How to Finance a Used Car in KSA as an Expat?| MENAFN.COM

Wednesday, 07 December 2022 08:53 GMT

How to Finance a Used Car in KSA as an Expat?


(MENAFN- Digital solutions)

Financing a used car in KSA is quite a process, however, it will be much easier if you have already lived in the Middle East before. Usually, expats find it difficult to finance a used car in Saudi Arabia as it’s always risky but it can be a smart investment as long as you are aware of the steps and the procedures that allow you to finance it properly.

Finance A Used Car in KSA

We provide you with the following guide that has a list of the financing companies for those looking to finance a secondhand car in KSA:

Abdul Latif Jamil Finance

ALJ provides expats with the ability to finance a used car in simple steps, which go as follows:

  • Choose the car you want to finance
  • Use one of the financing calculation tools that are available on the website
  • Prepare the following documents:
    • Resident ID copy
    • Driver's license copy
    • Proof of gross monthly income
    • Proof of residence
  • Submit your financing application to the branch or by fax
  • Send the application form to aljufcrm@aljfs.com

Riyad Bank

If you are willing to finance a secondhand car in Saudi Arabia using Riyad Bank, you have to get an initial approval first by either visiting a dealership sales consultant or visiting one of the selected branches. After you get the initial approval, you need to bring the following documents:

  • Salary certificate (Less than 2 months old)
  • A valid Saudi Iqama
  • 3-month bank statement for the salary account (Required if the salary will not be transferred to Riyad Bank)
  • A completed lease application form
  • A valid driving license
  • Salary transfer letter (In case of financing with salary transfer to Riyad Bank)
  • Vehicle quotation (From a dealer approved by Riyad Bank)

Taajeer Finance

Taajeer Finance provides its customers with the ability to finance used cars which are approved by authorized auto dealers, auto showrooms, and individuals.

To finance via Taajeer, you have to prepare the documents below:

  • An application form
  • 3-month bank account statement
  • A copy of the national identification card
  • A copy of the license
  • A copy of the social insurance (For private sectors)
  • A copy of the national address
  • A complete inspection of the car at the agency or any approved workshops
     

Al Yusr

Al Yusr is one of the best financing companies in KSA that has a wide network of dealerships and showrooms all over the kingdom. 

Here are the required documents you need to offer to the company:

  • Resident ID
  • Definition of salary
  • Valid driving license
  • Price offer of the vehicle (all authorized dealerships and showrooms) 
  • Bank statement for the last 3 months 

Lastly, we would like to mention a quick, efficient online platform as one of the easiest and safest ways to finance your dream car online, you simply need to do the following steps: 

  • Visit Motory.com 
  • Go to the Used Cars Financing section 
  • Choose the vehicle you want to finance
  • Fill out the financing request form 
  • The financing company will contact you as soon as possible to complete the process 

We have summarized all the steps expats need to do when financing a used car in KSA, so you will get an idea of how to do the whole process with the easiest ways before considering financing. 

 


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