Which Bank has the Lowest Finance Rate for Honda City

[Adeelnm]

if you gonna pay that much money in down-payment why not pay the full price to dealer and get it deliver to you without involving bank

Frankly speaking, it will take me more than a year to gather 552,000 and my current ride is giving up on me with few mechanical problems and I need to change it asap otherwise it will start giving me more problems and I don't want to spend on it to repair it etc.

[ilovepakistan]

i think albaraka bank offering lowest rates of all the banks. but please dont be trapped in leasing. you will curse.

Meezan bank has lowest rate.
But after a year or two you will realize how big mistake you have done. my advice, never buy leased car

[fahadwizz]

Try smaller Islamic Banks like Al-Baraka, DIB etc...

Please note that Islamic banks allow only Islamic Insurance (Takaful) which is very tricky in case of Total Loss... Go through the terms and conditions thoroughly.

[Engineer1]

Anyone plz share the ORIX plan.

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[centos]

Salam,
as the title says, I want to know which bank has the lowest finance rate? Today I went to Bank Alfalah as I have my account there. Their profit rate is 16.50%. The details are
Total Price of Honda City:- 1,552,000
Downpayment:- 1,000,000 (64.4%)
Finance amount:- 552,000
Duration:- 36 months (3 years)

Rental:- 27,472(including tracker, insurance etc)

I want to know if any of you recently financed a car from the bank so that you can PM me or post the details here. THANKS.

P.S PLEASE DON'T START LECTURING ME ABOUT ISLAM AND ALL THAT STUFF. PLEASE I BEG YOU

This is about 26%. Are you sure this what they quoted you for 3 years ?

[adeel_yasir0]

UBL charged me 18.04 including insurance etc. with 40% downpayment without any processing fee for 3years plan coz my account is there. no idea what they charge for others.

[Adeelnm]

This is about 26%. Are you sure this what they quoted you for 3 years ?

I also checked this today. Because with 16.5% profit is 256,080 but when you get the total amount of 36 installments, that is 436,992. But I remember that he told me that this monthly installment includes insurance,tracker etc (almost 5 6 things)

[faiz.aslam.121]

Anyone plz share the ORIX plan.

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I can't find the breakdown paper, but i can tell you everything from memory:)

Car- Suzuki Swift.
Downpayment: 30%-- 378,000-/
Processing Charges- 10,000-/
No insurance& tracker Premium/Advance
Paid 1 months installment in advance- 36,895-/

The lease is for 36(35^) months. You can calculate the % of interest if you know how to because i can't:)

The way Orix works is, a person gets assigned to your case, whenever you call you will always talk to him. They could even come to your home so they know more about the client and stuff. 1 year statement is not always needed- they look at personality more than money.

We only had a 6 months statement, but it was 2x of the car cost so it really helped!

Oh and if the car that is financed, it's ex-factory price is less than 41 lacs and the person dies whose name it is on, you won't have to pay anything. It's like free insurance basically. God forbid! You just get the car for free, and all remaining installments will be forgiven.

[centos]

I called Bank Al habib, they need me to have an account for 6 months to even consider me for the loan. This is crazy! Rate is 14.5%

[centos]

I can't find the breakdown paper, but i can tell you everything from memory:)

Car- Suzuki Swift.
Downpayment: 30%-- 378,000-/
Processing Charges- 10,000-/
No insurance& tracker Premium/Advance
Paid 1 months installment in advance- 36,895-/

The lease is for 36(35^) months. You can calculate the % of interest if you know how to because i can't:)

The way Orix works is, a person gets assigned to your case, whenever you call you will always talk to him. They could even come to your home so they know more about the client and stuff. 1 year statement is not always needed- they look at personality more than money.

We only had a 6 months statement, but it was 2x of the car cost so it really helped!

Oh and if the car that is financed, it's ex-factory price is less than 41 lacs and the person dies whose name it is on, you won't have to pay anything. It's like free insurance basically. God forbid! You just get the car for free, and all remaining installments will be forgiven.

What was the price of the car at the time ?

[faiz.aslam.121]

What was the price of the car at the time ?

12,62000

[asdalix]

Ubl policy is good.

1. get the car on 25/20% down payment
   2.on 5year plan
   3.save money in 2,3year pay the full amount.

[Adeelnm]

I can't find the breakdown paper, but i can tell you everything from memory:)

Car- Suzuki Swift.
Downpayment: 30%-- 378,000-/
Processing Charges- 10,000-/
No insurance& tracker Premium/Advance
Paid 1 months installment in advance- 36,895-/

The lease is for 36(35^) months. You can calculate the % of interest if you know how to because i can't:)

please find that breakdown paper. From the figures you gave, i calculated

Actual Price: 1,262,000
Downpayment: 378,000
finance amount: 884,000
36 installments x 36,895 = 1,328,220
Difference: 1,328,220 - 884,000 = 444,220

Almost same as mine but there are few things.
You mentioned that they didn't put insurance+tracker in the price.
Your down payment is 30% while mine was 64%. The question is, what if my down payment is higher, will it decrease the profit?

[centos]

please find that breakdown paper. From the figures you gave, i calculated

Actual Price: 1,262,000
Downpayment: 378,000
finance amount: 884,000
36 installments x 36,895 = 1,328,220
Difference: 1,328,220 - 884,000 = 444,220

Almost same as mine but there are few things.
You mentioned that they didn't put insurance+tracker in the price.
Your down payment is 30% while mine was 64%. The question is, what if my down payment is higher, will it decrease the profit?

Interest rate stays the same!

[faiz.aslam.121]

please find that breakdown paper. From the figures you gave, i calculated

Your down payment is 30% while mine was 64%. The question is, what if my down payment is higher, will it decrease the profit?

I think you will pay less in the long run since it is calculated(interest)on the amount they are financing!
I'll go to Orix tomorrow and get them to print a new one:)

[Engineer1]

I think you will pay less in the long run since it is calculated(interest)on the amount they are financing!
I'll go to Orix tomorrow and get them to print a new one:)

Yes plz. I m also interested in same plan. 50% downpayment for Honda City..

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[jklodhi]

try UBL as i had good experience with them. at the end , you will have to select the option which have no penalty exit clause as this would give you flexibility to repay load at any time.

[faiz.aslam.121]

Here it is- ORIX quotation.
I asked about City 1.3 manual and aspire 1.5 manual. You can get a rough idea. All honda car prices are here too.

NOTE: maximum down payment is 49% confirmed. Minimum is 20%. If your papers aren't strong enough, just pay 30%. They don't increase their monthly installment, some banks do revise every 3/6/12 months.
Their interest rate is 18%.

[Adeelnm]

Here it is- ORIX quotation.
I asked about City 1.3 manual and aspire 1.5 manual. You can get a rough idea. All honda car prices are here too.

NOTE: maximum down payment is 49% confirmed. Minimum is 20%. If your papers aren't strong enough, just pay 30%. They don't increase their monthly installment, some banks do revise every 3/6/12 months.
Their interest rate is 18%.

that is just GREAT :S

[Engineer1]

Here it is- ORIX quotation.
I asked about City 1.3 manual and aspire 1.5 manual. You can get a rough idea. All honda car prices are here too.

NOTE: maximum down payment is 49% confirmed. Minimum is 20%. If your papers aren't strong enough, just pay 30%. They don't increase their monthly installment, some banks do revise every 3/6/12 months.
Their interest rate is 18%.

Very very informative and prompt feedback from you. Thumbs up. Here I have a few questions,

1. What could be the possible instalment plan for 18 to 24 months?
2. Is insurance included in this plan?
3. If someone lease the car for 24 or 36 months but he want to clear the car within after 12 months, then how to pay off and how it could reduce the markup (extra amount)?