How to get a car on monthly installments

1. Textile Institute of Pakistan
Business Mathematics and Statistics
MATH-202
A project on:
Car financing
Presented to course instructor:
Madam Rakshanda shah
Prepared by:
Azhar Hussain
TS2B

2. Spring 2004

3. CAR FINANCING
Suzuki Baleno 1300 CC
Price: 739000
CAR FINANCING
Description
Model of car Suzuki Baleno 1300 CC JXR PETROL
Prices of Car (given by the company) 739000
Financing Duration 5 years
TOTAL NO OF TIME PERIODES (years / months) 60
Down Payment (%) 15%
Down Payment (Rs) 110850

4. Finance Amount (price of car – down 628150
payment)
Factor* (as by SONERI) 0.0217424
Monthly Finance Installment (installment factor × 13657.49
financed amount )
Total amount given (monthly financed 819449.4
installment × no of time
periods)
Total interest 191299.4
CAR FINANCING
Description Example 1
Models of car Suzuki Baleno 1300 CC JXR PETROL
Prices of Cars (given by the 604739000
company)
Financing Duration 5 years
Total No Of Time Periods (years / months) 60
Down Payment (%) 15%
Down Payment (Rs) 110850
Finance Amount (price of car – down 628150
payment)
Factor* (as by CITI) 0.023010
Monthly Finance Installment (installment factor × 14453.73
financed amount )
Total amount given (monthly financed 867223.89
installment × no of time
periods)
Total interest 239073.89

5. CAR FINANCING
Description Example
Model Of Car Suzuki Baleno 1300 CC JXR PETROL
Price of Car (given by the company) 739000
Financing Duration 5 years
TOTAL NO OF TIME PERIODES (years / months) 60
Down Payment (%) (%) 20%
Down Payment(Rs) (Rs) 120800
Finance Amount (price of car – down 483200
payment)
Factor* (as by MCB) 0.02052
Monthly Finance Installment (installment factor × 9915.26
financed amount )
Total amount given (monthly financed 594915.8
installment × no of time
periods)
Total interest 111715.8

6. CAR FINANCING
Description Example
Model Of Car JXR PETROL
Suzuki Baleno 1300 CC
Price of Car (given by the 739000
company)
Financing Duration 5 years
TOTAL NO OF TIME PERIODES (years / months) 60
Down Payment (%) (%) 20%
Down Payment(Rs) (Rs) 147800
Finance Amount (price of car – down 591200
payment)
Factor* (as by KASB) 0.0206
Monthly Finance Installment (installment factor × 12178.72
financed amount )
Total amount given (monthly financed 730723.2
installment × no of time
periods)
Total interest 139523.2

7. CAR FINANCING
Description
Model of car Suzuki Baleno 1300 CC JXR PETROL
Price of Car (given by the company) 739000
Financing Duration 5 years
TOTAL NO OF TIME PERIODES (years / months) 60
Down Payment (%) 20 %
Down Payment (Rs) 147800
Finance Amount (price of car – down 591200
payment)
Factor* (as by faysal) 0.02037
Monthly Finance Installment (installment factor × financed 12042.74
amount )
Total amount given (monthly financed installment 722564.4
× no of time periods)
Total interest 131364.4
CAR FINANCING
Description
Model of car Suzuki Baleno 1300 CC JXR PETROL
Price of Car (given by the company) 739000
Financing Duration 5 years
TOTAL NO OF TIME PERIODES (years / months) 60
Down Payment (%) 20 %
Down Payment (Rs) 147800
Finance Amount (price of car – down 591200
payment)

8. Factor* (as by ALFALAH) 0.02037
Monthly Finance Installment (installment factor × financed 12042.74
amount )
Total amount given (monthly financed installment 722564.64
× no of time periods)
Total interest 131364.64
For the duration of 2 years
Description
Model of car Suzuki Baleno 1300 CC JXR PETROL
Price of Car (given by the company) 739000
Financing Duration 2 years
TOTAL NO OF TIME PERIODES (years / months) 24
Down Payment (%) 20 %
Down Payment (Rs) 147800
Finance Amount (price of car – down 591200
payment)
Factor* (as by ALFALAH) 0.04514053
Monthly Finance Installment (installment factor × financed 26687.08
amount )
Total amount given (monthly financed installment 640489.95
× no of time periods)
Total interest 49289.95

9. For the duration of 3 years
Description
Model of car Suzuki Baleno 1300 CC JXR PETROL
Price of Car (given by the company) 739000
Financing Duration 3 years
TOTAL NO OF TIME PERIODES (years / months) 36
Down Payment (%) 20 %
Interest rate (%) 8.5%
Down Payment (Rs) 147800
Finance Amount (price of car – down 591200
payment)
Factor* (as by ALFALAH) 0.031350591
Monthly Finance Installment (installment factor × financed 18534.46
amount )
Total amount given (monthly financed installment 667240.87
× no of time periods)
Total interest 76040.87
For the duration of 4 years
Description
Model of car Suzuki Baleno 1300 CC JXR PETROL
Price of Car (given by the company) 739000
Financing Duration 4 years
TOTAL NO OF TIME PERIODES (years / months) 48
Down Payment (%) 20 %
Interest rate (%) 8.5%
Down Payment (Rs) 147800
Finance Amount (price of car – down 591200
payment)
Factor* (as by ALFALAH) 0.0244704
Monthly Finance Installment (installment factor × financed 14466.90
amount )
Total amount given (monthly financed installment 694411.22
× no of time periods)
Total interest 103211.22
CONCLUSION
By the above information we can conclude that bank ALFALAH and FAYSAL
bank gives car financing loan at lowest rate. You will have to pay less when
taking car loan from these banks. SONERI bank gives you at the rate of 7.9 %
but when i got there for detail information they clear the point that this rate is

10. only if you take loan for only one year tenure. Other banks show 8.5 % but the
installment factor they give exceeds of that of bank ALFALAH and FAYSAL
bank.