Installment Plans on Motorbikes

[harukikujo]

Anyone can clarify the interests per annum for different spans?

 

For example, 7% for 60 months. Maybe la. I also don't know. I is noob.

 

I've been searching around the forum. ..but... . . ..

[Constructicon]

It's quite simple actually.

 

Say you want to buy a bike costing $10,000.

You take a 5 year loan from a shop at 7% per annum.

1 year interest is $700. (7% of $10,000)

5 years interest is 5 x $700 = $3500.

So interest alone, you are already paying $3500.

 

So, just bike cost alone is $10,000 + $3500.

 

Anyway, you should have a budget to start with. Factor in the petrol(rising), road tax, carpark, insurance...etc/

No point buying something you really like but that you really cant afford.

 

If u take a look at the Garage Sales in this forum, you can see some rather high prices the sellers are asking for. Some are bcos the sellers took on a long loan period, so in the end the bike price is kind of ridiculous. Want to sell, no buyers.

 

Bike is cheap, compared to car. But it is not THAT cheap.

It pays to do some budgeting to avoid future headaches/ heartaches.

"Buy first, think later" is a sure way to that.

 

It's always good is you can put more downpayment, as a longer loan period means you are paying extra for what the bike is worth.

[sICkbOi-dOt-cOm]

Well Said!

[299]

Not forgetting, there's always a need of backup cash just in case of emergency.

[ZellGlory]

Aint first hand bikes have lower interest rates like 4 or 5 % @ everbright or bike production? Correct me if im wrong

[Constructicon]

Aint first hand bikes have lower interest rates like 4 or 5 % @ everbright or bike production? Correct me if im wrong

 

Yeah, asked ard before. Seems they charge lower interest for 1st hand bikes.

[bladeboy]

i have seen 3 % interest on a banner along changi road forgetten which bike shop already so far the lowest i seen

[harukikujo]

interesting. 3% so low ah? over how many years?

[SpiritualRain13]

3%... Gt hidden Co$t$ anot

Maybe Machine Price iz ex tats y offering Low Intrests Rate loh

Best 2 check throughly before jumping in coz of Super Low rate