8 Payment Terms When Buying a New Car

The development of technology and car features that increasingly complement today’s lifestyles, certainly makes you curious and of course, requires you to be smart in making choices. Not just a matter of variance, but you also need to be able to choose a payment program that suits your needs. As a car seller, sales usually categorize various payment methods in specific terms. So that you are not confused, let’s refer to a variety of important terms that must be known before buying a new car.

1. Booking Fee

Booking Fee or sign money is one form of customer seriousness in buying a vehicle. Usually, Booking Fee is only for purchases of vehicles that are still in the pre-order stage with a nominal value of between Rp. 5-10 million. Payment of Booking Fee must also be directed to the showroom either in cash or via bank transfer.

2. Vehicle Order Letter

SPK or commonly referred to as Vehicle Order Letter (SPK) is one of the documents given to the Customer after paying the Booking Fee. This SPK is also a sign of the commencement of the Customer to pay a bill that has been agreed upon. Typically, the SPK contains Customer’ data as well as information about vehicles that are adjusted to BPKP and STNK.

3. Down Payment

After paying the Booking Fee, if the vehicle unit is ready and available the customer will be asked to pay Down Payment (DP) or down payment. DP is one of the initial payment processes approved by sales and customers. Different from the relatively small Booking Fee, the DP usually has a larger amount with a calculation of approximately 25% to 30% of the selling price of the selected vehicle. Usually, the DP will be the initial stage if consumers make the process of buying a vehicle through a financial institution (leasing)

4. Total Down Payment

Total Down Payment (TDP) is the amount of Down Payment (DP) which has been added to the provision fees (credit service fees), vehicle insurance and first installments. The nominal TDP is determined by the agreement between the leasing provider or the bank and the customer.

5. Leasing

Leasing is an official vehicle financing institution and is registered with the Financial Services Authority. For consumers who choose to purchase a vehicle on credit, the financing institution will help you in the car loan process. Make sure you choose a trusted lease.

6. Prices on the Road & off the Road

You will usually be offered with two types of car prices: On The Road and Off The Road. The On The Road Price is generally offered as a cost package that includes the registration of vehicle registration and BPKB. While Off The Road is the purchase price that is not included in the making of these documents.

7. All Risk Insurance

Insurance costs which are also called Comprehensive provide compensation when the car is damaged due to accidental vehicle users. For example, due to an accident that makes the car body experiencing a beret to dent. Comprehensive also covers losses caused by criminal acts to the cost of a tow truck.

8. Total Loss Only Insurance

Different from Comprehensive, Total Loss Only (TLO) insurance will only be provided if the vehicle has severe damage exceeding 75% of the initial condition. So, don’t be mistaken to claim TLO Insurance funds with Comprehensive when your car is damaged, yes!

So are you ready to buy a new Chevrolet? Please check the Offers & Prices page on the website to get the latest Chevrolet promos. Greetings Chevrolet!