Shampath Bank - Leasing Rates

[tilvin]

Dear guys, these days I am planning to get a vehicle for my uncle to be used. Gov is telling that they are reducing loan / lease rates? Is it true? Don't know when they are reducing....?? Com bank personal loan somewhere 13.5 ~ 14.5. Don't know how much will be leasing rate for 2002 MF car? If you have any idea, please comment.

[Sadik]

Leasing still hovers around 14% at Sampath Bank until very recently, just drop a call to the hotline and then negotiate with a branch , which may give you a slightly dearer rate. Leasing rates unregistered was 2,200/- & regd was 2,700/- sometime back.  Both schemes have pros & cons

Lease - Fixed premium to pay (fixed interest rates), title is held by the bank, it is specified in the book and not very flexible to sell off fast, as you have to settle the lease, and insurance the Bank might force you to do on their own. 

Loan - Fklexible , however there is possibility that a personal loan is 1-2% higher than leasing and your interest rate is market pegged. Can go up / down. Book is clean and you can dispose the car anytime , as the security is your personal gurantee. 

Generally leases might be a bit more easy to obtain than personal loans for people who dont have fixed income streams. 

[vag2]

my personal experience Com bank more flexible and slightly better rates  than Sampath, as a person who had FDs on both. But could depend on personal contacts one has..

[tilvin]

Thanks very much.....?

[Cobalt117]

Try to get a loan, it will be much easier for you

[noddy]

I was quoted 18.8 from ########. and they dont give for the two door cars.

Actually I wanted to get a lease as the car is on open papers, so they will take the risk 

[FexBring]

Leasing a car implies a long-term lease, under which the lessee pays monthly payments, which include the price of the vehicle, rent, and interest. But at the same time, after the end of the contract he becomes the rightful owner of the leased property. Therefore, based on this, the company can independently decide which interest rate to set. You can clarify this question with a specialist on the credit. Because there are always nuances in such matters, so Mortgage Broker Nottingham might be helpful for you. I also know that there is a bank rate from the company. They can lower them independently of each other.

Edited November 28, 2022 by FexBring

[KristopherWilkerson]

It's crucial to stay informed about loan and lease rates, especially when you're planning to get a vehicle for your uncle. Government policies can indeed impact these rates, and they tend to fluctuate over time.

[Meritekah]

As for the specific leasing rate for a 2002 MF car, it might not be readily available through Shampath Bank or other traditional lenders, as they often focus on financing newer vehicles. Rates for older cars can vary widely and may depend on factors like the vehicle's condition, mileage, and market demand.
To get the most accurate and up-to-date information on leasing rates for a 2002 MF car, it's a good idea to reach out directly to Shampath Bank or visit their website. They should be able to provide you with the details you need for your specific situation.
Additionally, for all financial matters, including vehicle financing, it's wise to consult with a Mortgage Broker in Beverley. They have the expertise to guide you through various financial options and help you make informed decisions that align with your financial goals.

Edited November 26, 2023 by Meritekah