Motorbikes are the main choice for people, especially in big cities. This is evidenced by the increasing number of motorbikes in big cities like Jakarta today. Not only that, the easy process of applying for a motorcycle loan is also an attraction that encourages people to own a motorcycle. To apply for credit, you only need to have complete data and a fixed monthly income. Although the process is easy, but you have to be careful when motorcycle loans, because if you make a mistake, it could be detrimental to you later. Here are 6 mistakes when motorcycle loans that you should avoid.
1. Not Counting Your Own Finances
Before deciding to make a motorcycle loan, you must carefully calculate the amount of down payment, installments per month and the total payment later. This is mandatory for you to do to avoid you from miscalculating which can make you even in debt later on.
The ideal calculation for installments is 30% of salary, so if your installment amount exceeds 30% of your salary, you should suspend or change your motorbike choice. Because once you make a mistake at this stage, it will have a long impact on your finances.
2. Choose Fake Leasing Companies
The high demand for motorcycle loans has led to the emergence of many leasing companies. Each credit company competes to provide convenience to its buyers, such as fast liquid credit funds, low down payments, low interest rates, and long loan tenures. But, don’t be easily tempted at all!
You must be careful in choosing a leasing company. Find out carefully the credibility of the company, it would be better if you choose a leasing company registered with the Indonesian Financial Services Association (APPI). In addition, choose more than one reputable leasing company and many branch offices. Make a price comparison and choose the most profitable for you.
3. Choose the Longest Credit Period
Intense competition with other leasing companies, making many leasing companies provide programs that appear to ease the burden of the buyer. The way that is often done is to offer a low down payment and a very long installment period so that the cost of installments becomes small. At a glance, of course this will be very tempting, because the payment process is so tasteless. But actually this can harm you in the future.
Even though the installments are light, the interest will be more and your debt will increase. So what you need to pay attention to is the amount of interest, not how light the installment is. Try to choose a credit period that is not too long huh.
4. Not Paying Attention to Payment Date
Payment of monthly installments must be made before or on the payment date that you specified earlier. Do not until you are late paying monthly installments because any late payments will be subject to fines. Of course the cost of this fine will make your debt bigger. So it is very important to pay attention to when you have to pay the monthly installments and find out in advance how much the fine will be if there is a delay.
5. Not Using Insurance
Vehicle insurance products are sometimes ignored by motorbike owners, because they feel unimportant and actually increase expenses. But by having insurance for your motorbike, it will actually provide benefits for yourself in the event of a disaster or something undesirable such as loss and accident. The cost you have to pay becomes smaller if you are affected by disaster if you have motorcycle insurance.
6. Not Finding Out When BPKB Can Be Taken
Generally, a BPKB or Motor Vehicle Ownership Book will be given to you after administrative matters have been settled. But it is not uncommon for leasing companies to complicate the process of granting BPKB. So you should know clearly when and how you will receive your BPKB motorcycle.
Are You Confused Looking for the Best Motorcycle Loan? Pay attention to the solution!
Be Careful Before Buying
The number of possibilities for loss in the future, making you have to be careful before buying. Although there is extra effort that you have to do at the beginning, but it will be commensurate with the benefits that you will get later. Be a careful buyer before buying.