Motorcycle Financing is a loan facility which aims to finance the purchase of a motorcycle. Like car loans, motorcycle loans also include a set interest rate.
Each lender offers a variety of interest rates that depends on the agreement and other factors, such as the type of bike, financial status, and prospective customer’s credit report. The better their credit score, the easier they will be approved for loans.
Are you looking into applying for a motorcycle loan but do not know what to prepare? Let’s have a look at the terms and other important information about motorcycle financing or KSM (Kredit Sepeda Motor)!
Terms of Motorcycle Financing
Prior to applying for a motorcycle loan, it is helpful to know the general terms as the following:
- Indonesian Citizen (WNI) and residing in Indonesia
- At least 21 years of age and a maximum of 55 years old (by the end of loan tenure)
- Have a job and a regular monthly stream of income (policies may differ by region)
5 Things You Need to Prepare Prior to Applying for a Motorcycle Financing
To ensure a smooth motorcycle loan application, the following things need to be well prepared:
1. Down Payment
Prior to applying for a motorcycle loan, prepare yourself to make a down payment. Applicants should make a down payment according to the applicable policy. It is better to make a large down payment to reduce the monthly payment.
For those who are still saving for this down payment, BCA offers the Tahapan Berjangka BCA to help realize it. Apart from being effective, the Tahapan Berjangka from BCA also offers higher rates compared to those of regular savings!
2. Supporting Documents
Here are the documents you need to apply for a motorcycle loan:
- A copy of ID card (KTP)
- A copy of Family Card (KK)
- A payslip or Salary Certificate Letter
- A copy of electricity bill/phone bill/a copy of house certificate
- Bank statement
For customers who have, at least, been a customer of BCA for 6 months, you can simply produce: KTP, KK, passbook cover, bank statement
3. Loan Simulation
To estimate what your loan payment will be, you can use our loan calculator on the KSM simulation web from the Bank BCA. Fill out all the necessary personal information regarding place of residence, motorcycle’s brand and type, and the amount of down payment.
4. BPKB Guarantee
Make sure the lender you’re considering for a motorcycle loan is trustworthy and the documents, such as BPKB (vehicle proof of ownership), are guaranteed to be safe. KSM BCA could be the option for you because it guarantees that the BKPB is stored securely during the loan period.
5. Pick a Lender for KSM
Pick a reliable KSM lender, such as BCA. Bank BCA offers lending services for its customers. There are many benefits to obtain if you apply for a KSM at BCA, including fixed loan installments, practical, and easy to apply.
The Best Times to Apply for KSM
In addition to preparing all the documents for a motorcycle loan, make sure you also decide carefully when to do it. The best time to apply for a motorcycle loan:
● Towards the End of Year
Dealers and showrooms may usually offer steep discounts around the end of the year. Starting from affordable monthly installments, low rates and discounts. They usually do this as a new series will be released in the following year.
● KSM Promo from the Banks
Bank BCA often offers promos on motorcycle loan services. The BCA Expoversary Online 2022 is back to mark the BCA’s 65th anniversary and offers many special programs.
The event will be held online from 24 February until 27 March 2022. At the 2022 BCA Expoversary, KSM BCA offers a 6.5% low down payment program for various types of motorcycles.
That’s all the information for those looking to apply for KSM BCA. If you wish to buy your dream motorcycle through KSM BCA, make sure the documents are complete to avoid being denied and ensure a smooth approval. Don’t forget to remember the due date and pay your installment loan timely!