ISLAMABAD – Pakistani customers looking to purchase a used car can opt for installment financing offered by private banks in case they do not have enough money to buy it in one go.
Meezan Bank provides financing options for eligible used vehicles. The financing covers vehicles up to the 2022 model year with different engine capacities.
Here we have obtained the installment calculations through the bank’s online calculator for a 2023 model with engine capacity of up to 1,000cc and valued Rs2.5 million.
Customers can purchase the car purchase the car under a four-year, or 48-month, payment plan.
Used Car Installment Plan
Under the plan, the customer would be required to make a security deposit of Rs750,000, equivalent to 30% of the vehicle’s value.
An evaluation fee of Rs2,000 and a processing fee of Rs3,800 would also apply. The total upfront payment would therefore amount to Rs755,800.
For the remaining financing period of 48 months, the monthly payment is calculated at Rs54,744. The stated monthly amount includes rental and takaful.
The calculation also notes that processing charges plus Federal Excise Duty (FED) are applicable.
The figures are based on the installment calculation provided in the information and may depend on the applicable financing terms and charges.
