🚗 Car Loan Calculator
Calculate monthly payment and total ownership cost for your car
Financing Details
About This Tool
The Car Loan Calculator is a comprehensive free tool that helps you calculate monthly payments and total ownership cost for your car in Saudi Arabia. The calculator offers two financing options: Conventional (declining balance) and Islamic (Murabaha with fixed profit).
Benefits of Using This Calculator:
- Accurate Calculation: Get the actual monthly payment and total financing cost
- Conventional & Islamic: Compare interest-based and Murabaha Islamic financing
- Trade-in Support: Enter your old car value to calculate net financing
- Compare Offers: Try different terms and rates to find the best deal
How to Use
- Choose Financing Type: Select Conventional (declining balance) or Islamic (Murabaha)
- Enter Car Price: Enter the full car price in SAR
- Set Down Payment: Enter the upfront amount you'll pay (usually 15-30%)
- Trade-in Value (optional): If you have an old car, enter its value
- Interest/Profit Rate: Enter the annual rate from the bank (usually 2-5%)
- Loan Term: Select the repayment period in years
- Calculate: Click "Calculate Monthly Payment"
Important Information
Tips When Financing a Car:
- Down Payment: Higher down payment means lower monthly payments
- Loan Term: Shorter term saves on interest
- Insurance: Comprehensive insurance is mandatory with financing
- Trade-in: Your old car value reduces the loan amount
- Compare Offers: Differences between banks can be significant
Difference Between Conventional and Islamic Financing:
- Conventional: Declining balance interest - decreases as you pay
- Islamic: Fixed profit rate over the entire term
Car Depreciation in the Saudi Market:
- First Year: ~15%
- Years 2-5: ~10% annually
- After 5 years: Approximately 55% of original value
Frequently Asked Questions
Enter car price, down payment, loan term, and profit rate, and the calculator will compute the monthly payment automatically.
Profit rates range from 2% to 6% annually depending on the bank, loan term, and customer credit history.
Saudi banks typically require at least 10% down payment for new cars and 15% for used cars.
Yes, SIMAH credit report significantly affects approval and profit rates. A good credit history means better terms.
Maximum term for new cars is usually 5 years (60 months) and 3-4 years for used cars depending on the car age.