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help on bike loan

By firefox87
September 7, 2009 in General Servicing, Maintenance, Technical & D.I.Y. Discussions

https://www.singaporebikes.com/topic/20311-help-on-bike-loan/

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firefox87

Posted September 7, 2009

hello all! i just need some ideas to help me out. currently, i'm planning to get a wr 400 and i've enquired from a bike shop that offers me a short term loan. max loan for the bike is 3.5k. and my plan was just to take it for 6 mths with a mthly installment of around 600 as i need to pay almost $1.4k initially for insurance($818) and the hire purchase fee and admin fee and transfer fee. and the interest rate is based on 8%/year so that'll be just 4% for me since i plan to settle all in 6 mths.

after calculating all extras into account, the cumulative interest will be at an estimated 20%-22%, roughly the amount i can get from EZ cash but they don't take a 6 mth loan. so my main concern is if there's other better alternative which just charge me a small amount of processing fee. but then again, during this recession, is it easy to get a good loan? and if based on my gross income of $1.7k, what other choices do i have? thanks in advance for all the ideas.