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The Vehicle Loan Agreement serves as a standardized template for financial institutions providing vehicle financing in Saudi Arabia. It is specifically designed to comply with Islamic finance principles, SAMA regulations, and Saudi Arabian consumer protection laws. This document is essential for any finance company offering vehicle financing products, whether for individual consumers or commercial entities. The agreement covers crucial aspects including vehicle specifications, financing terms, security arrangements, insurance requirements, and regulatory disclosures. It is structured to accommodate both personal and commercial vehicle financing while ensuring compliance with Sharia principles, particularly avoiding conventional interest (riba). The template includes mandatory SAMA disclosures and incorporates consumer protection provisions required under Saudi law.

1. Parties: Identification of the Finance Company (Lender) and the Customer (Borrower) with full legal names and details

2. Background: Context of the agreement including the customer's application for vehicle financing and the lender's agreement to provide the same

3. Definitions: Key terms used throughout the agreement including Vehicle, Financing Amount, Profit Rate, Payment Schedule, etc.

4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, color, and specifications

5. Financing Terms: Details of the financing arrangement including principal amount, profit rate, total cost, and payment structure in compliance with Islamic principles

6. Payment Terms: Schedule of payments, payment methods, early payment provisions, and consequences of default

7. Security and Registration: Details of vehicle registration, mortgage registration, and other security arrangements

8. Insurance Requirements: Mandatory insurance coverage requirements and related obligations

9. Warranties and Representations: Declarations by both parties regarding their capacity, authority, and compliance with Sharia principles

10. Events of Default: Circumstances constituting default and consequent remedies available to the lender

11. Term and Termination: Duration of the agreement and circumstances for early termination

12. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution