a used car through any bank auto loan scheme. i want a helpful guidance if any one of you have any experience of buying a used car through bank kindly share it with me ASAP as it will be very helpful for me. Thanks in anticipation.

[def3nder]

how much money do you have in cash ?

[selman]

apart from technicalities....don't go to banks...they ll rip off...rest up to you

[sleeper]

Cars older than 5 yrs are not financed.... cultus is out coz for 7.5 u can get max 2012 model in khi

Mehran 2017 may be possible for 7.5.

Go to a bank and get details about it.

However i would not suggest for it as you would end up paying more than what car values and wont get bck when selling

[khurramsml]

i think finance new car like
cultus vxr,
united bravo
prince peerl

[hashiraulia]

I can manage 1.5-2 lac as a down payment.

[hashiraulia]

New cars are very costly
If a used car price around 7.5 lac, how much it would cost me at the end of 3rd year tenure?

[hashiraulia]

I m just taking opinions in this regard
If any one had experience of buying a used car through bank can guide me properly

[hashiraulia]

Dont have enough money to buy a car on cash bro

[khurramsml]

every bank has different percentage ratio

kiber rate is 12-13% + bank intrest 3-5%

[khurramsml]

more ever you can consult with your desired bank

[def3nder]

ya average you can say 16% interest rate. for three years. for a car of 7.5lacs in total. assuming you are paying 2lacs down payment and the bank will bear 5.5 lacs. approx with a rough calculation you will pay 2.5 lacs extra to the bank in three years time on 5.5lacs... excluding all the service and process and insurance fee of the car etc.

If you somehow manage to arange money till 3 lacs. I would say to buy car on cash. because used car in 7.5lacs i guess you can only get mehran. so better to arrange 3 lacs in cash and get neat mehran between 92 to 98 model.

Banks can only deal with 5 to 7 years old used car i guess.

[hashiraulia]

JazakAllah for ur guidance brother

[hashiraulia]

JazakAllah brother for ur kind response

[bilalzamalik]

Dear brothers always use JAZAK UM ALLAH KHAIR or JAZAK ALLAH KHAIR
As for the topic used cars are always expensive to be leased or financed most banks charge extra 1 to 2 percent interest on them secondly with the insurance claims u will be charged higher depreciation value as they count from the year of manufacturing adding up 10% for every passing year eventually if a claim occurs clients end up paying 60% of the value of loss assessment on parts thirdly the value of the car will be assessed by a bank's evaluator on a specific showroom and the bank would only pay that particular amount

[khurramsml]

right its good ooption