Frequently Asked Questions (FAQs)
Which option is better to acquire a vehicle? Leasing or buying?
The answer depends on a number of factors that are different for everyone. Affordability, ease of payment and vehicle choices are important factors.
What facilities are offered under Faysal Car Finance?
We offer installment based loans extended to individuals and Corporate/SME clients for advance booking of the vehicle as well as ready delivery purchase of the vehicle from authorised dealers.
What type of vehicle can be leased with Faysal Car Finance?
We offer leasing against brand new and used locally manufactured and imported vehicles.
What are the loan tenure options offered by Faysal Car Finance?
Tenure of the facility is between 1 to 5 years. For semi -commercial vehicles, the maximum tenure is 3 years.
What mark-up options does Faysal Car Finance offer?
We offer variable mark-up rate which is linked to KIBOR.
What is the minimum loan amount offered under Faysal Car Finance?
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 registered in my name during the facility tenure?
No. Title of the vehicle will remain in Faysal 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. This is a violation of the lease agreement and it should be avoided.
Do I need a good credit history to avail Faysal Car Finance facility?
Yes a good credit history is required to avail the facility.
Do I have the option of early settlement of my loan under Faysal Car Finance? If yes, what is the cost associated with it?
Yes, you have an option to pay off your loan at any time during the tenure period with 5% charges on the outstanding principal amount.
Can I swap vehicles during my lease with Faysal Car Finance?
No. You have to apply for a new facility after settlement of the existing facility.
Is insurance included on my leased car?
Faysal Car Finance arranges a comprehensive insurance coverage of vehicle from insurance companies listed on our Bank’s panel.
What happens to the car upon maturity of tenure?
Once the facility tenure is completed and you have settled the outstanding amount, you will be issued a NOC (No Objection Certificate) along with a clearance letter for transfer of ownership in your name.
What is repossession?
On non-payment of the monthly installments, the Bank holds a right to call back the vehicle in accordance with the lease agreement.