Having a car purchased by way of credit, you are certainly used to paying regular installments every month. Over the next few years you will have an obligation to always pay installments on time, in accordance with the agreements already with the financing company.
But if it turns out that in the middle of the road you have enough funds, then it never hurts to make repayments early. Actions like this are quite common, especially by those who already have enough funds to make repayments faster.
 |
| 5 Tips for Making Early Car Installments |
Initial repayment like this must be done in the right way, because there are things related to this credit agreement that you must fulfill well to the financing company. This is important, to prevent misunderstandings and losses in the future.
Check out some of the tips below, which can be done if you want to make a car loan repayment early:
1. Prepare a penalty fee
In the car purchase agreement on credit, you have an obligation to make repayment of the car installment in accordance with the tenor that has been selected.
But if you want to make repayments early, then this will also be possible, of course with a number of requirements. You will have an obligation to pay a certain amount of penalty fees for repayments made early like this.
The amount of penalties you have to pay will largely depend on the policy of the financing company used. It is important to understand this from the beginning, because it could be that the number of penalties is quite large.
You have to prepare this penalty fee from the beginning, until the car repayment process can be done smoothly and without problems.
2. Make repayments before 1 credit year
Repayment of your car installments you can do at any time, if you already have sufficient funds for the business. But in practice, each financing company will have rules related to this.
Some financing companies may allow repayments before 1 year of credit, but some other companies may not allow this.
Make sure to understand this well, can ask the financing company first. In addition to the payment time, it is also necessary to calculate the amount of penalty fees that must be paid.
In general, the faster the repayment, the greater the penalty fee that must be paid.
3. Make repayments after 1 year of credit
Still related to the repayment time, can pay off this installment after undergoing the installment period running more than 1 year. Usually almost all financing companies allow in making repayments after 1 year of installments like this.
But even so, it is important for you to ask this to the financing company used first.
You also need to ask about the amount of penalties that must be paid later. The average financing company will apply a penalty amount of about 5% of the total remaining debt still owned, if it has made installments for more than 1 year like this.
Ask this first, in order to prepare funds in the right amount.
4. Understand and prepare repayment administration costs
In addition to penalty fees in the repayment of car installments, you also have an obligation to pay a number of administrative costs. The amount of this administrative cost will vary, depending on the policy of the financing company used.
Ask for this fee information first, can contact the financing company by phone or others. This will facilitate your business, so that the car repayment process can run more easily later.
5. Go to the financing company and make repayments
If the funds are ready, you just go to the company. Complete all the required documents and go to the financing company used.
Make the installments of your car directly there. Follow all these repayment procedures well, so that this business can be completed more quickly.
Do not forget to take the BPKB car and bring it home, after you make the installment repayment of the car.
Making Car Installment Repayments in the Right Way
Early payment of car installments can be an option, if you already have adequate funds for the needs of this one. Contact the financing institution used and ask for all procedures related to this affair.
Make the payment of car installments in the right way, so that this process can run easily and be solved without problems.
0 comments:
Post a Comment