Having a dream car is satisfactory. If buying a used car feels uncomfortable, buying a car on credit can be an option. Make sure you understand the intricacies of over credit as described above so that you can get the maximum results of over-credit the vehicle. And don’t forget to always pay close attention before making any decisions during the over credit process.
Before taking over a car, there are a number of things that need to be considered in relation to applicable legal provisions. Do not let because of your ignorance to take over credit under the hand or without involving a car leasing company.
What is meant by underhand credit take over?
Underhand credit take over is an activity carried out by the debtor in an effort to transfer his credit payment obligations to another party but without the knowledge or involvement of a leasing company. This is of course categorized as unlawful acts. Because the car used is a guarantee of debtor debt on leasing.
If problems arise later due to underhand credit take over, the leasing company can sue the first buyer recorded in the lease as a debtor to provide compensation. Therefore, do take over credit safely and in accordance with applicable procedures.
Car Purchases Over Credit
Buying a car on credit does provide convenience. However, if you are not careful in managing your finances, you may fail to pay installments until the credit period ends. Therefore, consider carefully before taking the car on credit.
One type of car loan that you need to know is ballon payment.
This system requires consumers or debtors to pay a car DP of at least 30% of the price of the car. Then in the first year, consumers repay by 20% of the price of the car. In the fourth to fifth years, consumers pay the remaining installments by 50%.
This is one reason why many people ultimately decide to sell a car before the credit period ends or over credit. They make credit transfers to others because they gradually have difficulty continuing to pay car loans.
Profit and Loss Buying Cars Over Credit
What if someone offers their car over credit to you? What should be known? Any advantages and disadvantages if you decide to take a car that has not yet finished its credit. Below, the advantages and disadvantages of owning a car are over credit.
Advantages of Buying a Car on Over Credit
In general, buying a car over credit gives some advantages that are not in the purchase of a car in cash. It’s just that it requires precision and accuracy before making a choice.
The first advantage that can be obtained from buying a car over credit is that the car obtained is still relatively new. The age of the car over credit is still in the process of payment on credit so that the condition is still new. For that, you don’t need to worry about the condition of a car engine which is guaranteed to be relatively new.
In addition, the following benefits can be obtained when buying a car on credit:
Prices are cheaper than prices on the market
You can get prices that are relatively cheaper than prices on the market by negotiating with the seller to determine a suitable price. Even so, you will usually still get a cheaper price than buying a new car on credit. Because in general, the average reason a seller decides to take off his car is because of his difficult financial condition.
A car warranty is still valid
If you buy a car on credit, one of the benefits that you can get is the validity of the warranty on the car. Because cars sold over credit are young. An automatic car warranty is also still valid so you do not need to worry if one day the car is damaged.
Take advantage of low-cost insurance premiums
You certainly know if the premium for new car insurance with used cars is definitely different. Car insurance premiums with a vehicle age of more than 5 years are usually more expensive. While cars sold over credit because of their new age, the value of insurance premiums imposed will be lower.
Shorter installment/tenure period
For example, the seller takes car loans for 60 months and has paid installments for 24 months, you only need to continue the remaining credit time, which is for 36 months.
Buying a new car on credit might not be easy for some people. Because credit providers will conduct a survey to find out whether those who apply for credit are eligible for credit or not. However, that may not apply if you buy a car on credit. You don’t need to go through a series of surveys like new car buyers to get a car.
Don’t forget to pay your car loan on time, so that your credit score and digital transaction trail are in a good score so that your credit score is also good because this will all affect your digital credibility. Paying car loans is even easier with the Giant application that will help you see your credit score and credit score will go to the track and you will also get a giant score too.