Important, Learn Car Loan SimulationCar Loan
As with other types of credit, applying for car loans through leasing will also be subject to a number of provisions that will affect everything related to the credit agreement. It is very important for you to pay close attention to all the rules and conditions contained in the credit agreement, so there will be no misunderstanding in the future. In addition to the various conditions and rules set by the leasing in the credit agreement, you also need to evaluate your ability to pay.
This should be a special concern, because it will greatly affect your overall financial situation later. Make sure you have the ability to pay until the end of the credit period, so there will be no arrears or even the confiscation of the car you are lending. One anticipatory step that you can take to overcome this is to do a credit simulation, you can arrange it by looking at a used car loan simulation below.
Example of a Car Loan Simulation by Leasing
If you intend to apply for a used car loan at a price of $ 100 million with an interest expense of 8% per year and a credit period of 3 years, then you can do the following calculation
- The price of the car: $ 100 million
- Advance: USD 100 million x 25% = USD 25 million
- The amount of credit to the bank: $ 100 million – $ 25 million = $ 75 million
- Interest expense for 3 years: 8% x 3 (years) x $. 75,000,000 – = $ 18,000,000
- Total debt plus interest: $ 75 million + $ 18 million = $ 93 million
- Amount of installments per month: USD 75,000,000 / 36 (month) = USD 2,083,000
The first total installments to be paid:
- Advance: $ 25,000,000
- First month installments: USD 2,083,000
- Insurance costs (assuming 1.8 / year): 1.8% x 3 (years) x $ 75 million = $ 4,050,000
- Administration fee = USD 850,000
- Then the total down payment = $ 29,900,000.
Some things that must be considered when applying for leasing
Requirements needed at the time of submission:
- The amount of interest charged
- The amount of down payment required
- The amount of installments / installments that must be paid
- The amount of insurance costs to be paid
- The amount of administrative fees that will be charged
- The first amount to be paid
Submitting a car loan from a bank or leasing together has the value of your credit score as a consumer. If you pay your car loans on time, your credit score will be high, as will your digital credibility assessment as a consumer, all of which will be well-ordered. In addition, if you pay for a car loan through the RateUp application you also have the opportunity to get a RateUp score every transaction you make.