Interest-free installments for car?

[mgalaxy3]

Any bank or credit card offering low / no interest installments for cars in 12 months? Specially toyotas.

Like there is an option of doing 12 month interest free installments on any of your credit card purchases on many banks.

So same option but higher loan amount for car, payable in 12 months? Or 24 months/ 2 years.

[hash4u]

only works on mobile phones or washing machines sorta things

not cars unfortunately

[hyder_m29]

They over-price them before offering "interest-free" installments.

[MADDYBOY2]

can anyone tell

what is current mark up rate and insurance rate ?

[mgalaxy3]

only works on mobile phones or washing machines sorta things

not cars unfortunately

Seems to be the case sadly

[mgalaxy3]

They over-price them before offering "interest-free" installments.

Haha you're right happens in some cases.

But in case the daraz installments, those products aren't usually overpriced.

[hyder_m29]

Daraz installment plans are applied on credit cards only - which charge interest.

[hyder_m29]

There's also processing fees:

[fastian04]

Banks need earning to survive so interest free on standard price is virtually impossible. Such schemes can only be offered we are short of buyers, here we are well short of cars

[muhammadumerrr]

The government made a scheme for low markup financing of cars part of the finance bill. I think markup of 5 to 6% will be offered. There is no concept of zero mark up anywhere.

[krafiq]

There is. In the western countries, US. So to say this concept doesn't exist won't be accurate

[krafiq]

Incorrect. UBL AND MCB are currently giving interest free on daraz for 12 months installment.
UBL booking charges are 600/- or 1.55% one time. Then 12 months EMI at zero%. Have bought many things from daraz through EMI

[mgalaxy3]

The government made a scheme for low markup financing of cars part of the finance bill. I think markup of 5 to 6% will be offered. There is no concept of zero mark up anywhere.

Any link to that bill? Will 6% be for all CC cars ?

and interest-free or low interest (3<%) financing does exist..

[mgalaxy3]

Daraz installment plans are applied on credit cards only - which charge interest.

hm they don't charge interest on 6-12 months installments..

But yes, you're right they have "processing" charges from 1.5% to 12% depending on bank..

[hyder_m29]

Thanks for the correction. I wasn't aware of that.

[zarakdurrani606]

K+4% is your markup, and that's the lowest and insurance is 2%, and these are supposed to be lenient.

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[uzeemujeeb]

sir you can try meezan & albaraka bank for ease of installments.
however there is always a service charge for delayed payment.