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SBP eases used car financing age limit from 5 to 9 years

KARACHI: The State Bank of Pakistan (SBP) increased the age limit up to nine years for the cars that can be financed through commercial banks, ARY News reported.

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According to the notification issued by SBP, commercial banks will finance for the cars older than five years and up to nine years. Although, the car financing is subjected to the condition that complete repayment of financing is restricted within 12 years of the car’s age.

The car dealers appreciated the SBP’s move by saying that it will greatly boost up the used car business as well as allow buyers to purchase cars in low price.

Analysts said that another drawback which doesn’t allowing car financing sector to progress is the double-digit interest rate as it the discouraging car financing.

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