Al Salam Bank Launches Flexi Auto Finance with Guaranteed Showroom BuyBack

Al Salam Bank has announced the launch of Flexi Auto Finance, a new financing solution that offers clients a more flexible way to drive their new cars through a guaranteed showroom BuyBack after three years, an all-inclusive, hassle-free monthly instalment during the same period, and the option to move into a newer car or continue with their existing finance.

Flexi Auto Finance is being introduced for the first time in partnership with Al Haddad Motors, one of the leading automotive distributors in the Kingdom of Bahrain and the sole agent for Mercedes-Benz vehicles in the Kingdom. Through this collaboration, clients purchasing eligible Mercedes-Benz vehicles can benefit from a guaranteed BuyBack option agreed with the showroom from the start of the finance period.

Through this solution, clients can drive their new cars with no down payment and benefit from an all-inclusive, hassle-free monthly instalment for three years, covering insurance, vehicle registration, and maintenance during the first three years. This provides clients with a simpler ownership experience and greater clarity over the costs associated with their vehicle, subject to eligibility criteria and the applicable terms and conditions. At the end of the three-year period, clients can return their vehicle to Al Haddad Motors, after which the showroom will purchase the vehicle and settle the outstanding finance amount. This gives clients the flexibility to move into a newer car. Alternatively, they may choose to continue with their existing finance and retain the vehicle.

Commenting on the launch, Mr. Mohammed Buhijji – Chief Retail Banking Officer at Al Salam Bank, said: “We are pleased to launch Flexi Auto Finance, which provides our clients with a smarter and more flexible way to drive their new cars by agreeing on the vehicle’s BuyBack plan with the participating showroom from the start, clients have greater clarity regarding their next step after three years, whether they choose to move into a newer car or continue with their existing finance. This solution forms part of our ongoing efforts to develop practical banking products that respond to the evolving needs and lifestyles of our clients. The all-inclusive, hassle-free monthly instalment, together with no down payment and the inclusion of insurance, registration, and maintenance during the first three years, contributes to a simpler and more transparent car ownership experience”.

For his part, Mr. David Lord – General Sales Manager – AlHaddad Motors, said: “"In partnership with Al Salam Bank, we are thrilled to launch Flexi Auto Finance for Mercedes-Benz clients in Bahrain. This premium solution elevates vehicle ownership by offering an upfront, guaranteed BuyBack plan for ultimate clarity and confidence. By blending the luxury of Mercedes-Benz with Al Salam Bank's flexible financing, clients can drive their dream car today, with the freedom to upgrade to a newer model or extend their existing plan in three years."

Al Haddad Motors is the first automotive partner to join Flexi Auto Finance, with Al Salam Bank set to announce additional partnerships with participating automotive showrooms and dealers in the coming period.