I'm turning 19 and going NS in 4 months time, I have decided to buy the new 06' RS125 from MAH Motors. I heard that I can pay by installments over at MAH Motors, but not sure if I'm elligible.
QNS 1: If both my Parents don't have stable income, neither do they draw >$1500 each per month, would MAH Motors allow me to pay by installments taking into consideration that I would be a Full-Time NS man.
Since I'm really crazy over Aprilia and more crazy over their new 06' RS125 model, I don't really mind eating grass for 2 years, anyway, I have some savings of my own. The machine price is $10,600 SGD, assuming that insurance for a 2b bike at my age would not be very expensive, I'm estimating that the NETT price for this dream bike to be $11,500 SGD.
QNS 2: If I pay a down payment of $1,500 SGD, I would leave a remaining balance of $10,000 to be paid over 4 years by installments. I would like to know how big motordiams like MAH Motors calculate their intrest. I heard from my friend who owns an Aprilia that if the intrest is 7% a year, its (7+7+7+7)% meaning total of 28% intrest of the $10,000 SGD, meaning I have to pay $2,800 SGD of intrest within this 4 years? Really appriciate if someone could show me an example or do calculate for me the math.
Hoping to get some helpful replies! Thanks alot!