Among various types of vehicles, trucks are considered high-value assets due to their strong resale value. It is no surprise that many truck owners use them as collateral when seeking substantial financing.
By applying for a loan secured by a truck BPKB, you can obtain the funds you need without surrendering the vehicle itself. As a result, the truck can continue supporting your daily business operations while the financing helps you expand your business or meet other financial needs.
So, how much financing can you obtain, and what does the application process look like? Find out in the explanation below.
Advantages of Using a Truck as Collateral
Trucks are essential assets for businesses operating in logistics, distribution, construction, and trade. As such, they hold significant economic value and can be used as collateral for financing. Below are some of the advantages of using a truck BPKB as collateral:
- Does not disrupt business operations: Businesses can continue using the truck for transportation and operational activities because only the BPKB document is pledged as collateral, not the physical vehicle.
- Relatively faster disbursement process: Since trucks generally have high market values, the application and approval process is often faster compared to other types of collateral.
- Higher financing limits: The financing amount available is generally based on the vehicle’s value. Since trucks are typically more expensive than other vehicle types, they often qualify for larger financing limits.
- Flexible tenure options: Higher financing limits are commonly accompanied by longer repayment periods, helping reduce monthly installment burdens and maintain healthy business cash flow.
How Much Financing Can You Get?
If you are planning to apply for a loan secured by a truck BPKB, choosing the right financing company is important. One option worth considering is BFI Finance.
BFI Finance offers vehicle BPKB financing products that accept trucks as eligible collateral. This financing solution offers funding of up to 95% of the vehicle value for passenger vehicles, while truck financing can reach up to 85% of the vehicle value. Eligible truck brands include Hino, Colt Diesel, and Isuzu ELF.
So, how much will the monthly installments be? As an illustration, below is an installment simulation for a Hino Dutro 110 LD Steel Cargo Truck (2018) in the Greater Jakarta area (Jabodetabek).
| Financing Amount | 12 Months | 24 Months | 36 Months | 48 Months |
|---|---|---|---|---|
| Rp50,000,000 | Rp5,299,500 | Rp3,097,000 | Rp2,396,000 | Rp2,091,000 |
| Rp55,000,000 | Rp5,785,500 | Rp3,369,500 | Rp2,600,000 | Rp2,263,500 |
| Rp60,000,000 | Rp6,271,500 | Rp3,642,500 | Rp2,804,500 | Rp2,436,000 |
| Rp65,000,000 | Rp6,757,500 | Rp3,915,500 | Rp3,008,500 | Rp2,609,000 |
| Rp70,000,000 | Rp7,243,500 | Rp4,188,000 | Rp3,213,000 | Rp2,781,500 |
| Rp75,000,000 | Rp7,729,500 | Rp4,461,000 | Rp3,417,000 | Rp2,954,000 |
| Rp80,000,000 | Rp8,244,000 | Rp4,749,500 | Rp3,633,000 | Rp3,137,000 |
| Rp85,000,000 | Rp8,730,000 | Rp5,022,500 | Rp3,837,500 | Rp3,309,500 |
| Rp90,000,000 | Rp9,216,000 | Rp5,295,500 | Rp4,041,500 | Rp3,482,000 |
| Rp95,000,000 | Rp9,702,000 | Rp5,568,000 | Rp4,246,000 | Rp3,655,000 |
| Rp100,000,000 | Rp10,188,000 | Rp5,841,000 | Rp4,450,000 | Rp3,827,500 |
| Rp110,000,000 | Rp11,160,000 | Rp6,386,500 | Rp4,858,500 | Rp4,107,500 |
| Rp120,000,000 | Rp11,753,000 | Rp6,539,500 | Rp4,867,000 | Rp4,107,500 |
Disclaimer: The figures above are estimates only and may vary for each customer depending on factors such as location, vehicle value, and credit assessment results.
Requirements for a Truck BPKB Loan Application
Several requirements must be met before applying for a truck BPKB loan.
1. Personal Eligibility Requirements
The applicant must meet the following criteria:
- Indonesian citizen (WNI).
- At least 21 years old, or 18 years old if married, and no older than 70 years old upon loan maturity.
- Marital status can be single, married, or divorced.
- Residential status may include owner-occupied property, spouse-owned property, family residence, parents’ residence, annual rental, company housing, or monthly rental (monthly rental is not accepted at all BFI Finance branches).
- Employed as a private employee, entrepreneur, or civil servant.
- Profession or business activity must comply with applicable laws.
2. Vehicle Eligibility Requirements
The truck being pledged as collateral must meet the following criteria:
- The truck must be personally owned and supported by the original BPKB document.
- The BPKB may be registered under the applicant’s name, spouse’s name, or another individual's name, provided proof of purchase is submitted.
- Company-owned trucks may be accepted if accompanied by a Letter of Rights Release (SPH).
- Maximum vehicle age is 13 years.
- The truck must have a valid STNK.
3. Required Documents
To facilitate the verification and approval process, applicants should prepare the following documents:
- Copy of the applicant’s ID card (KTP) and spouse’s ID card (if married).
- Copy of the Family Card (KK).
- Electricity bill, water utility bill, or Land and Building Tax (PBB) receipt.
- Proof of income.
- Active STNK.
- Vehicle BPKB and purchase invoice.
Truck BPKB Loan Application Process
Applications for truck BPKB financing can be submitted directly at the nearest BFI Finance branch or service point. Alternatively, applications can be submitted online through the BFI Finance website or mobile application.
If you plan to apply through the website, follow these steps:
- Visit the BFI Finance website using your preferred browser.
- Click the “Products” menu at the top of the page.
- Select “Car BPKB Financing.”
- Click “Apply Now” to begin your truck BPKB loan application.
- Complete the application form accurately and submit it.
- The BFI Finance team will review your application and contact you regarding the next steps.
Tips to Increase Your Approval Chances
To improve the likelihood of approval and ensure a smooth application process, consider the following tips:
- Ensure all truck ownership documents are complete, including the STNK, BPKB, and vehicle invoice.
- Prepare all required documents in advance.
- Make sure vehicle taxes are up to date.
- Maintain the truck’s physical condition.
- Keep a positive credit history.
- Demonstrate healthy business cash flow to show your ability to make installment payments consistently.
A truck BPKB loan can be an effective financing solution for business owners who require additional capital while continuing to use their vehicles for daily operations. By considering the eligibility requirements, financing limits, and available tenure options, you can determine whether this financing solution meets your needs.
In addition to car and truck BPKB financing, BFI Finance also offers financing secured by motorcycle BPKBs as well as residential, shop-house, and commercial property certificates. These various financing options allow customers to choose the solution that best fits their financial goals.
It is also important to note that BFI Finance is licensed and supervised by the Financial Services Authority (OJK). As a result, all financing processes are conducted transparently and in accordance with applicable regulations.
