Who is not interested in special offers on credit payment? Especially when the offer is about a luxurious good like a car. Of course, almost all the people who already have a dream of having a luxurious car immediately take the credit. The special offers can be discounts of up to millions of Rupiah which is certainly an offer that cannot be ignored. Car loan special offers often can be in a cheap down payment like a down payment under 10 million, and after submitting your down payment it is considered that you have agreed to a credit scheme that applies.
You should not rush to take the offer and really put it in a good consideration so that family finances will be healthy. You also have to think about the advantages and disadvantages if you take the cheap car loan special offers. Before taking the cheap car loan special offers, we recommend you to consider the followings:
Financial Ability
Whatever type of car credit that you take, you must pay attention to your financial ability first. Many people do not pay attention to their financial abilities and force themselves to buy a car that can cause bad credit installments in the middle of the credit period. Buying a car by credit is indeed more expensive than cash, but your needs for the car can be fulfilled immediately. Before taking credit, you must be honest with yourself, how much money do you have to prepare a credit down payment and how much the total installments you can afford to repay each month. By answering these questions you will know what your financial ability really are.
Maximum Installment is 35%
If you feel you can afford to take a car loan, then there are some principles that you must obey. One of the principles is the amount of installments should not be more than 35% of your monthly salary or income, including credit card debt and credit without collateral. If the amount of the installment is more than 35% your family's finances can be problematic and that makes your credit unhealthy.
Have an Emergency Fund
For those of you who want to apply for a car loan, you must have an emergency fund to protect you and your family from unexpected things. Especially for those of you who are single or in a relationship, you must have an emergency fund 3 times of your monthly expenses. If you are married, then the emergency funds that you have to prepare is at least 6 times of your monthly expenses. This emergency fund is important for you to prepare before applying for credit because if you do not have this fund and then things that are unwanted occur in the future, your credit and finances can be disrupted.
The Depreciation Value of Car
The next consideration is that you must know that the value of the car will decrease every year. The rate of the decline can reach 15% because cars are consumer goods. The value of cars will continue to decline from year to year, so cars are not suitable for investment. In addition, you still have to prepare maintenance costs for the car you are crediting. All of that must be considered carefully so that your family's finances don't fall apart.
Choose Type of Cars as Needed
Look for the car you need, not the car you want. The type of car can be broad and can be distinguished from the brand, size, color, and function. To find a car according to your needs, set the goal first for what you need from a car. For example, you want to transport all family members while on vacation or going back home, then a car with a spacious cabin can be your choice.
Buying and Selling Prices of the Car
The price of a car will decrease up to 15% per year since it leaves the dealer or the showroom. However, there are also cars that the older it gets, the more expensive it will be. In order not to regret taking a cheap car loan offer, you must be selective in choosing a car, starting from the brand, the engine, and also the specifications. It would be better if you choose a car that has a more stable selling price in the market and the decrease of the price is not so sharp that when you are forced to sell it, you don't lose much.
Pay Attention to the Credit Schemes
You must be careful with the credit scheme offered because each leasing provides a different scheme. The scheme that needs to be considered is how much the down payment needs to be prepared, the loan interest rate, monthly installments, penalty fees, late installments, and many others.
These are some of the considerations that you should think about before taking car loan special offers. Hopefully this information is helpful.
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