Frequently Asked Questions (FAQs)
Which is better-Leasing or Buying?
The answer depends on a number of factors that are different for everyone. Your driving “personality”, your vehicle choices, and your financial objectives are important factors.
What type of facilities does Faysal Bank Limited Offer under Faysal Car Finance?
We offer installment based loan extended to individuals & Corporate/SME clients for advance booking of the vehicle as well as ready delivery purchase of the vehicle from authorized dealers.
What is the mode of facility that Faysal Bank Limited Offers?
We offer leasing against all locally manufactured and imported vehicles. You can opt for leasing against brand new as well as used vehicle.
What is the maximum and minimum tenure of the facility?
Tenure of the facility is between 1 to 5 years. For semi commercial vehicles max tenure is 3 years.
Do you offer fix markup mode or variable?
We offer variable markup rate linked to KIBOR
What is the minimum loan amount?
The minimum loan amount is PKR 100,000.
Who can be my co-borrower?
Co-borrower must be a member of the immediate family i.e. Spouse, Parents and Children only.
Will the vehicle be in my name during the facility tenure?
No. Title of the vehicle will remain in Bank’s name throughout the tenure of the facility.
Can I sell my vehicle or transfer the lease to a third person during the facility period?
No. It is a violation of lease agreement and is strictly disallowed.
Do I need good credit history to avail Faysal Car Finance facility?
Yes you need a good credit history to avail the facility.
I want to settle my loan early. How do I do it and how much will it cost me?
Yes you have an option to pay off the loan anytime on payment of 5% charges on outstanding principal amount.
Can I swap vehicles during my lease?
No. A car lease is for a specific vehicle which means you can’t simply switch vehicles in the middle of your lease. You may apply for a new facility after settlement of existing facility.
What about insurance on my leased car?
Bank will arrange a comprehensive insurance coverage of vehicle from insurance companies listed on Bank’s panel.
What happens to the Car after facility tenure is matured?
Once the facility tenure is completed and you have settled the outstanding amount you will be issued a NOC along with the clearance letter for transfer of ownership in your name.
What is repossession?
On non-payment of monthly installments the Bank holds a right to call back the vehicle in accordance with the lease agreement.