How to lease a car in Saudi Arabia
Many finance companies, banks, and automobile dealers now offer vehicle leasing, either with or without a down payment (Advance Payment).
Generally, most businesses offer a 48- to 60-month installment plan with a maximum final payment of 25%: Lease transfer procedure of Al Yusr finance co.
Here are the Steps to Apply for Vehicle Finance.
- Choose the vehicle you wish to purchase.
- Get a Quotation from Vehicle Dealer or Marad (If it is a used vehicle, it should not be older than 3 years)
- Prepare the Following Documents
- Salary Certificate from Employer attested by Chamber of Commerce.
- Original and copy of Iqama
- Copies of passport.
- Home rent agreement copy.
- Electricity Bill.
- Location map of both your home and work.
- National Address Registration Proof.
- Copy of your ID from your home country.
Submit all these documents to your Financier
A few days after your Submission, a representative will visit your work location for the Verification Process. He will submit his report after verification.
If your application is approved you will receive a confirmation call or SMS from the Financier, then you can go for the down payment (if required) to get registered for the Vehicle.
The financier will issue a Driver’s Authorization Letter which you can renew every 3 months.
After all installments and final payments are paid, the Financier will transfer full vehicle ownership to your name.
