FAQs for Car Installments Program


What is Car Installments?
Car installments or lease is based on the Ijara concept. We buy the car that you desire and we lease it to you through monthly rental. At the end of contract, when you settle all the monthly rentals, and upon your request, we transfer the ownership of the car to you.
How long does the finance process take?
It usually takes around 5 working days from the day of application until the day you receive the car.
What is the finance period?
It is up to 5 years, as long as you don’t exceed the retirement age at your last monthly payment. If you are a retiree, you can finance the car up to 5 years, as long as you don’t exceed the age of 60 at the last payment.
How much can I borrow to buy a new car and what is my monthly payment?
You can easily find out how much you can borrow and your monthly payment with our instant online calculator. Click here to find out.
Do I need to place a down payment?
A down payment is not required if your salary is transferred to your account with us, while 10% down payment applies if your salary is transferred to another bank. The down payment also depends on the price of the car that you want to buy and your salary. Our instant online calculator can help to find out if you need any down payment and how much. Click here to find out.
If I need to deposit a down payment, how can I pay it?
If you need to make a down payment, you should deposit the down payment amount in your account with us.
What is a last payment?
The last payment is usually 25% to 30% of the car price which you decide to pay at the end of the lease. It makes the monthly rentals that you pay less, but you have to be ready to make a large payment at the end of the lease.
Can I still get Car Lease, if I have an existing finance?
Yes you can, but the sum of your existing monthly installment and the monthly payment of the car should not exceed 50% of your monthly income. Also, you should not have late dues on your existing finance. You can easily find out how much you can borrow and your monthly installments with our instant online calculator. Click here to find out.
Can I get more than one car through Car Lease?
Yes you can, but the sum of your monthly payments for all the cars should not exceed 50% of your monthly income. You can easily find out how much you can borrow and your monthly installments with our instant online calculator. Click here to find out.
Can I have a joint-applicant in the Car Lease?
it is not possible to have a joint-applicant.
If I have a credit card, does it affect the Car Lease that I want to get?
No, the credit card doesn’t affect your Car Lease. However, you should not have late dues on your credit card, since it affects your financial record in the credit bureau, SIMAH.
Is the lease rate fixed?
Yes, it is fixed during the whole lease period.
If I get a Car Lease from Al Rajhi Bank, can I get second finance, afterward?
Yes, you can apply to a second finance. However, it depends on how much you can borrow and how much will be your total monthly installments. The table below gives some indication.
Existing Car Lease + Home Finance 45% of your monthly income
Existing Car Lease + second Car Lease 50% of your monthly income
Existing Car Lease + Personal Finance 33% of your monthly income
Can I make an early settlement of my Car Lease?
Yes, you can make an early settlement. But you need to call us or visit your branch for the details.
Is the driving license mandatory?
A valid driving license is only mandatory if you need to drive the car. If you don’t have a driving license, you can choose to authorize someone else to drive the car.
If I am not driving the car, whom can I authorize to drive it?
you can authorize any person who has a valid Saudi driving license on the condition that his age is within the allowed limits (18 to 60). You can authorize one additional person only.
Do you deal with all the dealerships in the Kingdom?
You need to do an early settlement of the lease first. We transfer the car ownership to you, and then you can sell it.
Can I sell the car during the lease period?
Yes you can, and in this case we will do our calculation and you pay any outstanding balance.
Can I return the car during the lease period?
Yes you can, and in this case we will do our calculation and you pay any outstanding balance.
Can I upgrade or buy additional accessories for the car?
You cannot upgrade the car or add additional accessories without our approval, since there are certain upgrades that can void the dealer warranty, the Takaful coverage, or the extended warranty. However, the addition of a solar film for the windows is approved.
Can I trade-in the car with a new one?
We do not have yet this service.
Who is responsible for the maintenance of the car?
You are responsible to keep regular maintenance of the car as per the manufacturer maintenance schedule. All the regular and other maintenance costs are at your expenses.
Can I travel in the car outside Saudi Arabia?
Yes, you can. You only need an authorization letter to drive outside KSA.

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