Car lease/finance in Saudi Arabia

Welcome to Expat-blog, leonleon304

Hi Leon and welcome to the forum,

I have very recently financed a car so I have had personal knowledge of it. I would suggest that if you want to avoid hassle and waiting for the car, please get it on cash. If for some reason, you would like to finance/lease it then it can be done right at the car agency itself. Almost every car agency has representatives of banks/leasing companies available there so you can go over the details anytime you want to check out the cars as well. The documents needed for leasing usually are:

1. Letter from employer mentioning your salary and date of employment (Along with CoC stamp)
2. Iqama, passport and driving license copies
3. Bank statement for 3 months of the bank into which your salary is deposited

After signing the forms, the documents are submitted to the head office for approval and enquiries. That takes about a week during which the bank/leasing company calls your or your references. After the approval, you have to give in the down payment and then wait for their processing to start. At the point you also need to provide a letter from the employer allowing you to buy a car (As usual along with CoC stamp).

After some more waiting, you eventually get the car. Best of luck

Most Auto Company dealers do not even insist on the deposit now. A friend who purchased a vehicle recently was given a waiver on his first 2 payments as a perk and also a cash back refund of SR 5,000 on the purchase with the car even before paying a single Halala. Its become a very competitive business with the customer benefiting from all these perks being dished out by the dealers.

The no deposit feature is usually the case when the leasing bank is also the bank in which the salary is deposited. Since my case, my lovely SABB does not have any car leasing schemes, had to make a cash deposit.

Also in my case, my application with ANB was rejected as "You have two credit cards". I verbally checking with the Riyad Bank rep as well and he was not very positive about me getting approval for the same reason. Hence had to go for leasing with Al-Yusr installment company.

Thanks mirfarali for detail reply, do anyone have recent rates of Saudi Car leasing/financing and what are the minimum criteria (advance/mark up )

What will happen if you decided to leave and return the car to the bank?