3 Basic Things To Consider How To Get Cheap Car Loans For Families?
# 3 Financing Agency
How do you credit a financial institution? When you have determined the type of car you want, someone must also conduct surveys in several places such as leasing and banks.
Considerations before applying for credit are very important, for example, advances, monthly installments and interest.
Want to Apply for a Car Loan? First Check for Losses and Profit for Car Loans!
In addition, for individuals there is other data needed according to work.
For example photocopies of proof of newspaper subscription for the last 3 months for employers, TDP and SIUP for employers, as well as practice licenses for professional workers.
For a business entity that submits credit, it must complete the business NPWP documents, management ID card, Establishment Deed, Minister of Justice Decree SIUP, proof of business, TDP, or TDR, Business Domicile Certificate, and proof of bank statement.
In addition, both business entities and individuals must be able to provide a DP or down payment according to the provisions of different leasing or banks.
Types of Interest Rates on Car Loans
There are several types of interest rates on car loans. When going to apply for credit, then how the interest must be known by the party who will pay.
So, the payment amount and the scheme are more understandable transparently.
The types of interest in question are as follows:
# 1 Fixed Interest ( Fixed Interest )
This type of flower has been determined at the beginning.
For example, if you use a system of adding or reducing interest after all installments, this system has been informed by previous buyers.
# 2 Floating Interest
Interest rates on the market affect the floating interest flowering system.
Because in general the payment and repayment system is long, which is more than 5 years, the use of floating interest will be able to reduce the risk of loss to the donor.
# 3 Flat Interest ( Flat Interest )
As the name implies, when someone credits a flat interest car system, then for the specified period the installment amount will be the same.
There are no additional costs, especially from principal installments plus interest.
In general, this type of repayment is quite fast due to repayment between 1 to 5 years.
Stages of the Car Loan Process
The process of car loans cannot be done quickly. There are stages that must be passed when submitting the application as follows.
# 1 Survey
The survey was conducted by finding out both through brochures and the internet about how the characteristics of the car fit the desires and needs of each person.
After that, don’t forget to note and compare the specifications between brands.
# 2 Visiting Dealers
An authorized dealer from a particular peacock will be able to guarantee better quality and service.
Not only that, the purchase process will be done faster, for example through leasing .
# 3 Credit Filing Process
The process of applying for credit begins with completing administrative requirements.
After that, all documents and advances must also be ready.
In general, the nominal amount of the down payment will be influenced by the type of car and the number of installments.
# 4 Car Shipping
Car shipping is done when all conditions have been carried out.
Not only car shipping, but the management of letters such as vehicle registration and vehicle license plates will also be assisted by the credit service provider.
Car Loan Installment Simulation
A simulation of car loan installments as an example if the cash price is IDR 250,000,000 and paid with a down payment of 30%, then there are several other costs.
For example, an interest rate of 4.8% per year, an administrative fee of approximately Rp. 700,000, insurance around 5% of the credit ceiling, insurance policy Rp. 40,000 and provision of 0.5%.
So, the amount that needs to be paid is a down payment of 30% x IDR 250,000,000 = IDR 75,000,000 insurance IDR 12,500,000, provision of IDR 875,000, insurance policy worth IDR 40,000 and administration costs IDR 700,000.
The monthly installments are IDR 175,000,000: 24 = IDR 7,291,666 plus IDR 175,0000 x 0.4% = IDR 700,000 to obtain the figure of IDR 7,991,666.