A lot of things into consideration when you decide to take a car loan installment, this is because the repayment period is needed for a car loan will take place in a considerably long time. It is not enough for many months alone, the average time required to make payment of a car loan even in the tens of months is quite long and tiring.
It is also likely to make people think long to apply for a car loan, not just a matter installment period, but the amount of money spent to buy a car will reach hundreds of millions of rupiah, very great is not it?
For people who have the ability financially stable and well-planned, perhaps this is not a very big problem, but it will be different as you only have the financial capacity is not that big, then you need to consider carefully the decision to apply for car loans.
Cheap Car Loans
If it turns out to have a car is mandatory that already must meet immediately, it would not hurt you to consider doing cheap car loans. This will help you have a car, without the burden of repayments which amount is beyond the reach and capabilities.
There are 2 options Cheap car that you can make into consideration, among others:
Buying a new car that cost is not too expensive, and in the category of cheap cars with a price range of about Rp100 million.
Buying a used car that cost would have been less than the price of the new conditions, you can adjust the type and the type of car you want with the budget you have for it.
Although in the category of cheap cars, but still purchases a car would involve a large amount of money is not small as well, so you should still consider the mature decision to be taken before proposing the purchase of a car on credit. Where this will affect your overall financial situation for months ahead.
Considerations Before Car Loan
The main thing that most often the reason why one fails in making mortgage payments with good car loan is less precise initial calculation will be the ability to pay owned. Therefore, look at a few points below before you decide to apply for car loans cost:
1. Determine Type and Type Car
Deciding on the type and the type of car is that you should set from the beginning, as this will be the benchmark for the calculation of the amount of fees should you spend in buying a car on credit. Do not rush in deciding this case, consider the function and maximum benefit should you get out of a car you want to buy, do not let you buy a car that does not have the maximum benefit for you. If it turns out you have a family, then it also should be special consideration and it is good to take this type of family car. Of course, the car chosen should be used optimally to the needs of you and your family.
2. Perform Comparison
After having an idea of the kind of a dream car that you want, then the next step is to find the car and get the right information about the exact price. You can do this by visiting some nearby showroom and check the price. You can also get this information through online sites containing information or advertising automotive car sales.
Do not quickly make a decision, you should do a comparison between a car with another car, this will help you get the most lucrative deals.
3. Perform Simulation and Customize Ability to Pay
The next step you should do is create a simulation of car loans and see the amount of fees you’ll pay. If you do not have enough time to do this to the nearest bank or financial institution, then you can do it online, there are many financial websites that provide this service on their website. But always remember that you still have to perform a simulation directly in the bank or financial institution currently has decided to buy a car on credit. This will make sure you have the magnitude of the charges and installment to be paid.
Simulations done so you can adjust your ability to pay the car payment that you will take. This will help you to avoid default and non-payment of installments in the days to come. Do not force yourself taking a car loan beyond your ability, always adjust your ability to pay the mortgage amount you take.
4. Estimate the amount of installment
When you have taken a car loan, then you will be faced with a number of debt repayments that you will pay each month. Keep in mind that the debt does not include the additional amounts of fees and interest charged from the initial filing. Make sure you have a discipline in repayments each month. Do not until you run into arrears and failure to do installments because it will create new problems and will probably end up with a foreclosure by third parties.
Financial regulate During the Term Car Loans
In doing car loan, you are required to have a long-term commitment because it will take place over the next few years. Not an easy job to always be able to loan repayments each month, you have to be disciplined and have more ability to manage finances well. Do not get a car loan makes the whole plan your finances into a mess and ended up with bankruptcy.
Although you have to have a plan that is very mature when applying for a car loan, but it could be a mess in the middle of the road, therefore you should have extra ability to manage all the finances you have. Here are a few points below that can help you manage your finances in the past with good credit:
1. Calculate Spending
The first step you should do is to calculate the amount of spending you do every month. Have the right number or definitely being fixed expenses you have each month, this will help you limit or put the brakes on spending that are not so important.
2. Determine Maximum Amount Payable
You also need to have the maximum amount of debt you can afford in your finances. The amount of debt can not exceed 30% of the total amount of income you have, because it will affect the overall financial balance. So you should make sure that your car loan repayments and other debts are under the 30% figure.
3. Keep Saving
Although you have a number of installments and debts that must be paid each month, but you still have to save money, and require that the financial arrangements. The magnitude of savings must be at least 10% of the total income each month. These savings are a form of anticipation you against all kinds of financial risks that can happen at any time, where you have to spend a number of unexpected costs to cope.
4. Separate Account
You are also required to separate savings account to the account of the mortgage debt and accounts of everyday living expenses. This will help you to limit spending and manage finances more wisely and orderly. Especially for debt and installment accounts, you can implement a system of automatic payment through your bank, it will keep you from the negligence of the payment and the amount of interest and late payment fees. In addition to the debt and repayments, you can also include a variety of fixed monthly charges to be paid there, such as electricity bills, telephone bills, insurance, and others. This will save a lot of time and effort compared to making payments one by one.