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Type
Showing 10 of 30 car loans
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Auto Murabaha Finance
Al Rajhi Bank
MurabahaInsurance Inc.
APR5.47% - 5.67%
Max AmountSAR 2,000,000
Max Tenure5 years
Down PaymentNot required
Auto Leasing
Al Rajhi Bank
LeaseInsurance Inc.50/50
APR7.04% - 7.97%
Max AmountSAR 2,000,000
Max Tenure5 years
Down PaymentNot required
Auto Lease Flexible
Bank Aljazira
LeaseInsurance Inc.
APR7.30%
Max AmountSAR 800,000
Max Tenure5 years
Down PaymentNot required
Auto Lease 50-50
Bank Aljazira
LeaseInsurance Inc.50/50
APR7.30%
Max AmountSAR 800,000
Max Tenure4 years
Down PaymentMin 40%
Auto Lease Financing (Monthly)
Alinma Bank
LeaseInsurance Inc.50/50
APR7.33%
Max AmountSAR 1,000,000
Max Tenure5 years
Down PaymentNot required
Auto Lease Financing 50/50
Alinma Bank
LeaseInsurance Inc.50/50
APR7.33%
Max AmountSAR 1,000,000
Max Tenure2 years
Down PaymentMin 50%
Electric Car Lease Financing (Monthly)
Alinma Bank
EV FinanceInsurance Inc.50/50
APR7.33%
Max AmountSAR 1,000,000
Max Tenure5 years
Down PaymentNot required
Electric Car Lease Financing 50/50
Alinma Bank
EV FinanceInsurance Inc.50/50
APR7.33%
Max AmountSAR 1,000,000
Max Tenure2 years
Down PaymentMin 50%
Auto Lease
Arab National Bank
LeaseInsurance Inc.50/50
APR7.46% - 11.40%
Max AmountSAR 1,000,000
Max Tenure5 years
Down PaymentNot required
AlAhli Lease Finance
Saudi National Bank
LeaseInsurance Inc.50/50
APR7.84% - 9.44%
Max AmountSAR 500,000
Max Tenure5 years
Down PaymentNot required
Showing 1-10 of 30
Your Complete Guide to Auto Finance in Saudi Arabia
Everything you need to know about car financing from Saudi banks
How Does Auto Finance Work?
Saudi banks offer auto finance through two main Islamic structures. Murabaha: the bank buys the car and sells it to you at a disclosed profit with monthly installments — the car is registered in your name from day one with a lien in favor of the bank. Ijarah (leasing): the bank owns the vehicle and leases it to you, and at the end of the contract you can either own it or return it.
Auto finance is regulated by the Saudi Central Bank (SAMA), which requires banks to disclose the Annual Percentage Rate (APR) and allow early settlement with a discount on remaining profits. All programs include comprehensive insurance as part of the financing contract.
Murabaha vs. Leasing: Which is Right for You?
With Murabaha you own the car immediately — ideal if you plan to keep the car long-term and prefer it registered in your name. It typically requires salary transfer and offers lower profit rates. Leasing gives more flexibility: lower monthly payments, the option to switch cars every few years, and often no salary transfer requirement.
50/50 programs combine both concepts: you pay half the value upfront and finance the other half, or pay reduced monthly installments with a large final balloon payment. This suits those who want a low monthly payment with a plan to sell or trade the car after two years.
Down Payment and Costs
Down payments vary by program: 0% for Murabaha with salary transfer (new cars), 5-20% for used cars, and 50% for 50/50 programs. The higher the down payment, the lower the monthly installment and total cost. Salary transfer gives you better terms and lower down payments.
Additional costs include: admin fees (typically 1% of the financing amount capped at SAR 5,750 including VAT), and mandatory comprehensive insurance renewed annually. When comparing, focus on the APR as it includes all costs — profit margin, fees, and insurance.
New vs. Used Car Financing
New car financing features lower profit rates, longer terms up to 60 months, and 0% down payment options. Used car financing offers lower amounts and shorter terms (36-48 months) with higher profit rates, but suits those seeking a lower purchase price.
Used cars have additional conditions: a maximum vehicle age (typically 5 years at end of financing), and mileage caps ranging from 80,000 to 100,000 km. Certified Pre-Owned (CPO) programs provide additional warranties and comprehensive inspection before sale.
Eligibility and the 65% DBR Rule
To qualify for auto finance, banks require a minimum salary starting from SAR 1,900, varying by bank. The 65% Debt Burden Ratio (DBR) rule set by SAMA applies — your total monthly installments across all financing (auto + mortgage + personal + cards) cannot exceed 65% of your salary.
Residents can obtain auto finance with similar conditions at some banks, with special requirements that may include a higher minimum salary and sufficient Iqama validity. Ensure your SIMAH credit report is clean before applying — past late payments may reduce approval chances or result in higher profit rates.
Electric Vehicles and General Tips
In line with Vision 2030, some banks have launched dedicated EV financing programs at competitive rates, encouraging the shift to eco-friendly vehicles. These programs are available as Murabaha or leasing with 50/50 options.
Tips before applying: pay off as much existing debt as possible to improve your DBR, compare offers from all banks on Bankkie (not just the dealer's offer), verify that insurance and registration are included, and calculate the total cost — not just the monthly payment. Remember that early settlement is available after 3 months with a discount on remaining profits.
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Frequently Asked Questions
Answers to common questions about car financing
🚗Can I finance a used car in Saudi Arabia?
Yes, most Saudi banks offer used car financing provided the vehicle doesn't exceed a certain age (typically 5 years at the end of the financing term). Profit rates may be slightly higher and down payments larger compared to new cars. Make sure to have the car inspected at an authorized center before finalizing the finance.
💰What down payment is required for auto finance?
Down payments typically range from 0% to 20% depending on the bank and vehicle type. Some banks offer zero down payment for new cars with salary transfer. For used cars, down payments are usually higher (10–20%). Compare down payment offers on Bankkie to find what suits your budget.
🕌What's the difference between auto Murabaha and auto leasing?
Auto Murabaha: the bank buys the car and sells it to you at a profit — it's registered in your name immediately. Auto Leasing (Ijara): the bank owns the car and leases it to you with an option to own at the end. Leasing may offer lower installments with a balloon payment, while Murabaha gives you immediate ownership.
🛡️Is comprehensive insurance mandatory for auto finance?
Yes, all banks require comprehensive insurance throughout the financing period to protect the financed asset. You can choose your own insurer or use the bank's partner offers. Some banks add the insurance premium to the financing, increasing the total amount. Remember to renew insurance annually to avoid penalties.
💵What is the maximum auto finance amount?
Financing can reach up to SAR 2,000,000 at some banks for luxury vehicles, but the actual amount depends on your salary and the 65% DBR rule. Minimum salary starts from SAR 1,900 depending on the bank. Financing terms extend up to 60 months (5 years) for most offers.
⏱️Can I pay off my car loan early?
Yes, SAMA requires banks to allow early settlement with a discount on remaining profits. Early settlement is typically available after 3 months from the start of financing. For leasing, you may need to pay the residual purchase value (balloon) plus any applicable fees.
⚡Can I finance an electric vehicle (EV)?
Yes, several Saudi banks have launched dedicated EV financing programs in line with Vision 2030. You may get competitive profit rates or additional benefits. Some banks require specific approved EV models.
📝Do I own the car during the financing period?
It depends on the financing type: with Murabaha, the car is registered in your name from the start with a lien in favor of the bank. With leasing, the car stays registered under the bank until the end of the term. In both cases, you cannot sell the car without the bank's approval during the financing period.
📋What documents are needed for auto finance?
Key documents include: national ID or Iqama, valid driving license, bank statement (3–6 months), and salary certificate from your employer. For used cars, you may need a technical inspection report. Some digital banks accept online applications with fewer documents.
🌍Can non-Saudis get auto finance?
Yes, most banks offer auto financing to residents with a valid Iqama and salary transfer. Minimum salary may be higher for residents compared to Saudi nationals. Some banks require sufficient remaining Iqama validity to cover the financing period or a portion of it.