Bikes purchased under 0% credit card installment scheme

[gnehsheng]

If my bike was purchased under a 0% credit card installment scheme, is it considered still under financing? As I am still paying the credit card installments, am I able to sell it to a private buyer?

 

As I understand a bike cannot transfer ownership while it is under financing.

[pufferfis]

if you are borrowing straight from the banks such as the 0% balance transfer with or a personal loan..its considered u loan from the banks and no collateral put up and of coz you can sell off the bike since you paid cash straight to the bike shop n it already settled.

 

On the other hand...some bike shops do offer the so called 0%credit card scheme but have expensive one time processing fee like 15% which is also considered a personal loan to the banks so ul still be able to sell off your bike...this you have to check with the bike shop... I believe as long as you are paying direct to the banks...its considered a private loan...cheers....

[gnehsheng]

Thanks Puffer. Clarifies a lot of things!