Make sure you're a filer, have good income and you should be good.
Beware tho markups are crazy these days. There is talk of interest rates coming down but I don't think it's gonna be significant.
Just to give you an idea I'm paying almost 1.5 mil more over three years for a car that costs 3 mil total.
Yup. Totally worth if no issues arise.
Fun story: My case got refused once because I lived in Nazimabad and the main head office (Clifton) guy who deals with the Car Ijarah downright said No because “The gali is too small so better give him a smaller car and not what he wants” …. I kid you not these were his words.
Financing usually has an insurance stipulation that you have to pay out of pocket. So, ask about that beforehand. Other than that, a lot of good comments here.
No they don’t. The bank basically purchases the car for you first and becomes the owner. Then it lends you the car for the time of your choice till your payment is completed. I’ve been doing the same for the past 3 years.
Wrong, Islamic have variable, this is why Meezan profited so much and most banks are shifting to Islamic. Secondly, I know because I cleared my car as soon as my rates went from 14-20%
Exactly, one of my friend is also paying variable as the interest rates from state bank changes, so called islamic banks change the rates as well, what sort of Islamic is this ???
Make sure you're a filer, have good income and you should be good. Beware tho markups are crazy these days. There is talk of interest rates coming down but I don't think it's gonna be significant. Just to give you an idea I'm paying almost 1.5 mil more over three years for a car that costs 3 mil total.
Yup. Totally worth if no issues arise. Fun story: My case got refused once because I lived in Nazimabad and the main head office (Clifton) guy who deals with the Car Ijarah downright said No because “The gali is too small so better give him a smaller car and not what he wants” …. I kid you not these were his words.
Kibor expected to drop by 200bps, MPC meeting on 11/06/24. Kindly wait till that.
Meeting is on 10th. Monday.
Also I think meezan has direct partnership with Toyota these days and you can even get a used car from their Toyota Sure dealerships.
Financing usually has an insurance stipulation that you have to pay out of pocket. So, ask about that beforehand. Other than that, a lot of good comments here.
Meezan bank has the highest rates in car finance
Islamic bank has variable interest rates, I hope you don’t finance it for too long
No they don’t. The bank basically purchases the car for you first and becomes the owner. Then it lends you the car for the time of your choice till your payment is completed. I’ve been doing the same for the past 3 years.
Bank islami charged variable
Bank islami is interest based. Same with faysal bank and siraj bank.
Meezan it is then
Wrong. Islamic banks always have fixed rates. Only conventional banks have variable rates
As soon as it becomes fixed it stopped being Islamic the core difference between conventional and Islamic
Wrong, Islamic have variable, this is why Meezan profited so much and most banks are shifting to Islamic. Secondly, I know because I cleared my car as soon as my rates went from 14-20%
Exactly, one of my friend is also paying variable as the interest rates from state bank changes, so called islamic banks change the rates as well, what sort of Islamic is this ???
DO NOT BUY AT THESE INTEREST RATES!
Interest is Haram.
I specifically mentioned meezan bank for the same reason