Do you have a plan for motorcycle credit? What are the motorcycle credit mistakes that might occur?
Before you decide to take a motorcycle loan, make sure you do not make motorcycle credit mistakes that are commonly done by many people.
Common Mistakes of Motorcycle Loans
Having a vehicle, especially a motorbike for some people can be said as a necessity. The presence of a motorbike can help increase your mobility. Those of you who live in big cities will definitely understand how the usual traffic jams on the streets. Especially on weekdays at the time of leaving and returning to work.
To fight this traffic jam, having a private vehicle is considered to be a solution, especially a motorbike. The size of a motorbike that is small and easy to slip on the road is considered more capable of fighting traffic jams so that the time spent on the trip is not so much.
When you decide to buy a motorbike, there are two payment methods that you can choose. Cash or credit. Usually, people prefer the credit system as a method of payment because the costs incurred each month will be lighter. However, there are some common mistakes commonly made by people when paying motorbike loans, namely:
# 1 Not Calculating Own Finance
Before deciding to take a motorcycle loan, it is important for you to know how your financial condition is to avoid undesirable things. In general, three basic things are needed to be able to calculate their own finances, namely logic, art, and financial planning. Making a financial plan requires logic to be realized.
In addition, art is also needed in making financial plans, meaning that a financial plan implemented by someone will certainly be different from other people. Finally, the financial plan must also be supported by knowledge and experience in the financial field.
If you feel your knowledge and experience in finance is mediocre or even very lacking, you can use the Corydon Application to help you. Through the Dana Beli Item feature in the Corydon Application, applying for a motorcycle loan will be easier for you.
In this feature, you can calculate the amount of costs that must be prepared each month along with estimated inflation.
# 2 Not Using Insurance
Another common mistake when someone makes a financing proposal is not using insurance. Many people assume that motorcycle insurance products are an additional unnecessary cost and will only add to expenses.
Indeed, when you add insurance products to be part of a motorbike, you will be charged a higher installment fee than if you don’t use it. However, insuring the motorbike you buy will actually give you an advantage. The existence of an insurance product on your motorbike will make it easier when you experience an unwanted event. For example, such as loss or accident.
By adding insurance products to your motorbike, the costs you have to spend when your motorcycle has an accident or loss can be cheaper. Of course this will give you more benefits than if you don’t use insurance.
# 3 Choosing a Fake Leasing Company
The higher the public’s interest in buying a motorbike on credit makes more and more irresponsible people tempted to use it. Finally, there are a lot of fake and abusive leasing companies that aim to seek personal gain.
To avoid the risk of fraudulent fake leasing companies like this, it’s a good idea to find out more about the credibility of the leasing company you want to use. Ensure that the leasing company is registered with the Indonesian Payment Companies Association.
# 4 Don’t Find Out When BPKB Can Be Taken
Usually the Motor Vehicle Ownership Book or usually abbreviated as BPKB will be immediately given after you complete the administrative process required.
But sometimes there are several leasing companies that make it difficult for you to give BPKB. Therefore you should look for clear information about when you will receive the BPKB.
# 5 Choose the Longest Credit Term
The long credit period makes the credit installment costs feel lighter. Even though it doesn’t feel heavy, taking credit for the longest period of time will actually hurt you. Credit with a low down payment and mild installments will indeed make you not pay too much. But on the other hand, this also means you pay more to own a motorbike.
The lower the installments, the more your debt and also the interest payments. Therefore, choosing credit in a period not too long will be wiser for your financial health.
# 6 Does Not Pay Attention to Payment Date
Another thing that is not less important than buying a motorcycle loan is the maturity date. Every time you apply for a loan, you will be asked when the due date is convenient for you. Making a payment past the payment date or the due date will hurt you because there will be late fees or fines that you have to pay.
The cost of this fine will make your debt bigger. Therefore, it is important for you to know when your payment due date will avoid this late fee. In addition, find out also how much late fees you have to pay if one time you experience late pay for one thing or another beyond your predictions.
Thoroughly Conduct Motorcycle Loans
Those are some common mistakes that are often made by people who buy motorbikes on credit. Because it is important for you to know 6 errors when motorcycle credit so you are not stuck in the same error.
Without knowing the common mistakes of motorbike credit, you might do that so you actually experience a substantial loss. If you are worried or confused about how to avoid major losses when buying a motorbike on credit, you can download the Corydon Application on the Google Play Store.
Through this application, you can find out how much you have to pay each month if you apply for a motorcycle loan for a certain period of time. In addition, you can also see whether your financial condition is ideal or not through the financial health check feature.
The Corydon application also provides many articles that you can read to increase your knowledge of finance and other tips to keep your financial condition healthy. Do you have experience when applying for financing or motorcycle credit? Share your experience and opinions in the comments column below.
Also share this article with family, friends, and relatives who might have to know 6 mistakes when motorcycle credit is done by many people.