Car Finance in Pakistan Best installment plans for car loan

Car Loan Calculator

Why Choose PakWheels for Car Finance?

Customer Service Representative
Customer Service Representative

Expert in handling auto financing cases from partner banks

Quick Processing Time
Quick Processing Time

Partner banks prefer PakWheels customers as top priority

No Hidden Cost
No Hidden Cost

PakWheels charges nothing from customers

Rate Comparison
Rate Comparison

Users can compare rates from top banks

Car Finance Steps

1 Apply for car financing on Pakwheels
2 Our representative will contact you to verify your details
3 We will share verified car financing requests with our partner banks
4 Partner bank will contact you and initiate the financing process
5 You will get the auto financing loan once the bank approves the case

Benefits of Car Finance

  • Pay Less, Get More

    With Car Financing, you can buy the car of your choice without having to pay the whole amount up-front.

  • No Collateral Needed

    Instead of providing an asset for collateral, car financing considers the car as collateral itself.

  • Save Your Time

    Instead of saving up for years and waiting to buy a car in cash, car finance can save your time.

  • Make Your Own Plan

    You can choose the amount of down payment and the tenure of payment from the various options banks have to offer at your convenience.

  • Safety and Reliability

    Car Financing protects you from getting scammed by fraudulent sellers as banks run background checks on both parties.

  • Freedom To Sell

    You can easily sell off the financed car even if you haven’t paid off the whole amount.

Top Car Financing Banks and Rates

Bank Names Financing Rate

*rate is inclusive of Kibor

Insurance Rate Processing Fee
26.29% 1.5% PKR 8000
25.29% 2.25% PKR 9280
26.29% 1.75% PKR 8352
27.29% 1.5% PKR 8120
28.29% 2.0% PKR 11000

Get Your Dream Car with PakWheels Car Financing Options:

PakWheels offers various car financing options in partnership with leading banks in Pakistan like HBL, Dubai Islamic Bank, UBL, and Faysal Bank. You can choose from new or used car finance options that suit your needs. The eligibility criteria for auto finance are simple; you need to be a Pakistani citizen between the ages of 22 to 65 with a steady source of income. Banks require documentation like your national identity card, bank statements, and salary certificates to verify your eligibility. With car leasing options and a car finance calculator, you can buy a car on installments easily. Our team at PakWheels is always ready to help you with any queries.

Used Car Finance in Pakistan: All You Need to Know

Used car finance in Pakistan has become increasingly popular over the years, and for good reason. With many banks now offering used car financing options, it's become easier than ever to own the car of your dreams. HBL, Meezan Bank, and Bank Alfalah are just a few examples of banks that offer used car finance in Pakistan.

Overall, used car finance in Pakistan is a great option for those looking to own a car without the high upfront cost of buying new. With various banks offering used car finance, you can find a financing option that works for you and get behind the wheel of your dream car in no time.

Process to Apply for Car Loan at

You can compare car loans offered by multiple banks in just 3 steps at PakWheels. By furnishing the required information, you will be given with a list of car loan providers, loan offers along with comprehensive information including rates on offer and processing fee and other charges (if applicable). So that you can compare and choose the best offered car loan for yourself.

Step 1 - Visit Car Finance page and tell us your car loan requirements, this includes the following data:

-       Choose which type of car you are applying for (New/Used)

-       Select the city in which you reside and want to avail loan there in

-       Select the Car Manufacture Year, Make and Model you are looking for

-       Now opt the down-payment amount you want to pay in the realm of Car Loan along with loan period

Step 2 - Once you provide the above-mentioned information, the application will direct you to see the listings page with all the car loans being offered by different banks in Pakistan. You can review all the details by clicking View Details.

Step 3 - Now choose one that best meets your needs and then click on Apply Now button to proceed with your application.

Disclaimer: Prices and Calculations might have slight variation depending on KIBOR or any other variable rates. Prices can be verified from respective bank(s)

Daily Kibor Rate

6 Months 22.01%
12 Months 22.29%

KIBOR is used as a benchmark for consumer and corporate lending. Kibor Rates are currently varying between 12% to 14% depending on the tenure and type of Car Finance. Monthly Car Installments may vary depending on the Kibor Rate. Car Finance Prices can be verified through the Car Loan Calculator.

Car Finance FAQs

Car Financing or Auto financing is a process of taking help from a bank or any other financial institution to buy a car. You can buy the car by borrowing money from the bank and then returning that money in installments.
PakWheels Car Financing makes this process easier for you by displaying all the available financing options in one place. The PakWheels website and app allow you to choose the installment plan which suits you best and helps you in contacting the bank to secure financing.
For all cars, minimum 30% of total car value is required as down payment.
You can calculate this exact amount using the Car Loan Calculator .
For Salaried Individuals:
  • Applicants must be a Pakistani citizen.
  • Applicant’s age must be 22 years or more at the time of loan application and max 65 or retirement age whichever is lower.
  • Minimum monthly income must be PKR 55,000.

  • For Self-Employed Business Professionals/Individuals
  • Applicants must be a Pakistani citizen.
  • Applicant’s age must be 22 years or more at the time of loan application and max 70 years or less at the time of maturity.
  • Minimum monthly income to be PKR 55,000.

  • Pensioner/Retired Individuals:
  • Applicants must be a Pakistani citizen.
  • Applicant’s maximum age to be 70 at the time of maturity.
  • Minimum monthly income to be PKR 200,000.

  • Minimum financing or loan amount is PKR 1 million.
  • Maximum financing or loan amount is PKR 3 million.
  • Minimum financing tenure is 1 year (12 months)
  • Maximum financing tenure is 5 years (60 months)
  • For Salaried Individuals:
  • Latest employment certificate including the date of joining
  • Nominee CNIC copy
  • Last six-month credited salary bank statement
  • Name of employer’s HR representative with mailing address

  • For Businessman:
  • Valid business proof
  • Last six-month verified bank statement through embassy
  • Nominee CNIC copy
  • In case of remittances income, last six months bank statement of remitter would be required.
  • You can calculate the car's monthly installments as well as down payment required from the Car Loan Calculator .
    Borrowing a lesser amount and paying it off in a short tenure helps you opt for the lowest interest rate, saving you money in the long run.
    Car financing rate in Pakistan is the interest rate charged by banks on the amount borrowed to buy a car. The financing rate varies depending on the bank and the type of financing plan.
    Yes, but the car should not be older than 9 years as no banks in Pakistan provide car financing for used cars that are older than 9 years.
    Islamic car finance is a type of financing that follows Shariah-compliant principles. It operates on the concept of Musharakah, where the bank and the borrower share the cost and profit of the car purchase.
    MCB Bank, HBL, and Faysal Bank are considered some of the best banks for car loans in Pakistan due to their competitive interest rates, flexible payment plans, and quick processing times.
    Several banks offer competitive interest rates for car loans in Pakistan. It is recommended to compare the rates and terms offered by different banks before making a decision. Some of the popular banks for car loans include MCB Bank, HBL, and Faysal Bank.
    If you want to pay off your car financing loan earlier, you may have to pay an early settlement fee, depending on the bank's policy. It is recommended to check with your bank to understand their terms and conditions.
    The loan tenure and EMI (equated monthly installment) are inversely related. This means the longer you take to pay off the loans, the lower the amount in installments you will have to pay and vice versa.
    Keep an eye out for early payoff opportunities, which come with some penalties but help you pay off your car financing loan earlier, saving you time and money.
    To apply for car financing in Pakistan, you can visit PakWheels Car Finance section which makes this process easier for you by displaying all the available financing options in one place. The PakWheels website and app allow you to choose the installment plan which suits you best and helps you in contacting the bank instantly to secure financing.
    Your eligibility for car financing in Pakistan may be based on several factors, including your Bank statement, income, employment history, and the amount of money you have available for a down payment. Bank may also consider the type of car you want to finance and your ability to make the monthly loan repayments.
    Pakwheels offers a wide range of car financing options from different banks, ensuring that customers get the best financing plans at competitive interest rates. Additionally, Pakwheels offers a quick and easy online application process, making it convenient for customers to apply for car financing from anywhere in Pakistan.

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