Best banks for car loans in Pakistan

• Sep 07, 2022
• Vehicles

• FAYSAL BANK LIMITED - CAR FINANCE SERVICES 

•  

  Faysal Bank is one of the top car financing banks in Pakistan. You can easily tailor the terms with Faysal Bank to meet your specific requirements.

   

  They provide cheap markup rates and financing up to 90%. As a result, up to five years can be spent financing an automobile with manageable monthly payments.

   

  Benefit:
   

• The application is processed quickly and without trouble.
• Flexibility in car choosing (local and imported both).
• Purchase a new or used automobile.
• Obtain financing for up to 90% of the car's worth.
• A loan term of one to five years.
• Complete insurance protection from reputable insurance providers.
• A reservation system.

•  

• BANK ALFALAH - CAR FINANCE SERVICES 

•  

  One of the top banks in Pakistan for auto finance with cheap interest rates is Bank Alfalah. The third best bank in Pakistan for auto financing is Bank Alfalah. Alfalah Car Financing provides reasonable, custom financing alternatives and unique features that enable you to quickly drive away in your favourite vehicle.

   

  When compared to other car loaning service providers, they offer the best and fixed markup prices.

   

  Benefits:
   

• A new, used, or imported car can be purchased.
• Choose a monthly payment schedule from a range of tenure choices up to five years.
• Options with fixed and variable rates to fit any budget.
• You can choose how much you want to put down.
• Complete peace of mind with comprehensive insurance prices.
• No termination fees for the replacement vehicle.
• Apply with the least amount of paperwork possible for hassle-free processing.

•  

• ASKARI BANK - CAR FINANCE SERVICES 

•  

  One of Pakistan's top banks for car finance is Askari Bank Limited. Askari Bank offers car leasing through ASK 4 Car. With Askari's auto financing service, one can finance both new and old vehicles (ASK 4 Car).

   

  Benefits:
   

• Minimum 15% and maximum 60% for new car financing.
• Financing for used cars: 30% minimum and 60% maximum.
• Extensive and excellent built-in insurance.
• Suzuki, Honda, Toyota, and Hyundai are permitted automakers for used vehicles.

•  

• DUBAI ISLAMIC BANK - CAR FINANCE SERVICES

•  

  Pakistan's top bank for vehicle loans is Dubai Islamic Bank Private Limited (DIBPL). Long-term contracts and the lowest markup and instalment are their selling points. In addition, the bank asserts that it provides a top-notch, totally Shariah-compliant auto financing service.

   

  Benefits:
   

• When compared to other banks, they provide the lowest insurance rates.
• Payment plans with choices for tenure ranging from one to seven years.
• When making a reservation, the customer will not need to make monthly rental payments before receiving the vehicle.
• Booking and ready-to-deliver options.
• DIBPL will lend up to 85% of the value of the vehicle.
• The minimum amount of financing is Rs. 100,000 (1 lakh), while the maximum amount of financing is Rs (50 lakh).
• Available for new or old cars, domestically sourced or imported/reconditioned vehicles.

•  

• HBL – CAR FINANCE SERVICES

•  

  As we all know, HBL is one of the perfect banks in terms of all aspects in Pakistan. You can avail of amazing deals and discounted offers from https://topdeals.pk/ on your HBL credit card. As far as car financing is concerned, amounts ranging from PKR 200,000 to PKR 10,000,000,000 are available for the HBL loan. Over seven years, the loan must be repaid. No matter what kind of car you wish to buy—new, used, domestic, or imported—this deal is still applicable. HBL will cover up to 85% of the purchase price.

   

  Benefits:

   

• Booking and ready-to-deliver options.
• Available for new or old cars, domestically sourced or imported/reconditioned vehicles.
• Comprehensive and amazing built-in insurance.
• Apply with the least amount of paperwork possible for hassle-free processing.

•  

• MEEZAN BANK – CAR IJARAH SERVICES

•  

  Pakistan's first interest-free auto loan is called Car Ijarah and is offered by Meezan Bank. It is based on Ijarah, an Islamic method of funding (leasing). This solution is perfect for people who want to purchase locally produced or built vehicles with interest-free financing.

   

  Car Ijarah operates via a car rental contract, whereby the Bank buys the vehicle and rents it to the consumer for a predetermined time frame—usually between one and five years—after the contract is signed. The vehicle will either be given to the customer or sold for a nominal sum after the Ijarah time is up.

   

  Benefits:

   

• No processing charges.
• Available for all cars, domestically sourced or imported/reconditioned vehicles.
• Booking and ready-to-deliver options.
• Halal option

•  

  THE LAST SAY:

   

   

  Owning a car has always been a significant life achievement that is doable for those who have the means to pay such astronomical sums of money all at once for their ideal vehicle. However, the cost of cars is increasing due to better technologies and scarcer resources, making it very challenging for the average person to buy their car outright using only their money. Due to the enormous demand for financing both new and used cars, banks in Pakistan now provide car loans that let you buy a car while gradually repaying the loan's principal through monthly installments.

   

  As far as car financing is concerned, we have discussed at the top the best option you should consider but if we talk about the most perfect option in terms of feasibility and other factors, then you should consider the Meezan Bank car financing option which is popular as Car Ijarah services by Meezan Bank. It’s halal car financing and the process is so smooth and easy for newbies.