Electric cars are now a popular choice for many, as they are claimed to be more economical for daily use. The growing variety of electric car options also makes them even more appealing to the public.
One way to purchase an electric car is by applying for an electric car loan. These loans are similar to conventional car loans, with the main differences being the annual tax value and insurance costs that must be paid throughout the installment period. If you're considering getting an electric car, check out these tips for applying for an electric car loan.
Electric Car Loan Tips
While electric cars may seem economical, there are several factors to consider before purchasing one. Here are some tips to help you choose the right electric car loan that fits your budget.
1. Do Some Survey on Electric Cars
Considering that there are more and more types and variants, research is needed to find a suitable electric car. The research must look at the specifications and features of the car. Make sure that all the features in the car are really needed.
It's best to test drive the electric car you want to buy. This step helps determine whether the car is comfortable enough for everyday use.
2. Adjust the Price to Your Financial Capacity
Electric car prices range from 200 million IDR to 1.5 billion IDR. This doesn't mean you have to buy the most expensive model or avoid more affordable ones. It all depends on your needs and financial capacity to pay off the installments.
Avoid forcing yourself to buy an electric car that exceeds your financial means. Ensure that your installment payments account for only around 30-35 percent of your total monthly income.
3. Do a Loan Simulation
To determine the monthly installment amount for an electric car, it's a good idea to try a loan simulation. This simulation will calculate the car price, loan interest, additional costs, and the installment period.
The monthly installment amount can vary depending on the down payment (DP) and the loan tenor. A higher DP and shorter tenor result in larger monthly payments, while a lower DP with a longer tenor leads to smaller monthly installments.
Through this loan simulation, you can choose a DP amount and installment period that best suit your financial situation.
4. Prepare the Required Documents
One important step that should not be overlooked is preparing the necessary documents for applying for an electric car loan. The required documents include an ID card (e-KTP), pay slips, bank statements, and other supporting documents as specified.
Having these documents ready in advance increases the chances of a smooth loan application process. Once everything is approved, the electric car loan can be processed more quickly.
5. Pay Installments on Time
One way to save money when financing an electric car is to avoid late payments. Late fees will increase your total monthly bill. Frequent late payments will, of course, result in higher overall costs.
Additionally, late payments can negatively impact your credit score with Bank Indonesia. A poor credit score may affect your ability to apply for other loans in the future.
These are the key things to consider when applying for an electric car loan to ensure it is both cost-effective and well-planned. If you're looking to own an electric car, BCA Motor Vehicle Credit (KKB BCA) can help make your dream a reality! Visit the BCA Expoversary to explore various attractive offers from KKB BCA!