Used Cars Financing
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
- *Down payment starting from 0%
- *Admin Fees 1% or SAR 5,000 whatever is lower
- Balloon Payment up to 25%
- Lease tenor up to 60 months
- Low Annual Percentage Rate starting from 11.20%
Example 1 : Leasing Used Cars Salary Transferred Customers
| Asset Type | Loan/Finance Amount | Down payment | Maturity in Years | APR | Monthly Repayment Amount | Residual Value |
|---|---|---|---|---|---|---|
| Vehicle | 100,000 SAR | 10,000 SAR | 5 years | 11.20% | 1,605 | 25,000 |
Non-Salary Transferred Customers
- Down payment starting from 5%
- Admin Fees 1% or SAR 5,000 whatever is lower
- *Balloon Payment upto 20%
- Lease tenor up to 60 months
- Low Annual Percentage Rate starting from 13.08%
Example 2 : Non-Salary Transfer Customers
| Asset Type | Loan/Finance Amount | Down payment | Maturity in Years | APR | Monthly Repayment Amount | Residual Value |
|---|---|---|---|---|---|---|
| Vehicle | 100,000 SAR | 15,000 SAR | 5 years | 13.08% | 1,644 | 20,000 |
Terms and Conditions
- Offer is valid until 24 Aug 2024
- Customers with Salary transfer and Non Salary Transfer are eligible
- Minimum income requirement is SAR 4,000 (varies for Salary Transfer & Non Salary Transfer customers)
- Minimum down payment requirement is 10% (varies for Salary Transfer & Non Salary Transfer customers)
- Maximum balloon payment allowed is 25% (varies for Salary Transfer & Non Salary Transfer customers)
- Vehicles sourced from franchise dealership & ARB approved sub-dealers
- Up to 2019 models are eligible for financing (subject to maximum car mileage)
- Maximum lease tenure up to 60 months (varies from manufacturing year)
- Maximum millage is 80,000 KM (varies on manufacturing year)
- Admin Fee of 1% or SAR 5,000 whatever is lower
- Vehicle value should not exceed ARB assessed value
Definitions
Illustration:
| Asset Type | Loan/Finance Amount | Maturity in Years | APR | Monthly Repayment Amount | Residual Value |
|---|---|---|---|---|---|
| Car | 75,000 SAR | 3 years | 7.04% | 1,345 | 37,500 |
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
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.
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:
Not available
*Al Rajhi Bank is controlled and supervised by SAMA
Definitions
Illustration:
| Asset Type | Loan/Finance Amount | Maturity in Years | APR | Monthly Repayment Amount | Residual Value |
|---|---|---|---|---|---|
| Car | 75,000 SAR | 3 years | 7.04% | 1,345 | 37,500 |
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
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.
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:
Not available
*Al Rajhi Bank is controlled and supervised by SAMA
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