Car financing requirements in Saudi Arabia are set by the Saudi Central Bank (SAMA) and vary by financing entity (bank, finance company, or Tamara). Basic requirements include: age between 21-65, monthly salary of at least SAR 4,000-5,000 (for banks), valid Iqama for expats (at least 6 months remaining), GOSI certificate, clean credit record on SIMAH, and not exceeding 45% of salary in total monthly installments (SAMA’s golden rule). Tamara (BNPL) is more flexible (requires only a valid Iqama and bank card). Carly (HalaCarly.com) works with 12+ financing partners to provide the right option for every situation. This guide breaks down all requirements in detail.

What’s Inside This Guide

1. Regulatory bodies for car financing
2. Age requirements
3. Salary and employment requirements
4. Nationality and residency requirements
5. Credit record requirements (SIMAH)
6. SAMA’s 45% rule
7. Requirements by financing entity (bank / fintech / Tamara)
8. Required documents
9. Requirements for the car itself
10. Frequently Asked Questions (FAQ)

1. Regulatory Bodies for Car Financing

Saudi Central Bank (SAMA)

SAMA is the main regulatory body for all financing operations in the Kingdom. It sets the rules that all banks, finance companies, and BNPL platforms must follow.

Core Rules from SAMA

• The 45% rule: total monthly installments cannot exceed 45% of salary
• Consumer protection: transparency in fees and no hidden charges
• Data confidentiality: protection of personal and financial information
• Right to information: the consumer is entitled to know all financing details before signing

2. Age Requirements

Important Notes

• The maximum is calculated at the end of the repayment period: so if you’re 55 and want a 60-month loan, the max is 65 (55 + 5 years repayment)
• Government employees may receive different conditions than the private sector
• Retirees: some banks accept retiree financing under special conditions (pension, guarantor, etc.)

3. Salary and Employment Requirements

Minimum Salary

Job Tenure

Salary Transfer

• Banks: often required (90% of cases)
• Finance Companies: optional (but improves conditions)
• Tamara: not required at all

Employment Sectors

All sectors are accepted, but some receive special treatment:

• Government sector: the best (flexible terms, lower rates)
• Major private companies: very good (ARAMCO, STC, SABIC, etc.)
• Standard private sector: standard terms
• Self-employed: finance companies or Tamara

4. Nationality and Residency Requirements

For Saudis

• Valid national ID
• Valid Saudi driving license

For Expats

Accepted Nationalities

All nationalities are generally accepted in Saudi Arabia, but some banks have preferences:

• Nationalities accepted on favorable terms: American, European, Canadian, Australian, Japanese, Singaporean
• Nationalities accepted on standard terms: large communities (Indians, Pakistanis, Filipinos, Bangladeshis)
• Some nationalities may face tougher conditions: varies by bank

Note: Carly + Tamara serve all nationalities without discrimination. Support is available in 6 languages.

5. Credit Record Requirements (SIMAH)

What Is SIMAH?

SIMAH is the Saudi Credit Bureau. It collects data on your loans, credit cards, and installments in a single record accessible to banks.

Credit Score

• Range: 300 to 900
• Above 720: excellent (easy approval, best rates)
• 620-720: good (likely approval, moderate rates)
• 560-620: average (difficult approval, higher rates)
• Below 560: poor (rare approval)

What Affects Your Score?

• Commitment to paying installments: the most impactful (40% of score)
• Credit history length: 15%
• Number of active loans: 15%
• Credit utilization ratio: 30%

How to Check Your Record?

You can request a copy of your record from the SIMAH website for a small fee (approximately SAR 50). It’s recommended to check before applying for car financing.

How to Improve Your Record?

• Pay all installments on time
• Don’t delay credit card payments
• Reduce active loans before applying
• Wait 6-12 months for improvements to show

6. SAMA’s 45% Rule

What Is the Rule?

The Saudi Central Bank (SAMA) sets that the sum of all your monthly installments cannot exceed 45% of your salary.

The Rule Includes:

• Car financing
• Personal loans
• Credit cards (minimum payment)
• Mortgage (if any)
• Any other monthly commitments

Practical Example

How to Get Around the Rule If Needed

• Increase the down payment: reduces the financed amount and thus the installment
• Extend the repayment period: 60 months instead of 36
• Pay off other loans first: clears space within the 45%

7. Requirements by Financing Entity

Banks

Best for: salaried employees with stable transferred salary

Pros:

• Lowest profit rates (3-5% annually)
• Highest financing ceiling (up to SAR 800,000)
• Longest repayment period (60 months)

Cons:

• Strict conditions
• Slow approval (3-5 days)
• Salary transfer required

Finance Companies (Fintech)

Best for: self-employed, expats, lower salaries

Pros:

• Faster approval (24-48 hours)
• Don’t require salary transfer
• More flexibility

Cons:

• Higher profit rates (5-8% annually)
• Lower ceiling (SAR 300,000)

Tamara (BNPL)

Best for: economy cars, new expats

Pros:

• Instant approval (30-60 seconds)
• No traditional interest
• Very simple conditions

Cons:

1. Low ceiling (SAR 50,000)
2. Short term (12 months max)

8. Required Documents

For Banks

• Valid ID / Iqama image
• Salary certificate (less than 30 days old)
• GOSI certificate
• Bank statement (3 months)
• Letter from employer (in some cases)
• Valid Saudi driving license

For Finance Companies

• Valid ID / Iqama image
• Salary certificate
• Bank statement (3 months)
• Saudi driving license

For Tamara

• Valid ID / Iqama image
• Saudi mobile number registered in your name
• Active bank card

9. Requirements for the Car Itself

Financing doesn’t apply to any car. There are conditions on the car too:

Car Age

• At end of repayment period, the car age cannot exceed 10-12 years
• So if the car is 5 years old today and the repayment is 5 years, the car is 10 years old at the end (acceptable)
• If the car is 8 years old and repayment is 5, at the end it’s 13 years (often rejected)

Car Condition

• Must be inspected (via a certified platform like Carly or a dealership)
• Must be free from major accidents
• Must have comprehensive insurance

Car Type

• Most models are accepted (sedan, SUV, pickup)
• Very luxury cars (>SAR 500,000) may require higher conditions
• Rare or modified cars may be rejected

Cars on Carly

All cars on Carly meet financing requirements (age, condition, inspection). Carly works with financing partners to provide options for each car.

10. Frequently Asked Questions (FAQ)

What are the basic requirements for car financing in Saudi Arabia?

Age 21-65, salary at least SAR 4,000-5,000 (for banks), valid Iqama (for expats), GOSI certificate, clean credit record, and not exceeding SAMA’s 45% rule.

What is SAMA’s 45% rule?

A rule from the Saudi Central Bank stating that the sum of all monthly installments (car + loans + cards) cannot exceed 45% of monthly salary.

Do I have to transfer my salary to finance a car?

• Banks: often yes
• Finance companies: optional
• Tamara: not required

Can expats finance a car in Saudi Arabia?

Yes. Conditions: valid Iqama (6+ months remaining), GOSI certificate, salary meeting the minimum. Tamara is the easiest for new expats.

What’s the minimum salary for car financing?

• Major banks: SAR 5,000
• Other banks: SAR 4,000
• Finance companies: SAR 3,500
• Tamara: not specified

How long does financing approval take?

• Tamara: 30-60 seconds
• Finance companies: 24-48 hours
• Banks: 3-5 business days

Does SIMAH affect approval?

Yes, significantly. A score above 720 means easy approval. Below 560 means major difficulty.

What documents are required?

Essentials: ID/Iqama, salary certificate, GOSI, bank statement, Saudi driving license.

Can I finance an old car?

The car age + repayment period cannot exceed 10-12 years. Cars older than 7 years face tougher conditions.

Can I finance a car with no down payment?

Yes, through some finance companies or Tamara. But the monthly installment is higher.

How do I improve my credit score?

Pay all installments on time, reduce active loans, wait 6-12 months for improvements.

Is there interest-free financing?

Tamara offers a Sharia-compliant BNPL service (no traditional interest). Islamic banks offer financing through Murabaha (with a pre-agreed profit margin, not usurious interest).

Information updated through April 2026. Financing conditions vary by financing entity. Official sources: sama.gov.sa, simah.com, gosi.gov.sa.

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