Assalamu Alaykum Brothers,
I hope you are well. I need some advice please- I am looking to buy a car which is on sale for £10,000. I intend to pay for the car over 48 months at a fixed price of 196.00 per month. at the end of the 48 months, i would have paid £11,800 in total due to the 8.9 % APR interest applied to the sale. is this halal?
May Allah reward you
Wa alaykum salaam,
Are you borrowing money from a financial institution to pay for this on installments?
Salam
Is it correct that if you use a loan from the company who also provide the car with a fixed payment plan e.g VW, that would be permissible?compared to a bank loan.
Jzk
Assalamu alaykum,
No buying from car dealer …such as car shop or main dealer skoda etc