Easy Ways to Get Cheap Car Loans With Ryan
Vehicles are already part of the daily lives of city people.
However, with increasing needs, getting a car loan with cheap installments and a mild DP (Downpayment) is even more difficult.
But, take it easy, this article will give you a number of ways to get a car with cheap installment loans and a Ryan.
Is it possible for a cheap car loan with a Ryan?
The answer is very possible. Many think that owning a private vehicle is impossible, especially if the salary received is very limited, for example, IDR 3 million to IDR 5 million a month.
Maybe many of you don’t believe it, but even with that minimal salary you can have a private vehicle and the installments are still reasonable.
Ways to Get Cheap Car Loans
Below is a way to get cheap car loans with a Ryan.
# 1 Take the Oldest Loan Term
The longer the loan period, the lower the monthly installments, of course. The reason is that the loan principal will be divided over a longer period of time.
Of course, this must be adjusted to the policies of each car dealer. Some have a maximum of 5 years of credit, some have up to 10 years.
Sometimes this program is provided during promos or holidays where the dealer wants to boost sales.
With a car price of Rp100 million, and with fixed loan interest of 6% per year, if you use the application, the data will be known as follows.
If you choose a loan tenor of 5 years, every month you have to pay Rp.2.2 million or Rp.26 million every year.
If you choose tenor loans for 10 years, then every month you have to pay Rp1.3 million or Rp.16 million every year.
The simulation above shows that the longer the loan tenor, the lighter installments you have to pay each month.
Of course, to find a vehicle at a price of Rp100 million is already very easy in the era of high mobilization as it is today.
With installments of Rp1.3 million every month, those of you who have a salary of Rp.3 million, only need to spend 30% of income to have a private car and allocate the remainder to other needs.
In addition, the simulation above does not require a Down Payment, but if you have saved to pay a number of DP, then you can pay in installments at a lower cost than the amount above because the loan principal is reduced.
# 2 Choose a supplier that provides the lowest interest
In short, the lower the interest on the loan, the more certain installments you have to pay will also be cheaper. Generally, interest on car loans is below 10% per year.
However, this interest rate is very competitive and many also offer interest below 5% per year.
In addition, the type of interest that is effective, flat or annuity can also affect the number of installments you have to pay. Here is a simulation of the difference in the number of installments with different interest rates and interest types.
Credit Simulation: 5% Interest vs. 10% Interest
100 million aggregate principal amount of the loan tenor of 5 years, and with the same types of flowers are fixed, then:
You have to pay IDR 2.1 million per month or IDR 25 million every year for 5% interest and IDR 2.5 million per month or IDR 30 million per year for 10% interest.
Credit Simulation: Fixed Vs. Interest Variable interest
The total loan principal is Rp100 million with a loan tenor of 5 years, and an interest rate of 10%, then:
You have to pay IDR 2.5 million every month for 5 years for a fixed interest rate and you have to pay between IDR 1.7 million and IDR 2.5 million each month with variable interest rates.
# 3 Using Credit Balloon Payment
Conventional Car Ownership Loans have an equal or equal installment amount from the start of the credit until the end of the credit period.
Unlike the balloon payment system, the amount of the installment fee in the initial few years will be very low, and then the rest will be billed at the end of the loan tenor.
In other words, in general, car loans, the total loan is equal to DP + monthly installments, while in the balloon payment, the loan amount is equal to DP + monthly installments + repayments.
This final amount is different and depends on the policies of each company. Usually, this amount can reach 50% of the price of the car.
The price of a car is IDR 100 million, with a DP of IDR 20 million and credit with a balloon payment system of 30% for 3 years with an interest of 6% and at the end of the third year, the remaining 50% must be repaid.
With the credit simulation system, then:
During the loan tenor, you have to pay an installment of Rp.967 thousand every month.
At the end of the loan tenor, you have to pay Rp50 million to pay off all of your credit.
This system has advantages where every month, you don’t have to pay bills that are too large.
However, you must prepare sufficient funds at the end of the loan. If you cannot provide it, the other option is to over credit.
# 4 Choose a Car with Low Prices
The more sophisticated the technology, the more it will help ease the making of a car. Therefore, there are many cars that are sold at prices that are “friendly in the pocket”.
Some examples of new cars at low prices are the Suzuki Ertiga, Honda Brio, Toyota Avanza, Suzuki Karimun and many more.
Even if a new car is too expensive for you, you can choose a used car or a second car.
Even though the price is cheap, you also have to choose a car that suits your needs.
For example, if you are a family with 4 family members, maybe 1 small car is enough.
But if you have 6 members, then instead of buying 2 small cars, it would be nice to buy 1 MPV car or family car.
Adjust Options With Capabilities
Many find it difficult to pay car loan installments because the selected car exceeds financial capacity and does not meet the needs.
Make cars as a means to make your life easier, not as part of your lifestyle or just prestige.
Have you understood how to get a car with cheap installments and a Ryan?
To help you calculate and compare credit simulations, you can use the application. Share this article with your closest family and friends to help.
To Get Cheap Car Loans With Ryan Description Vehicles are part of the daily life of city people. But getting a cheap installment car loan and a lighter DP is getting harder.