Qn abt installment for bike shop

[jtjm39]

to all bikers here.. i wanted to buy a bike from someone. but having some cash-flow problems and i dunhave a license(which i will be getting soon). but wan to know if im able to get a loan from a bike shop which is like doing a coi. thx

[Rol]

Yes but you'll need a guarantor I think..and every month you need to go down to the shop to pay in person...which to me is very troublesome..

[jtjm39]

is there a way tht i can pay the installment to the shop by bank transaction and do i nid to pay the 3month up front payment?

[jtjm39]

by the way i still nid a guarantor even if im 21 this year?

[Infernalwar]

is there a way tht i can pay the installment to the shop by bank transaction and do i nid to pay the 3month up front payment?

 

Some shops do offer installents by bank transfer. Try Universal Motors at bukit merah. 3 months upfront is a must for most bike shops.

[jtjm39]

what abt insurance? i heard tht if u loan from them, u also nid to get insurance from the shop. is tht true?

[Blahhh]

to all bikers here.. i wanted to buy a bike from someone. but having some cash-flow problems and i dunhave a license(which i will be getting soon). but wan to know if im able to get a loan from a bike shop which is like doing a coi. thx

 

That process is known as a "reloan". BTW, the bike that you wish to get a reloan for must still have a healthy amount of COE left. Most bikeshops will not reloan old bikes or those with COE renewed. Also, not all bikes are granted a reloan easily (my friend's requested a reloan for an African Twin was denied). For higher reloans, they will likely only cover a certain amount of your asking price. (eg: bike cost 10k, they will reloan around 7k only) Lastly, most charge higher interest to reloan then to COI...

 

is there a way tht i can pay the installment to the shop by bank transaction and do i nid to pay the 3month up front payment?

 

Bank transaction will depend on the shop. The 3 month upfront thing, yes.

 

by the way i still nid a guarantor even if im 21 this year?

 

Yes you do. The guarantor needs to bring down his payslip and for some shops, guarantor cannot even live at same address as the rider (don't ask me why). I have also heard cases whereby they require two guarantors for really high amounts.

 

what abt insurance? i heard tht if u loan from them, u also nid to get insurance from the shop. is tht true?

 

Depend on shop.. best if you can get your own insurance, cheaper that way.

 

That is everything I know about reloans. If I wrote down something inaccurate there, please correct me. Anyway, a word of advice. If no money, don't buy a bike. Seriously.

[jtjm39]

That process is known as a "reloan". BTW, the bike that you wish to get a reloan for must still have a healthy amount of COE left. Most bikeshops will not reloan old bikes or those with COE renewed. Also, not all bikes are granted a reloan easily (my friend's requested a reloan for an African Twin was denied). For higher reloans, they will likely only cover a certain amount of your asking price. (eg: bike cost 10k, they will reloan around 7k only) Lastly, most charge higher interest to reloan then to COI...

 

 

 

Bank transaction will depend on the shop. The 3 month upfront thing, yes.

 

 

 

Yes you do. The guarantor needs to bring down his payslip and for some shops, guarantor cannot even live at same address as the rider (don't ask me why). I have also heard cases whereby they require two guarantors for really high amounts.

 

 

 

Depend on shop.. best if you can get your own insurance, cheaper that way.

 

That is everything I know about reloans. If I wrote down something inaccurate there, please correct me. Anyway, a word of advice. If no money, don't buy a bike. Seriously.

 

 

Asking all this is because i wanted to buy a gilera for abt 2.5k with abt 5yrs coe left. Actually wanted to buy it with full cash. but eventually my parents somehow know tht i was gona buy before getting a license. and of cos they dun allow. so now i had to pay installments to own the bike before my license. sadly but true. u guys know any shop does small amount of loan with low interest rate?

[BLACK COMET]

Asking all this is because i wanted to buy a gilera for abt 2.5k with abt 5yrs coe left. Actually wanted to buy it with full cash. but eventually my parents somehow know tht i was gona buy before getting a license. and of cos they dun allow. so now i had to pay installments to own the bike before my license. sadly but true. u guys know any shop does small amount of loan with low interest rate?

 

There's not such things as free lunch. In my opinion. any shops offer lower than market rate interest, U better be careful. Cos chances is got alot of hidden clause. additional admin fees lah, late payment penalty and etc.

 

Bikes always comes and go. Who knowsafter you pass ur license, u change ur mind and want other bikes?

 

Sugguest u get ur license before getting a bike. Cos I'm not sure if registration of bike under ur name without 2A license is allowed.

 

Even if bike shop can do for you. They will likely again charge extra special admin fees for doing that.

[Dafanshu]

you think too much. get your licence first before you do any planning.

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[ddaktiv]

Try to get a upfront cash loan from a bank instead of paying 7% financing, you can shop from diff banks and ask them to offer you a suitable amount. Some banks offer less than 3% per annum on promotional loans. Check them out. It'll be easier on the pocket and you can giro the funds like paying for credit card. Hope this helps!