Car sales marketing strategy with a minimal down payment incentive to hit the fruitful society with the increasing number of vehicles on the market. However, approximately 70 to 80 percent of the vehicle owners buy with credits system. The problem that then arises is that most people sometimes incorrectly calculate their financial ability to pay off the debt in installments. As a result, after a few months of loan repayments started stagnating, even many who end up stuck.
This will result in a car drawn by a bank or financial institution. Not only that, bad credit will automatically record your name in the blacklist Debtor Information System (SID) of Bank Indonesia. And once you call listed in the black list, we can be sure you will certainly had difficulties to apply for other loans, such as mortgages.
So, what to do if you are no longer able to pay the mortgage debt?
refinancing
This bad credit problems for some people it is seen as a business opportunity then attempt to offer refinancing services. Or rather, a new debt offering to cover bad debts. Indeed, this solution is not very wise because it impressed the lid hole dug hole. However, this solution makes at least you can breathe easier with the debt repayment period is longer. Longer repayment period means nominal monthly installments are also smaller when compared with your initial debt. Thus, you are no longer expected financial flared and can be more loosely arranged monthly finances.
Not Able to Pay Installment Car, What is the Solution - DompetPintar.Com
Some of the other advantages is that you will be free from the possibility of inhabiting temporary blacklist SID Bank Indonesia. But do not let these refinancing loans also stalled, because again you will be in the same problem.
Another advantage is the possibility to get additional fresh funds from this refinancing process. How is it possible? Yes, because companies typically provide refinancing loans with a value of 80% of the market price of the car. If the remaining credit value is lower than 80% the price of the car, you can pocket the remaining funds.
Refinancing risk
Do not be happy with this solution first, because after all you should consider refinancing minus factor. Most companies refinancing is not a large company, it makes them set a higher interest rate than a large finance company. The longer your installment period, the higher the interest rate will be charged.
Thus, by refinancing you will pay the debt with a larger value. Therefore, do not be too tempted by this solution, take advantage of existing facilities sepertlunya alone. If you really need refinancing services, adjust its value with a credit score that you need to pay off. Please remember, it is not advisable to take the available funds from the ceiling!
Debt Restructuring
There is one more solution for bad credit, ie debt restructuring. You know you can come to a finance company that you use to repay the car and ask for leniency payment. Well, in this way the interest is usually set too high as the company will not refinance already DompetPintar mentioned above.
Indeed, the finance company is not touting these services, but many of them are receiving due to internal restructuring does not want to bother pulling the car from the customer. In addition, selling the car back is not an easy thing to do.
Now, which option is right for you? Whatever it is, still apply the principle of the mortgage debt is not more than 30% of the total value of your income.
