Knowing the Miscellaneous BPKB Car Guarantee Loans
Applying for a secured loan is an alternative that many people take when they need liquid cash quickly. One of the commonly chosen loan products is a car BPKB collateral loan. Simply by pledging your four-wheeled vehicle's securities, you can already get the funds you need in just a matter of days, even hours. What's more, many financial or fintech institutions offer online loan services, which of course makes it easier for you to apply for a loan with a fast and practical process.
So, before you apply for a BPKB car loan, it's a good idea to understand the loan product. By understanding the loan product that you are going for, you can estimate the costs you will get, also understand the requirements and tips for applying for a loan with collateral for your four-wheeled vehicle.
1. Types of Cars and Loan Funds Obtained
Each financial institution sets different criteria regarding cars that can be guaranteed. Starting from the year, condition, to the brand of the vehicle. However, generally the maximum age of a vehicle is 10 to 12 years to be guaranteed. The accepted vehicle brands are generally Japanese and European cars. The condition of the vehicle that you guarantee must also be prime, so that the resale value remains high.
The disbursement funds received also varied. Generally, the highest ceiling disbursed by a bank reaches IDR 100 million. Of course, the funds you get depend on the type and condition of your vehicle. For example, at BFI Finance, you can get up to 85% of the value of the vehicle you are guaranteeing, if it is a sedan with an age of 5 to 10 years.
2. Tips for Applying for a Car BPKB Collateral Loan
2.1 Applying for loans as needed
Before you apply for a loan, make sure that you are actually borrowing for needs that require large funds. For example, emergency needs or for business capital. You can also do a loan simulation listed on the official website of the financial institution you are aiming for. This is so you can estimate the costs you need, along with the interest and tenor. Don't forget to compare loan products between several different financial institutions and choose the one with the lowest interest.
Most importantly, don't borrow only for consumptive needs. This risks putting you in debt and losing the vehicle you pledged.
2.2 Understand Fines and Pay On Time
When you choose a loan product, first understand the sanctions and fines that will follow if you are late paying. To avoid fines that make your expenses even bigger, pay as much as possible on time before it's due. Related to the first point, if you have done a loan simulation, make sure that you have set aside funds to pay the loan installments every month so you can pay on time without hindrance.
2.3 Choose a Trusted Financial Institution
Most importantly, make sure that you apply for a loan from a trusted financial institution. What's more, the assets you guarantee are of considerable value. So it is important to choose a safe and trusted financial institution. Make sure that the financial institution you are going to is registered and supervised by the OJK. So, if unwanted things happen in the transaction process, there are sanctions and regulations set for these financial institutions, and they can be held responsible.