Car Loan Simulation: What You Should Know Before Buying a New Car

13 May 2022

Due to a high level of mobility for activities outside the home, Indonesians desire their own vehicles and cars are the primary choice for millennials as a personal vehicle. Before you buy a new car, you should think about the car you want in addition to a car loan simulation.

1. Buy Only What is Necessary

The first thing to evaluate is whether the car has become a priority at this time or if it could still be postponed. Do not leave the newly purchased car parked, rarely used, and merely as a display in the garage. If it has become a necessity, then purchase a new car that meets your needs. For example, if you need a car for a small family, a car with 4-5 seats will be enough. Pay attention to the car's fuel consumption as well. Look for a fuel-efficient vehicle, such as the LCGC (Low Cost Green Car), if it is used every day.

2. Pay Attention to Buy and Sell Pricing

Pay close attention to the pricing of the car you want to buy. Examine the market for the car's selling price to see if it is stable. Choose a car brand that has official workshops all around Indonesia. Typically, with a large number of approved repair shops and easily obtainable spare parts, the car's selling price will be stable.

3. Determine The Installment Period

Determine the installments and tenors based on your financial capacities. Do not let it have an impact on your finance.

4. Do a Car Loan Simulation

After you've considered these three factors, look for a bank that offers competitive interest rates. Then, as a rough estimate of the overall cost, run a car loan simulation. Click here to check a car loan simulation using Maybank.

To purchase a new car that suits your needs, you can apply for a Car Loan at Maybank, which offers several benefits:

1. 0% interest rate
2. Flexible tenors from 6 months to 7 years.
3. The process takes one business day after all documents are received
4. Have a large number of authorized dealer partners.

You can also apply for a sharia-compliant vehicle loan with Maybank KPM iB which offers a Murabahah contract and competitive price.
The charges related with the car ownership loan process can be found here.