Car Lease In Pakistan
Planning to buy your new car but can’t pay at once? No problem! You can now avail car lease in Pakistan through banks at easy installment plans. The excessive price hikes in the automobile industry over recent years have made it very difficult to buy cars on cash. Banks have stepped up in this scenario to help the consumers with flexible car finance solutions. So how does it really work? Let’s find out by starting with the question “What is car finance?”.
What Is Car Finance?
Car finance or car lease is a service that allows you to buy a new or used car through bank finance. You choose your desired vehicle and apply for a car loan from your desired bank. Once the loan is approved, the bank purchases the car on your behalf and offers you an extended tenure of partial payments according to your comfort.
How Does It Work?
- You pay a certain amount as a down payment to your bank
- The bank retains the car ownership while you pay the installments
- You pay a fixed or variable monthly installment based on your selected tenure
- Once you clear the total payment, the ownership is transferred to your name
Eligibility Criteria
- Be a Pakistani citizen
- Have a monthly income of at least PKR 25,000
- Be aged between 21-60 if you are a salaried employee, aged between 21-65 if you are self-employed, or a businessman
- Have a job duration of at least 3 months or a business duration of at least 6 months
Car Lease Categories
If you are wondering what kind of cars you can lease through the bank, here are the details. With the recent development in the import sector, banks have started car lease plans for new, used, and import cars. However, for used cars, it is important to remember that vehicles older than 5-7 years will not be eligible for finance.
Is there a processing fee for car finance in Pakistan?
Yes. Regardless of the bank you choose for a car lease in Pakistan, you will have to pay a small amount of processing fee to apply for a car loan. The bank processing fee usually ranges between PKR 8000 – PKR 9000.
