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Auto Financing

Buy your own car by installments

Cash money is not any more a barrier between you and your dream of owning a new car. Bank Albilad has made it easier for you to buy your favorite car. Not only that; Bank Albilad has adopted financing solutions to help you buy a car and pay its price at right-at- hand, Sharia-compliant monthly installments, which are controlled by the bank's Sharia Group for accuracy of application.
The bank buys and procures ownership of the car which the customer would like to purchase form dealers or showrooms approved by the bank. Then, the bank transfers ownership of the car to the customer. The customer repays the price of the car to the bank at monthly installments in accordance with the provisions of the contract signed by and between the two parties.

Financing features

  • This is a Sharia-compliant financing service. The bank profit is determined in advance. It does not include any increases not agreed upon in case of delay in payment by the customer. The car is sold to the customer only after the bank has bought the car and registered its ownership in the bank's name.
  • The customer can buy any new car as he desires within the credit limits made available to him by the bank.
  • The customer can pay the price of the car by monthly soft payments commensurate with his monthly salary and for a period of up to 60 months.
  • Financing may be requested from any branch of the bank at all areas of the Kingdom through the customer service staff.
  • Financing does not require a guarantor or down payment (in cases of approved dealers).
  • Financing procedures are completed promptly.
  • This service encompasses the possibility of financing non-Saudi residents.

Simple Requirement

  • The customer must have a current account with Bank Albilad
  • The customer must be no less than 18 years of age
  • The customer, or guarantor if applicable, must be an employee of a public or private sector installation approved by Bank Albilad, with at least three (3) months of services for public sector employees and one (1) year for private employees
  • The customer's net income should not be below SR 3,000 per month;
  • The customer, or guarantor if applicable, must transfer their salaries to their current accounts with Bank Albilad using the SAREIA deposit system.

Required documents

  • Valid ID (civil ID card or Family Book for Saudis; Iqama and passport for non-Saudis)
  • Copy of the military ID for militaries along with the original for comparison
  • Completing and signing a "Car Purchase Form"
  • Completing and signing a "Guarantee Form" if a guarantor is required
  • An introductory letter from the employer containing the following information: monthly salary (base and allowances), job description and the date of employment.
  • A statement of salary transfer.