Kebijakan makroprudensial semakin aktif digunakan di berbagai negara pasca krisis keuangan global tahun 2008. Salah satu kebijakan makroprudensial di Indonesia adalah kebijakan uang muka kredit kendaraan bermotor yang mengatur minimum persentase uang muka yang wajib dikenakan oleh bank kepada debitur atas fasilitas kredit yang diberikan untuk tujuan pembelian kendaraan bermotor. Kebijakan uang muka bersifat pengetatan ketika minimum persentase uang muka dinaikkan, dan bersifat pelonggaran ketika diturunkan. Penelitian ini dilakukan untuk melihat bagaimana dampak dari kebijakan uang muka terhadap pertumbuhan kredit kendaraan bermotor perbankan pada triwulan I/2011 s.d. triwulan IV/2019. Mengunakan metode fixed effect model, penelitian dilakukan terhadap seluruh bank yang menyalurkan kredit kendaraan bermotor pada periode penelitian. Hasil penelitian menunjukkan bahwa kebijakan uang muka mempengaruhi pertumbuhan kredit kendaraan bermotor. Pertumbuhan kredit kendaraan bermotor menurun pada saat diterapkan kebijakan pengetatan uang muka dan meningkat pada saat diterapkan pelonggaran kebijakan uang muka.

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Macroprudential policies are increasingly being used in various countries after the global financial crisis in 2008. One of the macroprudential policies in Indonesia is the down payment policy which stipulates the minimum percentage of down payments that must be imposed by banks on debtors for credit facilities granted for the purpose of purchasing motor vehicle. The down payment policy is tightening when the minimum down payment percentage is raised, and easing when it is lowered. This study aims to see how the impact of the down payment policy on the growth of banking motor vehicle loans in first quarter of 2011 to fourth quarter of 2019. Using the fixed effect model method, the study was conducted on all banks that has motor vehicle loans portfolio during the study period. The results show that down payment policies affect the growth of motor vehicle loans. Growth of motor vehicle loans decrease when the tightening policy was implemented and growth of motor vehicle loans increase when the down payment policy was eased.