Having a car is certainly everyone's dream. Therefore, it is not uncommon for people to collect a certain amount of money to make this wish come true. Nowadays, it is easier to own a car because you don't have to have enough cash, but you can buy it on credit.
This easy credit is usually provided by many car dealers in Indonesia. Just make a down payment, and you can take home your dream car.
Then just pay the car installments every month. However, not everyone's finances are stable, and sometimes in the middle of the road there is an obstacle that makes it difficult to carry out credit installment obligations.
Therefore, there is a solution called car refinancing. This method can help when people who have car loan installments are having financial problems. For those of you who don't understand car refinancing, let's look at the following complete explanation:
Understanding Car Refinancing
Refinancing itself means changing an old credit or loan structure into a new one, with the same value, tenor and interest rate. In addition, the refinancing process can be carried out both at the same bank and at another bank. The purpose of the refinancing process itself is to obtain the additional funds needed.
To avoid problems in the future, refinancing must also be done carefully for prospective car owners. Here are some things to pay attention to when doing so.
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Persyaratan Refinancing Mobil
If you are an old bank customer, refinancing a used car does not require data collection and account verification from the start. This is not the same as submitting an application to another loan company.
Because you have been a long-standing customer at the same bank or leasing company, the refinancing requirements will be easier for you. The possibility of being approved for a refinancing application is also greater, but of course with a good credit record and without the risk of being late.
The following conditions must be considered to make it easier to apply for car refinancing:
- First, have a good credit history. The first condition is absolute. If the applicant's credit history is bad, the bank or leasing company will not grant a new credit application. For example, they often don't arrive on time in the same month or even arrive late the following month.
- Second, pay attention to the condition of your vehicle to ensure the car's resale value remains high so that as much credit refinancing funds can be disbursed as possible.
- Third, complete all required documents and data. Because the data has been stored with collateral, namely the Motor Vehicle Ownership Book (BPKB), customers who apply for credit for old leasing usually have a faster process. However, you still have to fill out forms to request new credit and close old credit.
Car Refinancing Process
If you want to refinance your car, you can read the description of the application process until it is approved in the following explanation. In general, almost all leasing companies and banks have processes that are not much different.
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Apply for Refinancing
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You can apply for car refinancing at a leasing location or bank beforehand. However, it does not rule out the possibility of applying elsewhere. However, if you apply at a previous location, it is possible that the process will be faster because the history is already known.
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Total Loan and Interest
Carefully check the loan amount you need and the amount of money you can put down if you pledge your car. Make sure to reduce the amount with any remaining car payment money. After that, pay attention to how much interest you are charged and the type of interest you choose: floating or fixed.
To get the same total loan with low interest, do the same thing with several other financial institutions. However, make sure the financial institution has been approved by the Financial Services Authority (OJK).
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Complete Documents
The following documents are usually required:
- Photocopy of the applicant's KTP
- Photocopy of Husband/Wife's KTP
- Photocopy of the family card
- Photocopy of Marriage/Divorce/Death Certificate of Spouse
- Photocopy of the applicant's NPWP
- Payslip income for the last 1-3 months
- Photocopy of accounts or savings for the last 3 months
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Credit Simulation
If you have chosen the financing institution that you will use and have submitted all the documents above, don't forget to submit a credit simulation to get a better understanding and organize your way of paying in terms of interest type and repayment period.
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Survey
Usually, a team from a bank or financing institution will conduct a survey of the car that will be guaranteed. To do this, make sure the car is safe and still functions well mechanically and visually.
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Refinancing Approved
If your car refinancing process is approved by a financial institution or bank, they will usually pay off the remaining money, so the remaining money will be given to you. This process usually takes 3 to 7 business days, but this usually depends on the bank's policy.
In addition, the value of loans provided by banks is usually influenced by a number of variables, especially the condition and year of manufacture of the car used as collateral. However, in general, banks will provide a maximum disbursement limit of 70% of the estimated value of the car being guaranteed.
That's what car refinancing is about. This solution can provide insight for those of you who have difficulty carrying out your obligations to pay car installments but need fresh funds.
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