Pre-owned vehicles financing 

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Pre-owned vehicles financing

At alrajhi bank we are committed to constantly developing better products and quality service for our customers. We strive to offer competitive and flexible products , while ensuring quick easy access to meet your requirements.

    Salary Transferred Customers to alrajhi bank

  1. *Down payment 10%.
  2. *Admin Fees 1% 
  3. Balloon Payment till up to 25%.
  4. up to 60 months.
  5. Low Annual Percentage Rate (including insurance) starting from 11.20 %

Non-Salary Transferred Customers

  1. Down payment 15%.
  2. Admin Fees 1%  
  3. *Balloon Payment up to 20%
  4. up to 60 months.
  5. Low Annual Percentage Rate starting from 13.08% 

Example 1 : Salary Transferred Customers 

Asset Type Loan/Finance Amount Down payment Maturity in Years APR Monthly Repayment Amount Residual Value
car 100,000 SAR  10,000 SAR 5 years 11.20% 1.605 25.000

Example 2 :  Non-Salary Transferred Customers 

Asset Type Loan/Finance Amount Down payment Maturity in Years APR Monthly Repayment Amount Residual Value
car 100,000 SAR 15,000 SAR 5 years 13.08% 1,644 20.000

  APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer

*Above examples are for customers of Government and Semi – Government sector

Terms and Conditions

  1. Terms and conditions are applying
  2. Offer is valid until 18 May 2024
  3. Applicable to Saudi Nationals and Non Saudi Nationals
  4. Customers with Salary transfer and Non Salary Transfer are eligible
  5. Minimum income requirement is SAR 5,000 (varies for Salary Transfer & Non Salary Transfer customers)
  6. Minimum down payment requirement is 10% (varies for Salary Transfer & Non Salary Transfer customers)
  7. Maximum balloon payment allowed is 25% (varies for Salary Transfer & Non Salary Transfer customers)
  8. Vehicles sourced from franchise dealership & ARB approved sub-dealers
  9. Up to 2019 models are eligible for financing (subject to maximum car mileage)
  10. Maximum lease tenure up to 60 months (varies from manufacturing year)
  11. Maximum millage is 100,000 KM (varies on manufacturing year)
  12. Admin Fee of 1% or SAR 5,000 whatever is lower
  13. Vehicle value should not exceed ARB assessed value

    The Annual Percentage Rate (APR):

    It is the discount rate at which the present value of all payments and installments that are due from the Borrower, representing the Total Amount Payable by the Borrower, equals the present value of all payments of the Amount of Financing available to the Borrower on the date on which the Financing amount or the first payment thereof is available to the Borrower.  

    Illustration:

    *APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.

    Finance Amount:

    The contract stipulates the amount of financing you will receive in addition to the period of repayment of the installments, stating their value and the maturity date of these installments. The data also include the cost of obtaining funding in terms of knowing the fixed term cost rate and management fees.

    Maturity In Years:

    The duration of the contract agreed upon between the parties, which shall indicate the date and expiry of the contract with the parties with the terms of the contract.

    Monthly repayment amount:

    The last payment is usually to 50% 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.  

    Residual Value:

    The last payment is usually to 50% 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.

    *Al Rajhi Bank is controlled and supervised by SAMA

     

How to apply

  1. Please visit your nearest Al Rajhi Bank branch, or visit any dealer’s showrooms.Or call 8001241222
  2. Apply online via the website
  3. Al- Rajhi Bank Applications (IOS - Android)

Tutorial Videos

Tutorial Videos