Cheap Car Loans for 3 Million Salary Owners, What Are the Requirements?
Ownership of a private vehicle is very important. How not, other than because public transport facilities are still not feasible, motorbikes and cars are the most reasonable choices for transportation to support the activities of the Indonesian people.
The use of private vehicles starts to take the child to school, to the office, to shopping for household needs. If we consider the options that should exist like in developed countries, with the existence of school buses to deliver school children, as well as other public transportation for employees, these two things are still difficult to be available in many big cities in Indonesia, not to mention remote areas.
Private car is a vehicle that has many advantages compared to other types of vehicles. There are many types of cars that you can choose according to your daily needs. Starting from the type of SUV (Sport Utility Vehicle) that can carry passengers up to 7 people, the type of pick-up car to transport goods, types of sedans, MPV (Multi Purposes Vehicle) and others.
The advantages of cheap car loans
Car ownership is becoming easier, with many ownership solutions ranging from LCGC (Low Cost Green Car) cars to DP (Down Payment) low-cost cars and very light installments.
You can have a car by paying a down payment or down payment that is even very affordable. Obviously, with a very small down payment, you should also be prepared to pay higher monthly fees and loan interest compared to paying a larger DP.
In addition there are also low installments, starting from $ 1 million for cheap cars but back again, usually the tenor given is much longer, and as a result the overall interest rate also becomes higher.
Long tenures make installments that are lighter, in addition to a low DP, making it easy for you to buy the car you want. But you must be careful with the consequences that you make so that you are ready to pay the tenor every month and do not cause protracted financial problems later.
Lack of cheap car installments
With a very long tenor, you must be prepared to pay monthly fees for a long period of time. Sometimes, your financial condition is uncertain, and this can undermine your financial health in the long run.
The solution that you can prepare is to prepare installments even up to the next few months, to prepare for the risks that might occur.
Moreover, with the operational costs of private cars starting from fuel expenditure, which is very dependent on the type of vehicle engine you are using, the consumption varies per kilometer.
Car maintenance and operational costs
Like the previous simulation on our previous page, for fuel costs with a ratio of consumption and mileage 1:11, you must prepare a monthly budget of $ 450 thousand for the journey per day as far as 22 km.
As for the cost of regular car maintenance, you have to prepare funds up to $ 2 million for regular service fees ranging from oil change, spooring and balancing.
Vehicle tax fees
You also have to consider the vehicle tax cost per year, the value is quite significant, even up to twice the tenor per month that we simulate. By preparing funds in advance, you can prepare vehicle tax expenses well in advance. To check your vehicle tax, you can visit our page here.
If at any time you experience financial problems, it can be fatal to the smooth running of the car loan you have.
The solution is to immediately pay off the monthly installments and installments that you have up to your current obligations. Prepare funds for the next month immediately and avoid the problem of installments by focusing your finances on repayments every month.
Cheap car installment simulation
Suppose you want a Honda car loan worth $ 200 million. With a DP calculation of 25% of the total value of the car, worth $ 50 million. Own interest is 6.15% per year. Then the monthly installment obligation is $ 2,859,000 for 84 months or 7 years. For a complete simulation, you can visit the Lite Lenders Finance vehicle credit simulation page on their official website.
With this simulation, you can plan in advance the installment and tenor values that are the most appropriate that you can take, instead of being surprised by the installment value without any preparation.
Consider your financial condition before applying for a new car loan
Long tenors are widely offered by loan providers, but you as the debtor must remain careful with your financial management. Do not until when you experience a financial crisis suddenly, car ownership loans become an unwanted burden.
It would be better if you consider a shorter tenor if the income you have is uncertain. Long tenures are very suitable if you have regular income such as Civil Servants. Because you no longer need to worry about paying installments every month, but still have to be careful not to make your financial cash completely empty because it does not have additional sources of income.
Hopefully the advantages and disadvantages of cheap car loans above you can weigh it more carefully and adjust it to your financial condition at least during the tenor loan.