Auto financing in Islamic Banking

Current Scenario: The automotive industry is primarily in the United States is well into a downward spiral, and no one has any idea what’s in this sector of Serbia. The same trend is also evident in other parts of the world, including Japan significantly. With the biggest names in the automotive world like General Motors, Toyota and GM Sun does not stop bleeding I think it’s someone for how long the venerable auto industry is able to take a stand against the elements of the market.

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Time Deals: For the consumer, but especially those looking for a good deal, has brought many opportunities to ask! This is perhaps the best time to get the iron can be taken to buy a car!And there are a number of financing options available to make this dreamcar will be parked in the garage to you!

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The Islamic option: In this article we take a look at the option of Islamic finance for the purchase of an auto financing for the purchase.Cars> in Islamic banking is done under the contract “murabaha”. In short, this is a cost plus profit contract.Auto financing in Islamic Banking

Typically, the Islamic bank or financial institution would be some criteria toassess your creditworthiness and eligibility for a car loan because your income is salary or business or profession, and from other sources, monthly expenses, mandatory deductions, etc., and Finally, the net income.

NowSuppose that after crossing the above process, the new bank that actuallyeffectively demanded the right to a car loan for the amount of $ 25,000.00 to buy your dream car is. The next step would be to brand benefits from the Bankloan to work. 5000.00 USD Assuming it works. This means that the total cost of this task for you is $ 30,000.00. Of course, the bank had made its profit margin to all your computersCharge for the use of the car loan. The other version, in the case above, the cost of the car is $ 20,000.00 and $ 5,000.00 to mark the benefit or not as the case.

Besides this, other loose ends, such as:
Caution: Some banks charge a deposit for the car to increase your participationin the dream car and decrease the amount paid / number ofPrices at your expense.
Refunds: The amount of the loan and the income supplement, taken together, would be the same number of installments agreed upon, say, 60 or 72, as is the case, and you should be required to perform the same be divided into time redemption date. Some banks offer a moratorium on repayment, that is, you can start to repay, for example, two or three months after the disbursement ofloans. Some banks offer otherPayments to rework part of the loan is repaid. Suppose you have paid 12 installments. The bank is thus a new equilibrium withEMI of the loan after paying 12 installments left work. If the full repayment of theloan your car is truly yours!
Add-ons: In an increasingly competitive environment, the banking sector is operating, it is not uncommon for a couple of add-ons for your carready – for balance, free insurance / preferred conditions for the car, free advice in relation to car loans and other services offered by the bank is zero, and so on do not rely on gifts!
Delivery time: Assuming that you already have your baby, which is your dream car, and the place you want to buy less identified, is now in the bank to buy the car at the dealer of your name, and gaveYou!

Go ahead and good luck! Of course there is no free lunch. Enter your due diligence before deciding to apply for a loan. And remember that your seat belt! Enjoy your trip!

Source: http://www.autoincar.com/auto-financing-in-islamic-banking/

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