| Car Finance |
If you are looking for a great deal on car finance and don't know where to turn, then look no further.
We at Car4u are are able to use our unique position within the motoring services industry to supply you with fantastic deals on Car Finance.
Complete our simple online application form to find out how much you can save,
Eligibility Criteria Required Documents Product Pricing Live KIBOR Rates
Required Documents
- Duly Filled Application Form (BBFS should be part of application).
- 2 recent passport sized photographs.
- Copy of valid Computerized National Identity Card (original seen marked & signed).
- Bank Statements for the last 6 months .
- Salary Certificate from the employer showing the gross salary, deductions, length of service and employment status for salaried individuals or the latest two salary / pay slips (attested by respective Human Resource representatives).
- SBP’s prescribed Undertaking/Declaration.
- Cash Flow Analysis (where applicable).
Salaried Individuals:
| Borrower’s Age | Minimum: Age 21 years. Maximum: 65 years at the maturity of the loan or retirement age whichever is lower. |
|---|---|
| Minimum Net Income |
Salaried (Permanent): Rs. 40,000 per month. Salaried (Contractual): Rs. 60,000 per month |
| Minimum Years in Employment |
Permanent Staff: Currently employed with total employment experience of 1 year. Contractual Staff (Established): Currently employed with total employment experience of 2 years. |
Self Employed / Professionals
| Borrower’s Age | Minimum: Age 21 years. Maximum: 65 years at the maturity of the loan. |
|---|---|
| Minimum Net Income |
Rs. 50,000 per month |
| Minimum Years in Business |
Minimum 3 Years of Continuous Business.(Customers with 2 years in Business will be acceptable only if they have an Established Bureau record with minimum 30% down payment) However for cases on cash flows min equity will be 45% if YIB is < 3 years |
We offer both Fixed and Variable rate financing options:
Fixed Rate Financing
| Fixed Rate Pricing strategy - Auto Financing |
Segment | Equity % | 1 Year | 2 Year | 3 Year | 4 Year | 5 Year |
|---|---|---|---|---|---|---|---|
| Fixed Rate (Brand New Locally Manufactured Vehicles) |
Self Employed | <35 | 19.00% | 19.00% | 19.00% | 19.50% | 19.50% |
| >35 | 18.00% | 18.00% | 18.00% | 18.50% | 18.50% | ||
| Salaried | <35 | 18.75% | 18.75% | 18.75% | 19.25% | 19.25% | |
| >35 | 18.00% | 18.00% | 18.00% | 18.50% | 18.50% | ||
| Fixed Rate (Used & Imported Vehicles) |
Self Employed / Salaried |
As per policy requirement |
21.50% | 21.50% | 21.50% | 21.50% | 21.50% |
Variable Rate Financing
| SBP One Year KIBOR Offer Rate | |||
|---|---|---|---|
| Fixed Rate Pricing strategy - Auto Financing |
Segment | Equity % | Spread 1 to 5 years Financing |
| Variable Rate (Brand New Locally Manufactured Vehicles) |
Self Employed | <35 | K+5.50% |
| >35 | K+5.00% | ||
| Salaried | <35 | K+5.00% | |
| >35 | K+4.75% | ||
| Variable Rate (Used and Imported Vehicles) |
Self Employed / Salaried |
As per policy requirement |
K+6.50% |
Live KIBOR Rates
The KIBOR rate is the Karachi Inter Bank Offer Rate which is given by specialized institution on daily, weekly, monthly and on 1, 2 and 3 yearly basis to all the commercial banks of Pakistan so that they charge interest to their customers on that basis.
This rate is inflation adjusted rate and then banks by adding 2 or 3% in KIBOR rate charge their customers for their profit.
