Search results
Nov 26, 2020 · This guide will show you how to take up a motorbike loan in Singapore. Motorbike loans, like car loans, are meant to help you pay for your bike by borrowing money from a lender, usually a large sum of money.
10 Cheap Motorcycle Loan In Singapore. Looking for cheap motorcycle loan? We can help! Get hassle free quotes from trusted companies. Riding a motorcycle is one of the most popular and convenient ways to move around Singapore since cars are notoriously expensive.
A bank motorcycle loan offers low-interest rates and long-term repayment duration. You must have a good credit rating and be ready to go through the extended application process. A motorcycle dealership loan is straightforward and doesn’t require the lengthy processes that banks impose.
- Where to Get A Motorcycle Loan?
- Other Financing Option: Unsecured Personal Loan
- Which The Best Loan Option?
- Tips For Getting The Best Motorcycle Loan
1. In-house financing
You can take a loan from motorcycle retailers – businesses that sell the motorcycle you want. While these companies claim that their interest rates are competitive, the interest rates of banks are actually lower. Borrowers prefer them because, unlike banks, they have a simpler and less restrictive application process. Loan approval is fast and easy because the fund for the loan comes directly from them.
2. Loan company partners of the dealership
Under in-house financing, the loan fund comes from the retail company, here, the loan is from a lending company. Take note that these dealers often receive commissions and kickbacks from lenders, which means that you might be compelled to pay for a higher interest rate or even a higher motorcycle price. Also, there is a possibility that you will meet untrustworthy dealers who would sell you unnecessary motorcycle parts and accessories just so they can increase their profit.
3. Motorcycle manufacturer
If you don’t want to go to motorcycle dealers and retailers, you can also take a loan directly from motorcycle manufacturers. Honestly, this option will benefit consumers the most because manufacturers make a profit out of the sales of their motorcycles instead of the interest of the loans they offer. Also, going directly from a manufacturer will give you a chance to pick the right bike model for you. One downside of this choice, though, is that there are only a few manufacturers who offer mo...
For someone with a bad credit rating, applying for motorcycle financing from banks, dealers, and manufacturers is extremely difficult. And honestly, most of the options above require collateral. If you do not have these requirements, the best option for you is to apply for an unsecured personal loanfrom a licensed moneylender. These private lenders...
Both anin-house motorcycle loan and a dealership loan are best for borrowers who want a simple and straightforward loan application process.Loan from a manufacturer is an ideal choice for those who have built a good relationship with manufacturers. In most cases, this means that the borrower is able to provide his creditworthiness.Abank motorcycle loan is best for borrowers looking for a long-term loan with fairly lower interest rates. You just have to show a good credit rating and be prepared for a longer application time.Lastly, a personal loanis best for borrowers who do not have a good credit score and have no chance of taking a loan from banks, credit unions, and manufacturers.Review your credit score. Most lending companies would only give motorcycle financing to individuals who can prove their creditworthiness.Know your budget. The loan amount, down payment, fees, and terms of payments you will get are largely based on the type or model of bikes you are choosing from.Compare the fees and payment plans of the credit companies. Choose the motorcycle financing plan that fits your finances. Remember that these lending companies are not the same. Also, do not be afr...Nov 27, 2020 · This guide will show you how to take up a motorcycle loan in Singapore. Motorcycle loans, like car loans, are meant to help you pay for your bike by borrowing money from a lender,...
Discover the key steps on securing a motorcycle loan in Singapore effortlessly. Learn about eligibility criteria, required documents, and expert insights to navigate the process smoothly. Get a Loan
Sep 22, 2020 · Instead, rationalize your desires when getting the best motorcycles in Singapore. You can look at some motorcycle loan being offered by financial institutions or ask a licensed moneylender for better financing options. A proper research before shopping a motorcycle will help you save from unnecessary spendings. What Is a Motorcycle Loan?
