What's the maximum amount you're willing to pay for bike loan?

[kzone]

Regardless of down payment or loan duration, what's the max u're willing to pay per mth?

 

Those that pay full cash, not applicable

[kaiq]

I would wait to save up for x years and pay full cash.

[kzone]

I would wait to save up for x years and pay full cash.

. . . .

Those that pay full cash, not applicable

 

. . . . . .

[haoKR]

Depends on the pre and post after-sales service of that shop. Will take a max loan of a year if its not satisfactory, 2 years if its standard; whatever amount the bike is.

But still, I will pay it in full(2b & 2a). 2nd hand cheap ma.

 

I will try to pay in full for cls 2, but my amount limit will be 20k.

Since a bike is a leisure(hobby) for me, why make it a burden to pay half a grand every month on installment? imo, dont flame me ah

 

so, max amount to pay? less than 300 for me.

[kzone]

so, max amount to pay? less than 300 for me.

 

pls update the poll! thanks!

[lkm]

Actually, that's a really difficult question to answer - AND it's also applicable for people who want to "pay in full". If the bike is, say, $20k. And I've also already saved $20k. But if the shop has a 0% credit card installment plan, I'd make full use of it. Stretch it, say, 1 or 2yrs - that's $1667 / mth or $833 / mth. Does that sound high? Of course. But is it painful? Definitely not - since I was already ready to "pay in full", I'm just using the $20k that I have already saved up and slowly take out from there.

 

The financially saavy ones may even invest the remaining amount in low-risk instruments, while withdrawing from the original principal - effectively earning some "interest" too.

 

This is what I've done myself. I could have paid off in full for my bike. But charged it to my card and took a 0% installment plan instead. Effectively, it's borrowing money from the bank at 0% interest rate - a fantastic deal, I must say! =)

 

Of course, if one chooses to do this, and then SPEND off the remaining money thinking that it's okay as long as you can pay back the bank every month, that's financial foolhardiness.

[kzone]

of cos, various reasons y ppl choose to pay instalments. not saying reasons doesn't matter but u cant poll that.

 

so the poll is how much r u willing to pay per mth max for a bike loan?

[MR BIKER]

THE poll sounds like a bike shop asking customers.

[lkm]

of cos, various reasons y ppl choose to pay instalments. not saying reasons doesn't matter but u cant poll that.

 

so the poll is how much r u willing to pay per mth max for a bike loan?

 

I personally think that how much one is willing to pay per month of a loan (irrespective if it's a bike, car, or house), is a function of his/her income rather than an actual dollar amount. IE, a percentage of his / her income.

 

For me, it's no more than 20%.

[kzone]

I personally think that how much one is willing to pay per month of a loan (irrespective if it's a bike, car, or house), is a function of his/her income rather than an actual dollar amount. IE, a percentage of his / her income.

 

For me, it's no more than 20%.

 

function of income, financial obligations, whether the bike is for hobby or basic transport, how many bikes he have, n some will say depend if new bike or old, how many years etc etc

 

wah u willing to pay 20% of ur pay on bike instalments?! that's super high bro.. TDSR is 60%. U're left with 40%

[lkm]

function of income, financial obligations, whether the bike is for hobby or basic transport, how many bikes he have, n some will say depend if new bike or old, how many years etc etc

 

wah u willing to pay 20% of ur pay on bike instalments?! that's super high bro.. TDSR is 60%. U're left with 40%

 

How you know I still paying home loan leh? Heehee...

[kzone]

How you know I still paying home loan leh? Heehee...

 

my point exactly... too many variables if want to consider. that's y its a straight $ amount poll.

[ghost04]

i wont pay more than $350 to $400...

duration i usually takes 6 years...cos bikes i chose i will ride it for at least 2 years...there after i break even already after taking in 1st year depreciation for new bikes...small amt don amount to high interests paid compared to cars so i can take it... haha

 

 

Sent from my iPhone

[nsrboy]

usually about 500-1000 for downpayment..

[slowrider]

If any person is already thinking along such a line as to what max loan amount he can take inorder to buy a bike, then this would indicate that this person should take public transport instead.

 

The next question such person would ask is : Can I pay my insurance in installment?

 

And later he would ask when I renew my COE, can I also pay in instalment?

 

Such candidate are also likely to pay their credit card bills in instalment or like some say, the minimum sum and roll over the rest! LOLOL

[haoKR]

If any person is already thinking along such a line as to what max loan amount he can take inorder to buy a bike, then this would indicate that this person should take public transport instead.

 

The next question such person would ask is : Can I pay my insurance in installment?

 

And later he would ask when I renew my COE, can I also pay in instalment?

 

Such candidate are also likely to pay their credit card bills in instalment or like some say, the minimum sum and roll over the rest! LOLOL

 

Maybe this "person" is having his financial planning? Because none of us know if there is any problem he is facing in life ya? But then want to take out a ride because he just get his 2B? No one can wait to be otr after getting a license, right?

Dont so bad la haha

 

Anyway, if anyone wants to pay thier insurance by installment, NTUC has this feature too.

But COE by installment? Never heard of it

[kaizersg]

COE by installment got last time many years ago , i did this last time many yrs ago

[kzone]

If any person is already thinking along such a line as to what max loan amount he can take inorder to buy a bike, then this would indicate that this person should take public transport instead.

 

The next question such person would ask is : Can I pay my insurance in installment?

 

And later he would ask when I renew my COE, can I also pay in instalment?

 

Such candidate are also likely to pay their credit card bills in instalment or like some say, the minimum sum and roll over the rest! LOLOL

 

I'm pro instalments when its used to even out your expenses rather than have peaks n troughs which makes financial planning tough. (unless where the interest is insane and bike loan interest rate is approaching borderline that)

[skytng]

never ever take a bike loan, period

worst financial decision i can think of

if you can't afford a bike, don't buy it

[haoKR]

never ever take a bike loan, period

worst financial decision i can think of

if you can't afford a bike, don't buy it

 

true but most(90%) of the riders coi their ride.

oh well..

[teambhp]

never ever take a bike loan, period

worst financial decision i can think of

if you can't afford a bike, don't buy it

Easy for you to say

 

Sent from my E2353 using Tapatalk

[Yahmarhuh]

any dealers offer interest free instalment plans tie up with credit cards?

[teambhp]

any dealers offer interest free instalment plans tie up with credit cards?

Nope

 

Sent from my E2353 using Tapatalk

[pufferfis]

any dealers offer interest free instalment plans tie up with credit cards?

 

you can try unique

 

http://www.uniquemotorsports.com.sg/index.php/sitepage/pricelist

 

go to reloan facilities 0% credit card installments plan but of coz don't forget to read the whole thing plus processing fees if its suitable for you

 

I'm with skytng on don't take loans but hey some people sometimes need various options so they can decide which is best for them.

 

Or you can try asking dbs cashline if they are willing to offer the recent 0% 12months interest with eir of 6.5% if im not mistaken....i tink the processing fee is 4.5%......of coz nothing is free in this world even though it beautifully states 0% interest free for how many months...

Hope this helps...cheers....

Edited June 8, 2016 by pufferfis

[Yahmarhuh]

you can try unique

 

http://www.uniquemotorsports.com.sg/index.php/sitepage/pricelist

 

go to reloan facilities 0% credit card installments plan but of coz don't forget to read the whole thing plus processing fees if its suitable for you

 

I'm with skytng on don't take loans but hey some people sometimes need various options so they can decide which is best for them.

 

Or you can try asking dbs cashline if they are willing to offer the recent 0% 12months interest with eir of 6.5% if im not mistaken....i tink the processing fee is 4.5%......of coz nothing is free in this world even though it beautifully states 0% interest free for how many months...

Hope this helps...cheers....

 

thanks bro... I was actually referring to those pure credit card instalment plans where its 0% interest with no processing fee. of course this eats up into ur credit balance n will incur 24+% interest IF you don't pay your monthly credit card bills on time.

 

Wonder why bike shops don't tie up with credit card companies for this scheme. Even had my lasik treatment on this kind of scheme.