Car Loan Simulation – New, Used, Sharia and Prices

Car loans have become one of the ways to easily own your dream car without straining your finances. This is because you only need to set aside a certain amount of monthly money to pay off the car with light costs. Therefore, many people now perform car loan simulations to find out how much money they need to set aside to buy a car through credit.

Car Loan Requirements

The choice of tenor and the amount of down payment affects the size of your monthly installment costs and the price of the car loan. The requirements to apply for a car loan are actually not too complicated, namely:

You must be between 21 and 60 years old when the loan is fully paid off
You must be an Indonesian citizen
You must reside in the territory of the Republic of Indonesia
You must have a job and a stable monthly income. Generally, some dealers or leasing companies also set a minimum monthly income requirement if you want to apply for credit. For example, some leasing companies require a minimum income of IDR 5 million per month.

Meanwhile, for the requirements to apply for a car loan, you need to prepare several important documents as follows:

Family Card
Identity card such as ID card, passport, or driver's license
Marriage certificate (for those who are married)
Income slip
If you have a credit card, attach the credit card bills for the last three months
For entrepreneurs, it is mandatory to attach a business license and business establishment deed
Tax Identification Number (NPWP)
Proof of electricity and water bills as well as land and building tax
For professionals, attach a practice license statement

New Daihatsu Car Loan Prices

If you want to own the latest Daihatsu car through installments, first find out the price of the new Daihatsu car in your area. Additionally, the price of Daihatsu cars also depends on the type, such as Daihatsu Ayla or Daihatsu Sigra. Here are the prices for the Daihatsu Sigra variants in South Jakarta:

Market price for the Daihatsu Sigra variant 1.0 D MT is IDR 119.5 million. The Daihatsu Sigra variant 1.0 D MT is the base variant
Market price for the Daihatsu Sigra variant 1.0 M MT is IDR 129 million
Market price for the Daihatsu Sigra variant 1.2 X MT is IDR 139 million
Market price for the Daihatsu Sigra variant 1.2 X DLX MT is IDR 145 million
Market price for the Daihatsu Sigra variant 1.2 R MT is IDR 145.5 million
Market price for the Daihatsu Sigra variant 1.2 R DLX MT is IDR 150 million
Market price for the Daihatsu Sigra variant 1.2 X AT is IDR 152 million
Market price for the Daihatsu Sigra variant 1.2 X DLX AT is IDR 157.5 million
Market price for the Daihatsu Sigra variant 1.2 R AT is IDR 158.5 million
Market price for the Daihatsu Sigra variant 1.2 R DLX AT is IDR 163 million

The price of a new Daihatsu car loan will vary depending on the tenor and down payment you provide. The shorter the tenor, the lower the car loan price will be, or closer to its market price. Meanwhile, if the chosen tenor is longer, the loan price will be further away from the market price (more expensive).

For example, if you provide a down payment of IDR 40 million for the Daihatsu Sigra, here are the possible car loan simulations you need to pay:

60-month tenor with installments starting from IDR 2.6 million
48-month tenor with installments starting from IDR 2.9 million
36-month tenor with installments starting from IDR 3.4 million

Used Daihatsu Car Loan Prices

Used car loans are a solution for those who want a car at a more budget-friendly price. The older the car model, the cheaper the price of the used car. Here are some examples of used Daihatsu car prices:

2017 Daihatsu Terios priced at IDR 150 million. Can be paid in installments over 5 years at IDR 3.82 million with a down payment of IDR 45 million
2016 Daihatsu Grand Xenia priced at IDR 143 million. Can be paid in installments over 5 years at IDR 3.82 million with a down payment of IDR 25 million

Loan Simulation Calculator

In car loan simulations, several factors must be considered:

Down payment
Car price
Tenor
Interest rate
Other costs such as insurance, policy, administration

For example, for a car priced at IDR 150 million and paid in installments over 5 years:

Credit ceiling IDR 150 million – (30% x IDR 150 million) = IDR 105 million
Principal installment: IDR 105 million : 60 months = IDR 1.75 million
Monthly interest: IDR 105 million x 3% : 12 = IDR 262,500
Total: IDR 1.75 million + IDR 262,500 = IDR 2,012,500

Sharia Car Loans

One of the financing methods for car ownership today, besides conventional methods, is also the sharia method. Sharia car financing is said not to use an interest or usury system that is prohibited in Islam. This financing model does not follow the interest rates set by Bank Indonesia.

This is different from conventional car financing that uses the interest rate benchmarks set by Bank Indonesia. In sharia car loans, the price of the car is determined from the start, which is different from the price of the car if paid in cash. The difference in cash and credit car prices has been calculated from the beginning by the financing institution based on the potential inflation that may occur.

Thus, from the beginning, those who wish to take out a sharia car loan will know the total price of the car that must be paid based on the tenor and down payment taken. For example, a simulation of a sharia car loan for the Daihatsu Sigra variant 1.0 M MT priced at IDR 129 million in cash, the sharia loan price with a tenor of 2 years and a down payment of IDR 40 million could be IDR 160 million depending on the financial institution.

The amount of the car loan installment is paid at IDR 5 million per month consistently and does not change. If you are unable to pay, there will be no late payment penalties for deferred payments. The resolution of late payments will be done through discussions between the lender and the borrower.