Buying a car on credit does feel lighter, but are you sure your finances will be stable until the credit process is complete? You might believe it, but what might happen in the next few years no one can find out.
It may be that before you complete car loan payments, there are disasters that make your financial situation difficult and out of control, such as losing your job. In such circumstances, let alone pay off the remaining car loan installments, to meet daily needs you might feel very burdened.
Then what should be done? Here are some solutions that might help you be free from repayment problems.
What is restructuring? As the name suggests, restructuring is a rearrangement. So, you as a consumer can rebuild a credit system that was previously approved. The amendment is related to the payment term, interest rates, and facilities.
With the restructuring, you can ask creditors to reduce interest rates so that payments are lighter. In addition to lower costs, the credit period can also be extended in order to reduce total installments per month. So, you can more easily complete credit with a lower installment fee.
However, it should be noted that the restructuring only applies to certain people, namely those who really have financial problems so unable to pay interest on loans and compulsory principal.
In addition, the state of your business or work must be good enough so that the repayment process after the restructuring is complete can continue smoothly and there are no obstacles. As a consumer asking for help, of course you also have to be cooperative by running the updated system properly.
Don’t be afraid to explain your financial difficulties in detail and be honest with the Bank because later they will help you. If the Bank knows the ins and outs of the problem you are experiencing, then it will be easier for them to find the right solution.
2. Submitting Refinancing
If the restructuring method is less effective and not in line with your really difficult economic situation, you can apply for refinancing or start a new loan. Unlike the previous system, this time you will really start all over again. So your repayments will be recalculated to be made lighter and smaller.
In addition, you will also get funds worth 80 percent of the price of your car on the market at that time. You can use these funds to start a business so that your financial returns stable.
Thus, you can be free from the large opportunities that can put you on the Bank Indonesia blacklist as one of the consumers who are unable to pay off credit to completion.
It seems like this method is like adding your debt, but you still benefit from smaller credit installments right? So this system is really profitable huh? Not completely true.
There are some disadvantages such as interest rates that could be greater and the administrative costs that must be paid to take care of the filing of the refinancing. In addition, you also need to be sure and consistent to keep paying the installments regularly. If not, you can be charged double the new and old credit penalties.
3. Doing Over Credit
You might really be at a dead end because you feel unable to pay off your car payments even with the two methods above. If so, then the last thing you can do is over credit.
This method is not an effective way to profit from selling a car because the state of the car which is still under credit installments makes the selling price of the car certainly cheaper.
So, your main priority right now is not to make a profit, but to find someone who wants to buy and continue the car loan installments. That way, you can use the money from car sales to make ends meet and find solutions to get out of your financial problems.
Don’t Car Loans If You Are Not Able to Pay Installments
If you don’t want this kind of problem to happen in your life, all you have to do is avoid buying a car on credit if you are not sure you can afford it.
Don’t let your financial condition fall apart just because you want to own a car without taking into account your future situation.