Saudi Arabia

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
  1. Salary Certificate from Employer attested by Chamber of Commerce.
  2. Original and copy of Iqama
  3. Copies of passport.
  4. Home rent agreement copy.
  5. Electricity Bill.
  6. Location map of both your home and work.
  7. National Address Registration Proof.
  8. 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. 

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