Used Cars vehicles financing

At alrajhi bank we are committed to constantly developing better products and quality service for our customers. In addition to leasing new vehicles, we also offer you the unique opportunity of leasing used cars. Used Cars leasing program is tailored as an economical option to meet your requirements & budgets. 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 starting from 0%.
2. *Admin Fees 1% or SAR 5,000 whatever is lower
3. Balloon Payment up to 25%.
4. Lease tenor up to 60 months.
5. Low Annual Percentage Rate starting from 11.20%

Non-Salary Transferred Customers

1. Down payment starting from 5%.
2. Admin Fees 1% or SAR 5,000 whatever is lower
3. *Balloon Payment upto 20%
4. Lease tenor up to 60 months.
5. Low Annual Percentage Rate starting from 13.08%

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.

Example 1 : Salary Transfer Customers 

Example 2 :  Non-Salary Transfer Customers 

APR calculation above is only for illustrative purposes. It may differ depending on the amount and the maturity period 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

Terms and Conditions

1. Offer is valid until 18 May 2024
2. Applicable to Saudi Nationals and Non Saudi Nationals
3. Customers with Salary transfer and Non Salary Transfer are eligible
4. Minimum income requirement is SAR 4,000 (varies for Salary Transfer & Non Salary Transfer customers)
5. Minimum down payment requirement is 10% (varies for Salary Transfer & Non Salary Transfer customers)
6. Maximum balloon payment allowed is 25% (varies for Salary Transfer & Non Salary Transfer customers)
7. Vehicles sourced from franchise dealership & ARB approved sub-dealers
8. Up to 2019 models are eligible for financing (subject to maximum car mileage)
9. Maximum lease tenure up to 60 months (varies from manufacturing year)
10. Maximum millage is 80,000 KM (varies on manufacturing year)
11. Admin Fee of 1% or SAR 5,000 whatever is lower
12. Vehicle value should not exceed ARB assessed value

FAQs

Where can I get these Used Cars vehicles from?

You can visit any franchise dealers & select a Used Cars.

You can also visit +700 dealers & sub dealers across Kingdom & choose a Used Cars vehicle from there. Also, you can find list of alrajhi bank approved dealers & sub dealers here in website.

What if I find an individual who is selling his Used Cars, Can I lease that car?

Yes, you can lease a Used Car that is sold by an individual seller however this car must be sourced from an alrajhi bank approved Dealer or sub dealer.

Can I get Used Cars leasing if my salary is transferred to another bank?

Yes. You can Used Car leased if you are a salary transfer customer of Alrajhi bank or if your salary is transferred to another bank.

What is the minimum income requirement to apply for Used Car lease?

If your salary is transferred to alrajhi bank minimum income requirement is 5,000 SAR however if you are salary is transferred to another Bank, your salary should be at least 10,000 SAR

What is the minimum age to apply for Used Cars lease?

If you are a Saudi national, you should be minimum 18 years old. In case if you are Non-Saudi, you should be at least 21 years old.

What is the minimum length of service requirement to apply for a Used Cars leasing?

If you are a salary transfer customer of alrajhi bank, you should be working for at least 3 month & have at least 1 salary credited in Alrajhi bank salary account.

If your salary is transferred to another bank, you should be working for at least 3 months & have at least 3 salaries credited to your bank account maintained with another bank.

What is max model that I can lease a vehicle under Used Cars program?

The max you can lease a car under Used Cars program is a 2020 model

What is the maximum lease tenure that I can avail for Used Car

You can lease Used Car up to 5 years however this also has a dependency on model year that you choose.

For example, if you are choosing a Used Car that is 2020 model, you can lease it up to maximum of 2 years however if you are choosing a car that is 2020 model,

you can lease it up to 5 years.

Do I have to pay any down payment for Used Car leasing?

Yes, there is a down payment requirement. If your salary is transferred to alrajhi bank, you

are required to pay a minimum of 10% down payment however this has a dependency on if your salary is transferred to

alrajhi bank or another bank since in case of another bank, down payment requirement may be higher.

Is there any balloon payment offered for Used Car leasing?

Yes, you can choose to have a maximum balloon payment of up to 25% however, this is dependent on

if your salary is transferred to alrajhi bank or to another bank since in case of another bank, Balloon payment

offering may be lower.

Is alrajhi bank offering 50/50 program for Used Cars leasing?

Yes, you can choose to avail 50/50 program for Used Car where you can pay 50%

as down payment & for next 2 years only pay profit & insurance while remaining 50% can be booked as Balloon Payment.

Are there any maximum millage restrictions on Used Car?

You can choose a Used Car with a maximum millage of 100,000 KMs

however this also had a dependency on model year that you choose.

For example, if you choose a car that is 2019 model, max millage should be within 100,000 KMs

however if you are choosing a car that is 2024 model,

its millage can be maximum within 50,000 KMs.

Do I need to get Used Car evaluated for its condition & value assessment?

Sub Dealers are required get Used Car vehicles evaluated & condition assessment

performed from Al Rajhi Approved evaluators before you apply for Used Cars.

Sub Dealer will use Code “RUCP” on evaluators Mobile app.