A practical car loan simulation service from Toyota Finance
The credit simulation from Toyota is a commitment by Toyota Finance to provide the best service to Indonesian car consumers. Because Toyota Finance understands that for many Indonesian, purchasing a car is a big decision that needs more than a small funding. However, before taking a loan, it is important to weigh up the decision first., Toyota Finance provide a credit simulation feature that you can use to calculate how much installment which will be paid later. This installment simulation is made according to the type of car as well as the Down Payment that you’ve choosen.
Steps to calculate loan for Toyota car
When done manually, Toyota car loan simulation is actually very easy to do. Even though the results you get may differ from when you apply for real, but the differences won’t be too far, hence it does gives you an estimate for the monthly installment.
Generally there are 5 (five) factors in car loan simulation, that is:
- Down Payment money
Minimum Down Payment rates are usually offered at 25% , so if the car price is Rp 200 million, that means :
Down Payment = 25% x Car Price (On The Road Price)
25% x Rp 200 Million = Rp 50 Million
- Loan Amount
Loan Amount calculation:
Loan Amount = Car Price (On The Road Price) - Down Payment
Rp 200 Million - 50 Million = Rp 150 Million
- Monthly Interest
After that, do not forget to count the interest that you will have to pay with the following formula:
Interest/month = (Loan Amount x interest rate by duration in year) / (duration in month)
If the duration (tenor) taken is 2 years with a 5% interest, that means :
(Rp 150 Million x 5% x 2 years) / 24 months = Rp 625.000 (round up to the nearest thousand)
- Amount of Installment
Next, you just need to calculate the amount of installments that must be paid by the following formula:
(Loan Amount/Duration or Tenor (by month)) + interest rate
(Rp 150 Million /24) + Rp 625.000 = Rp 6.875.000
- Insurance and administration cost
Lastly, do not forget to add the insurance and administration cost, policy fee and the cost of the fiduciary. The administration fees, policy fees, and fiduciary fees will be combined with the down payment becoming the first total payment. While the insurance premium payment could be paid with several ways, some is combined into the first total payment and the other is included into the that will be paid in monthly installment.
Toyota car price
Indonesian car distributors surely do have their own consideration in setting a market price in Indonesian markets. Certainly the type, specification, and other features added into the car influence the price setting as well. The economic ability of Indonesia is also a factor, therefore Toyota present various type of cars for all segments to be able to choose from.
For example, hatchback city cars, Toyota Agya’s selling price start from Rp 133 million, and there’s Yaris that has become youngster’s favorite car with price starting from Rp 235 million. Toyota also has some premium SUV car like Land Cruiser with price starting from Rp 925 million. To know more, find out Toyota’s car prices on our homepage and try Toyota’s credit simulation.