What is the process for obtaining a car loan for the MG HS 2024 1.5T COM (PHEV) in KSA?

To obtain a car loan for the MG HS 2024, you will need to approach a bank or financial institution, provide necessary documents (such as identification, income proof, and credit history) and fill out a loan application. The bank will then assess your eligibility based on these factors.

Will taking out a loan for the MG HS 2024 affect my credit score?

Yes, taking out a loan can impact your credit score. Initially, it may cause a slight decrease due to the hard inquiry made by the lender, but consistent timely payments can improve your score over time.

What factors should I consider when applying for a car loan for the MG HS 2024?

Consider the interest rates, loan term, monthly payments, and any additional fees or insurance requirements. It's also important to compare offers from different banks to get the best deal.

What is the usual interest rate for a car loan in KSA?

Interest rates for car loans in KSA typically range from 3% to 7% per annum, depending on the bank and your credit profile. It's advisable to shop around for the best rates.

What documents do I need to provide for a car loan application?

You will typically need to provide a copy of your ID, proof of income (like salary slips), bank statements, and your credit report. Some banks may require additional documentation.

CarteaCar Loan Calculator

MG HS 2024 1.5T COM (PHEV) Car Loan Calculator in KSA

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

Monthly Payment

SAR 8,816

Down Payment

SAR 26,163

Total Cost

SAR 131,955

Car Loan Monthly Installments Schedule

Repayment Schedule	Monthly Repayment	Remaining repayment amount
1	SAR 8,816	SAR 96,976
2	SAR 8,816	SAR 88,160
3	SAR 8,816	SAR 79,344
4	SAR 8,816	SAR 70,528
5	SAR 8,816	SAR 61,712
6	SAR 8,816	SAR 52,896
7	SAR 8,816	SAR 44,080
8	SAR 8,816	SAR 35,264
9	SAR 8,816	SAR 26,448
10	SAR 8,816	SAR 17,632
11	SAR 8,816	SAR 8,816
12	SAR 8,816	SAR 0

Monthly Payment Composition

Interest: 96

Principal: 8720

MG HS 2024 1.5T COM (PHEV) Car Loan Calculator FAQs in KSA

To obtain a car loan for the MG HS 2024, you will need to approach a bank or financial institution, provide necessary documents (such as identification, income proof, and credit history) and fill out a loan application. The bank will then assess your eligibility based on these factors.
Yes, taking out a loan can impact your credit score. Initially, it may cause a slight decrease due to the hard inquiry made by the lender, but consistent timely payments can improve your score over time.
Consider the interest rates, loan term, monthly payments, and any additional fees or insurance requirements. It's also important to compare offers from different banks to get the best deal.
Interest rates for car loans in KSA typically range from 3% to 7% per annum, depending on the bank and your credit profile. It's advisable to shop around for the best rates.
You will typically need to provide a copy of your ID, proof of income (like salary slips), bank statements, and your credit report. Some banks may require additional documentation.