How To Calculate Car Credit As Needed: Must Know The Method So You Don't Regret It Later

How to calculate car credit as needed (Towfiqu barbhuiya image - Unsplash)

YOGYAKARTA - Taking car credit is actually quite light. However, if the method of calculating your car credit is not right, it will be burdensome. Dizzy how to calculate car credit as needed?

Usually, ordinary people think the calculation of car credit is the following. If you buy a car at a price of Rp. 200 million and distribute a DP of Rp. 20 million, the remaining credit is Rp. 180 million.

If you sort out the tenor for 2 years or 24 months, then the monthly installment is IDR 180 million: 24 months = IDR 7, 5 million / month.

In fact, this method is not right. There are some aspects that you have not counted. Among other things, such as administrative payments, provisions, fiduciary, insurance, and credit interest.

How To Calculat New Car Credit

New cars generally have uniform prices and only slightly different between regions, so the calculation is relatively easier.

Calculating New Car DP

For example, you will buy a new car on credit. To make it easier, consider the cost Rp200.000.000 per unit.

The new car down payment is generally between 20-25%. Just take it which is very low, which is 20%. That means the down payment you need is 20% x IDR 200.000.000 = IDR 40.000.000.000.

Calculating New Car Insurance

If you use the financing facility at Mandiri Utama Finance (muF), the DP that you handed over is already with a combination insurance.

The insurance value is generally different between regions. For example, the insurance is 2%, up to a value of 2% x IDR 200.000.000 = IDR 4.000.000.000

Calculating Administration, Provision, And Fidusia

Not only insurance, you also need to pay administrative, provisional, and fiduciary costs. The amount is also in the form of a certain percentage of the selling value of the car.

Administration= the amount remains, according to the finance company's policy.

The provision= amount is 0, 5- 3, 5% of the total credit value

Fidusia= the amount is 1, 5- 2, 5% of the value of goods

Calculating Car Installments per Month

Car installments per month come from total loans (remand installments) multiplied by loan interest, then divided according to the number of months. The total loan comes from the principal price of car + insurance + other costs above.

Thus, the total loan (recruit remaining) is IDR 200.000.000 IDR 40.000.000 = IDR 160.000.000 + insurance costs - other costs.

Next, installments come from total loans + (loan interest x total loans), after which it is broken down with the number of months according to the tenor.

Create a new car, MUF uses the ADDB scheme or installments are paid at the back. So, you don't need to pay the 1st month installments when the initial payment is in place.

An example of an independent car credit simulation with the cheapest car credit interest for a new car price of IDR 200.000.000, 2% interest, and 1 year tenor.

So after knowing how to calculate car credit as needed, see other interesting news on VOI, it's time to revolutionize news!