clesdutourisme.com Uncategorized Used Car Loans Offers Low Installments

Used Car Loans Offers Low Installments



 

Used car loans are financing services from banks or financial institutions for creditors who want to buy used cars with low installments and easy processes. Generally chosen by families who really need a car at an affordable price.

Submission of used car loans must go through a series of checks and approvals. Generally, both leasing and banking institutions will look at their identity and customer history first, especially their financial condition.

The key to a successful loan approval is if the customer has enough income. That is, the amount of installments must not be more than one third of income. If after calculating it turns out that the income is less and does not have a side job, then most likely it will be rejected.

 

Used Car Loans Through Leasing

Car Loans Through Leasing

Used car loans through leasing have become the people’s choice because they are easier than at the bank. For a down payment of a used car under $ 100 million, it is also considered affordable, an average of around $ 10 million.

But not all leases have the same policy. There are also strict leases with rules from BI regarding a 30 percent down payment.

Used car loan interest rates set by leasing are very diverse. But, an average of above 7 percent per year. Another case with bank financing can be even lower, which is between 5-7 percent per year.

Average tenor of up to four years with flat interest rates. The process is also easy and can be completed in just a few days.

Tables of Used Car Loan Simulation from Leasing

  • The price of a used car is $ 100,000,000 in 2017
  • Advance Payment $ 30,000,000 (30%)
  • Comprehensive Insurance
  • Location in Jabodetabek
  • Provision fee of $ 750,000
  • Interest Rate 12% per year

 

Used Car Loans Through Banks

Used Car Loans Through Banks

Used car loans with low interest rates can only be obtained through banks. It’s just a matter of filing that has the opportunity to be accepted by banks in general is the purchase of a car in person from the buyer to the user and not from the buyer of a used car dealer or showroom.

As already stated, the interest rates set by banks are lower compared to leasing. That is the reason that makes motor vehicle loans from banks a top choice for the community because of its lighter installments.

Table of Used Car Loan Simulation from Banks

  • The price of a used car is $ 100,000,000 in 2017
  • Initial DP $ 30,000,000 (30%)
  • Comprehensive Insurance
  • Location in Jabodetabek
  • Provision fee of $750,000

 

Pros and Cons of Choosing a Used Car

car credit

There is no harm in choosing a used car as long as it suits more pressing needs. What’s wrong is if you insist on buying a new car even though your own finances cannot afford it.

Apart from that, choosing a used car is also faced with risk. The following are some of the advantages and disadvantages of having a used car.

Advantages of Choosing a Used Car

  • Cheaper and more affordable price.
  • Easier process.
  • The car can be used immediately.

Disadvantages of Choosing a Used Car

  • Interest rates are higher than new car loans.
  • The selling price has decreased.

Used car installments are lightweight, but pay attention to your financial condition. Don’t add a new debt burden. Never buy a car just because of prestige.

Also make sure not to buy a used car that is too old. It is recommended to buy a used car with a maximum age of five years so that it does not cost too much for the service and replacement of parts.

As a suggestion, you should use credit for productive needs, for example, used to support businesses. Avoid making purchases with prices that are too high so as to make installments become heavy.

Make sure your financial condition is good before applying for a used car loan. Adjust the price of a used car with financial capabilities and needs. Especially if you are married, you need to determine your monthly budget wisely and choose the right type of car to fit all family members.

Leave a Reply

Your email address will not be published. Required fields are marked *