Car Loan & Car Finance Calculator in Pakistan

Affordable Car Financing in Pakistan

You can get your dream car on an affordable budget through extensive research about car financing procedures in different banks. We provide a user-friendly car finance calculator to customers for their new or used vehicles. In this way, car owners can plan their payments quickly and confidently. We simplify the process of auto finance, to purchase bank-leased cars at reliable rates in Pakistan. So, explore the convenience of auto financing today with our support!

Complete Guide to Apply for a Car on Installment from anywhere

The vehicle owners can apply at the bank of their own choice. However, the documents that the banks may need can vary during the verification process. At PakWheels, our intuitive bank car finance calculator helps you compare the benefits, prices, interest rates, and insurance rates of different banks. The eligibility requirements/ criteria for applying for a bank loan for a vehicle vary from bank to bank. Furthermore, the general documents which you need to have for it are as follows:

1.  2 copies of the ID Card
2.  2 passport size pictures
3.  6 months bank statement
4.  6 months of account maintenance letter
5.  Job letter of 6 months 
6.  The record of one year of employment in a reputed organization/ business proof.

In case of foreign remittance, you need to have these documents for a bank car loan:

1.  2 recent pictures of the remittance receiver
2.  CNIC copy of the receiver 
3.  CNIC copy of remittance sender
4.  Passport copy
5.  Visa copy
6.  Work permit
7.  The last 12 months' bank statement in which the remittance is being transferred 
8.  Account maintaining certificate along with the concerned CNIC number
9.  Both bank letters and statements should be signed and stamped.

Therefore, you should choose the bank that best aligns with your needs. You can get car financing for your desired vehicle with the help of the best car financing banks in Pakistan. These include Faysal Bank Limited, MCB Islamic Bank, Dubai Islamic Bank, MCB Bank Limited, Al Barakah Bank Limited, and Bank of Punjab. These are the best banks for automobile loans. We offer car financing in the case of both new and used cars with low car markup.

How to Use the Auto & Car Finance Calculator

The auto finance calculator in Pakistan has simplified the process of car financing for both used and new cars. On our website, we provide a bank car finance calculator for which you need to have some essential information. It is as follows:

1. Select your city
2. Make/model/version of your car.
3. Select tenure 
4. Select down payment.

Afterwards, the list of best banks for car loans in Pakistan is viewed on the screen. The monthly installment, initial deposit (down payment), and processing fee are displayed with the list of the banks. Each bank will have its markup rate and interest. So, you must do comprehensive research with the help of our bank car installment calculator before applying. 

Afterward, the car information, along with the request to fill in the personal and financial information of an applicant, is displayed on the screen. You need to verify your phone code. Upon confirming your request, the financing partner will assist you in getting a suitable offer. You can approve it to enjoy the ride of your chosen car. The different banks with car financing and insurance rates are given in the above table.

KIBOR Rates of Different Banks in Pakistan for Bank Car Loan

Kibor stands for Karachi Interbank's offered rate, which serves as a benchmark for interest rates in the company. The vehicle owners can stay updated about the Kibor rates by regularly visiting the official website of the State Bank of Pakistan. You can monitor these rates to seek and borrow money in this digital world.

However, cheap car financing banks in Pakistan are Faysal Bank Limited, MCB Islamic Bank, Dubai Islamic Bank, MCB Bank Limited, Al Barakah Bank Limited, Allied Bank, and Bank of Punjab. The Kibor rates of these banks are as follows: