What is the car loan process for the Kia Sportage 2024 1.6T-GDI SX (AWD) in KSA?

The car loan process typically involves submitting an application to a bank or financing company, providing necessary documents such as proof of income, credit history, and details about the vehicle. After approval, you will sign the loan agreement and make the down payment.

How does taking out a loan to buy a Kia Sportage affect my credit score in KSA?

Taking out a loan can initially lower your credit score due to the hard inquiry made by lenders. However, if you make timely payments, it can improve your score over time by demonstrating responsible credit behavior.

What should I be aware of before applying for a car loan for the Kia Sportage?

Before applying for a car loan, check your credit score, compare interest rates from different banks, understand the total cost of the loan including any fees, and ensure you have a budget for monthly payments.

What factors can influence the interest rate on my car loan for a Kia Sportage?

Factors that can influence the interest rate include your credit score, the loan amount, the loan term, current market rates, and the lender's policies.

Can I refinance my car loan after purchasing the Kia Sportage?

Yes, you can refinance your car loan after purchasing the vehicle. This may help you secure a lower interest rate or better terms, but be mindful of any fees associated with refinancing.

CarteaCar Loan Calculator

Kia Sportage 2024 1.6T-GDI SX (AWD) Car Loan Calculator in KSA

To finance this car, you can first calculate the installment price in KSA

Monthly Payment

SAR 10,897

Down Payment

SAR 32,338

Total Cost

SAR 163,102

Car Loan Monthly Installments Schedule

Repayment Schedule	Monthly Repayment	Remaining repayment amount
1	SAR 10,897	SAR 119,867
2	SAR 10,897	SAR 108,970
3	SAR 10,897	SAR 98,073
4	SAR 10,897	SAR 87,176
5	SAR 10,897	SAR 76,279
6	SAR 10,897	SAR 65,382
7	SAR 10,897	SAR 54,485
8	SAR 10,897	SAR 43,588
9	SAR 10,897	SAR 32,691
10	SAR 10,897	SAR 21,794
11	SAR 10,897	SAR 10,897
12	SAR 10,897	SAR 0

Monthly Payment Composition

Interest: 118

Principal: 10779

Kia Sportage 2024 1.6T-GDI SX (AWD) Car Loan Calculator FAQs in KSA

The car loan process typically involves submitting an application to a bank or financing company, providing necessary documents such as proof of income, credit history, and details about the vehicle. After approval, you will sign the loan agreement and make the down payment.
Taking out a loan can initially lower your credit score due to the hard inquiry made by lenders. However, if you make timely payments, it can improve your score over time by demonstrating responsible credit behavior.
Before applying for a car loan, check your credit score, compare interest rates from different banks, understand the total cost of the loan including any fees, and ensure you have a budget for monthly payments.
Factors that can influence the interest rate include your credit score, the loan amount, the loan term, current market rates, and the lender's policies.
Yes, you can refinance your car loan after purchasing the vehicle. This may help you secure a lower interest rate or better terms, but be mindful of any fees associated with refinancing.