Those who want to buy vehicles usually prefer to use bank loans. Many banks carry out a wide range of vehicle loan campaigns. The interest rates of each bank vary for vehicle loans. However, there are certain items in the vehicle loan that require additional expense along with interest rate.
Vehicle loan surcharges can be listed as follows
- Credit Allocation Fee
- Bank Insurance Transaction Tax
- Resource Utilization Support Fund
- Credit Life Insurance Premium
- Car and vehicle loan file costs
The Loan Allocation Fee is collected up to five thousand of the loan amount used.
The Bank INSURANCE TREATMENT TAX is charged to the Bank Insurance Transaction Tax, which is called BSMV, at 5% of the monthly loan interest amount of the borrower.
The Resource Utilization Support Fund is among the additional expenses of the vehicle loan. KKDF is 15% of the monthly loan interest amount of the borrower. Spreads in installments throughout the term.
Credit Life insurance is not compulsory according to the regulations of the Undersecretariat of Treasury. Nonetheless, it is a type of insurance that is usually included in the expense package as it can secure the loan against death. Life insurance varies depending on the number of vehicle loans, health status, age, and maturity.
It is compulsory for car loan receivables. Car loans have lower interest rates for vehicle loans.
File Cost can be paid together with the commission fees when receiving vehicle loans from banks. Some of these can be taken back by legal remedies. These costs can also increase the cost of credit.
How can costs be reduced?
File Cost: What you can do for returns…
Vehicles cut costs when they receive your credit file to extract those accounts showing the bank’s credit file charges cut the price of the vehicle to take back these costs they demand from the bank. Then they send a petition to the bank stating the request for refund of vehicle loan file costs. They attach the account statement to the annex of the petition they signed. When the bank processes the petition immediately and makes the requested refund, the vehicle loan file costs are transferred to the bank account of the creditors. If it is not paid, a petition can be sent to the Consumer Arbitration Committee in the provincial governor or district governor.
Credit Life Insurance: You do not have to take credit life insurance from the bank…
Credit life insurance is not compulsory. It is also a product recommended by banks in the purchase of loans to ensure that the loan is closed in case of death. In the event of death, life insurance is a preferred product in order not to leave the remaining family members under debt burden. At this point, it is important to know that you do not have to take out your life insurance from the bank. You can get a more affordable loan life insurance to cover the same debt by conducting research from insurance companies outside the bank. Don’t forget that you can get up to 40% advantage with credit life insurance sold online via Best Finance.