Want to drive your car? But not have enough money to buy a car in cash? Here we provide you information about getting a car on lease and pay the monthly installments. Some of us cant afford to pay the whole amount of a car at the spot. Banks and car lease companies offered a loan for these types of buyers and relief them to pay the amount in installments. In Pakistan, most of the banks offered this service with different ratios of interest. Every bank has its rules to offer loans to the bank. You can fulfill your dream to buy a car by leasing a car from a bank or leasing company. Do not trust anyone because some fraud companies are also located in the market. Today we will discuss the process of how to lease a car in Pakistan.
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What Is Car Leasing
Leasing a car means the bank or leasing company pays the amount of your required car on your behalf to the company and you need to pay the installment to the bank according to policy. Bank offer finance for your car under the terms & conditions. You need to pay the installments to the bank otherwise you can be lost your car.
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How To Lease A Car In Pakistan
A bank and leasing company fulfills your dream to buy your car but it’s a very big responsibility. Because they kept your asset as a guarantee and if you didn’t pay the installment on time you may lose your asset or car. You need to get approval for your car finance from the bank or leasing company. If the application approves they pay the amount of your required car on your behalf and allowed you to drive freely on the road. They fixed a specific monthly installment according to the settlement and you are restricted to pay the installment on time.
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How Bank Offer Finance For Car In Pakistan
Getting finance for the car in Pakistan is not difficult. You don’t need to wait for years to get your car by leasing, after paying the initial deposit (down payment)bank gives your car in your hand. Here are the steps you need to know for car finance:
- In Pakistan, banks take a certain percentage of the car’s total price as a down payment.
- Send application to the bank and wait for the approval.
- After approving the application bank will give you finance for your car and you can buy your dream car.
- After paying the down payment you need to pay the fixed installment every month.
- All types of vehicles are allowed for lease imported, used, and brand new.
- For new cars, there is no limit but for the used imported vehicle there is a time limit. Used and imported vehicles older than 7 years are not allowed.
- Most banks offer finance for cars minimum PKR of 2 lacs and a maximum PKR of 50 lacs.
- 1-7 years installment plans offered in Pakistan.
- For used cars, the minimum percentage of the down payment will be 20% of the car price and for a brand new car, it will be 15% of the total car price.
- According to the State Bank Of Pakistan, a person can pay a maximum amount of 50% of its salary.
Also Checkout: The Procedure of Import Car in Pakistan
Criteria for Car Finance
You need to be fit in the criteria of car finance in Pakistan and an only eligible person can get finance for a car.
- Only Pakistani nationals can get finance for a car from the bank.
- If you are salaried employed you must be an age between 20 to 60 and if you are self-employed or businessman 21 to 65 age required.
- Rs 25000/- monthly income is a must.
- Must have job duration of 3 months and if running own business 6-month duration is required compulsory.
Keep in mind that every bank covers car insurance in the finance plan. Banks offered you different insurance companies you can choose according to your plan. The ratio of interest depends on the finance you want from the bank for your car. Under the above mention term & conditions, anyone can get a car on lease from the bank.