[dropcap]B[/dropcap]uy a new car is always be a dream of every man. But due to financial problems most of us are unable to fulfill their dreams. But now it is not a problem at all. There are many banks that are providing car loaning services with lowest interests.
Here is the list of five best car financing banks in Pakistan along with their interest and conditions. If one really want to buy a new or used dreamy car then it is strongly suggested keep these listed banks in mind while taking any decision.
One need to think twice or more while selecting any bank for car financing. There are many reasons to do this. Many didn’t consider the term and condition of car loaning and in last they repent.
In order to be safe from all these mishaps, make sure you read the term and conditions twice.
And the most important thing, check their insurance terms.
Below is a list of five best car finance service provider banks of Pakistan. All of these banks have low markups with fixed rates. There are 11 banks in Pakistan who are providing car loaning services. But here we will discuss only 5 best banks.
Disclaimer: Prices and Calculations might have slight variation depending on KIBOR or any other variable rates. Prices can be verified from the respective bank(s).
1: DUBAI ISLAMIC BANK
Dubai Islamic Bank Private Limited (DIBPL) is listed as No. 1 car financing bank of Pakistan. They have the lowest markup and lowest installment with long term contracts. The bank claims offer a world-class auto finance solution that is fully Shariah-compliant.
KEY BENEFITS OF DIBPL CAR FINANCING:
– They provide lowest insurance rate as compare to any other bank.
– Payment plans with tenure options ranging from 1-7 years.
– No monthly rental payments will be made by the customer before delivery of the car in advance booking cases.
– Ready to deliver and advance booking facility.
– DIBPL will finance up to 85% of the car value
– Minimum Financing is Rs. 100,000 (1 Lakh) and Maximum Financing is Rs. 5,000,000 (50 lakh).
– Available for new or used cars, local or imported/re-conditioned cars.
2: FAYSAL BANK LIMITED – CAR FINANCE SERVICES
Faysal Bank is the second most recommended banks for auto financing. Faysal Bank provides you with flexible and easily customized terms to fit your unique needs.
They finance up to 90% with low markup rates. One can finance car up to 5 years with easy monthly installments.
KEY BENEFITS OF FAYSAL BANK AUTO FINANCING:
– Fast and hassle-free processing of the application.
– Flexibility in selection of cars (local and imported both).
– Buy new or used car.
– Get financed up to 90% of the value of the vehicle.
– Loan tenure from 1 to 5 years.
– Comprehensive insurance coverage from reputed insurance companies.
– Advance booking facility.
3: BANK ALFALAH – CAR FINANCE SERVICES
Bank Alfalah listed in as one of the best car financing banks in Pakistan with low interests. Bank Alfalah is the third best bank for auto financing in Pakistan. Alfalah Car Financing offers affordable, tailor-made financing options along with special features to help you enjoy your most preferred car in no time.
They have best and fixed markup rates as compare to other car loaning service providers.
KEY BENEFITS OF ALFALAH AUTO FINANCING:
– One can buy a new, used or imported car.
– Select monthly installment plan from multiple tenure options up to 5 years.
– Fixed as well as variable rate options to cater every budget.
– Pay as much as you like with down payment flexibility.
– Comprehensive insurance rates for complete peace of mind.
– No termination charges on car replacement.
– Apply with minimum documentation and hassle free quick processing.
4: ASKARI BANK LIMITED
Askari Bank Limited is one of the Best Car financing banks in Pakistan. ASK 4 Car is Askari Bank’s car leasing solution. One can finance new as well as used car with Askari auto finance service (ASK 4 Car).
KEY BENEFITS OF ASKARI ASK 4 CAR FINANCE:
– New car financing: Minimum 15% & Maximum 60%.
– Used car financing: Minimum 30% & Maximum 60%.
– Comprehensive and outstanding built in insurance.
– Allowed manufacturers for used cars: Suzuki, Honda, Toyota and Hyundai.
5: BANK OF PUNJAB (CARGAR – CAR FINANCE SERVICES)
BOP’s leasing product is known as CARGAR auto financing. The bank promises minimum documentation requirements and flexible repayments to meet your individual needs.
One can finance new as well as used car with floating rates.
KEY BENEFITS OF BOP CARGAR:
– Minimum finance Rs.100, 000 – Maximum Finance Rs.7, 500,000.
– Monthly Installment(s) should not exceed 50% of disposable income.
– Tenure of Lease 1 to 5 years.
– Comprehensive insurance with rate of 3.50%.
– Finance New as well as Used car.
– Imported car financing also available.
OTHER CAR FINANCE SERVICE PROVIDER BANKS IN PAKISTAN
– NIB Bank
– Burj Bank
– Soneri Bank
– Muslim Commercial Bank (MCB)
– Habib Bank Limited (HBL)
– United Bank Limited (UBL)