Madinat al-Muslimeen Islamic Message Board
| Halal Loans |
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| Anonymous |
| 08/07/01 at 01:40:47 |
| salam alaykum, I'm in the market for a new car, and I really want to avoid an interest bearing loan. Does anyone know of any muslim financers that offer interest free loans for vechicles? I guess the other option would be to lease, but i'd rather own the car, and run it go the ground ;-D Any help is appreciated. Thanks. walaykum as salam :::)) |
| Re: Halal Loans |
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| bhaloo |
| 08/07/01 at 09:10:52 |
| slm Visit the website: http://www.lariba.com (la riba means no interest), insha'Allah they can help, and let us know how it went. :) |
| Re: Halal Loans |
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| Anonymous |
| 08/07/01 at 21:14:54 |
| Assalam'alaykum, Very often, between august and october, dealers offer their cars with 0% interest. This is how we bought our car. Note that leasing includes interests most of the time; so it's not a solution. wassalam |
| Re: Halal Loans |
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| humble_muslim |
| 08/08/01 at 09:17:15 |
| AA Leasing does not include interest. I've been leasing (and therby throwing money away) for years to avoid interest. The leasing contract has abosuletly no mention of interest or interest rates. |
| NS |
| Re: Halal Loans |
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| bhaloo |
| 08/08/01 at 11:13:29 |
| slm Humble Muslim is right. I know by state law out here (perhaps its federal), that they have to list what the amount you pay would be translated into an APR (annual percent rate) figure, but in no way does this mean you are paying interest. You are RENTING some product/property and agreeing to pay for the use of it. Let's say you lease/rent a car for 5 years and the car originally costs $30,000, and lets say you have ended up paying $15,000 in the time of 5 years. After 5 years lets say that the car's value is $20,000. Basically you have paid $5,000 extra as compared to someone that paid cash for the car and sold it 5 years later. This $5,000 number is how they figure out the APR rate that needs to be reported to the state or federal authorities. |
| Re: Halal Loans |
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| Anonymous |
| 08/09/01 at 20:58:53 |
| Leasing a car can be compared to leasing a home or a store, you are only renting it for a long period of time, and not really paying any interest on it. Thanks for the link bhaloo, I'll check it out insha'Allah. Now I only need to decide on what car to get... The Lexus IS300 or the new ES300 coming out in september..or a Benz C230...or pinto hehe....hmm..any suggestions ? walaykum as salam :) |
| Re: Halal Loans |
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| humble_muslim |
| 08/10/01 at 05:28:58 |
| AA Suzuki currently have some nationwide offers for 0% finance for up to 5 yeras. Check out your local Suzuki dealer. |
| NS |
| Re: Halal Loans |
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| Anonymous |
| 08/13/01 at 13:01:53 |
| salam alaykum. Thanks bhaloo, I applied for an application to apply for a loan. :-D Does anyone have any experiences with lariba that they'd like to share? walaykum as salam |
| Re: Halal Loans |
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| humble_muslim |
| 08/13/01 at 16:33:32 |
| AA Can you tell us how they calculate the profit ? |
| NS |
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