Effective Ways to Get Your Vehicle Loan Application Approved by a Leasing Company

KatadataOTO – There are several ways to buy a new car or motorcycle. From paying in cash to financing.

Unfortunately, not everyone's application for a vehicle loan is approved. This usually happens due to several factors.

For instance, there might be issues with personal or family data. It could be declared incomplete, invalid, or the data verification might fail.

Then, if you have a bad credit history. A bad BI Checking record or a poor note in the Financial Information Service System (SLIK).

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Well, there's actually a smart way to ensure your vehicle loan application is accepted and not rejected by the leasing company.

“Overall, our approval is more about the consumer's capacity or ability (to pay) itself,” said Yusuf Maulana, Head of Branch SSD Bogor for Adira Finance in Sentul, West Java on Tuesday (24/06).

Yusuf further explained that they will look at the fixed income amount of the vehicle buyers.

Then, Adira Finance will also look at the prospective customer's payment history.

“Of course, with a good category, which is a score of 1 or 2. As for scores of 3, 4, and 5, we will still consider them,” Yusuf continued.

On the other hand, there are requirements that must be met when people want to apply for a new vehicle loan. For example, having a Debt Service Ratio (DSR) of around 30 percent if you have a fixed income or salary.

“While it's 35 percent for entrepreneurial consumers. We can tolerate up to that much,” Yusuf affirmed.

In addition, you are also required to submit a number of documents when applying for a vehicle loan. For example, a photocopy of your personal and spouse's National Identity Card (KTP).

Next, you will be asked for your Taxpayer Identification Number (NPWP), payslip or proof of income, bank statements for the last three months, and a business license (for entrepreneurs).

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If all the above requirements can be met, then your vehicle loan application is very likely not to be rejected by the leasing company.

So you can buy a new car or motorcycle with the desired installment plan. In accordance with your ability to make payments.

Lastly, to simplify your vehicle loan process, it is recommended to complete your documents, increase your income, choose a suitable tenor and down payment, and improve your credit history.