Buying new bike with loan

[airwaven23]

Hi, may i know if buying new bike with loan die die must have guarantor?

[Dafanshu]

yes.. dun commit till you are rdy

[papabread79]

Not necessarily. If dp > loan amount, wdnt need. Or if loan amt is not large.

[Fried Rice]

what about insurance? i heard when loaning from shops the bike must be on second party or first party insurance from the shop?

 

under what circumstances are we able to get our own insurance? is it when our down payment is much more than the loan amount?

[f-50evolution]

what about insurance? i heard when loaning from shops the bike must be on second party or first party insurance from the shop?

 

under what circumstances are we able to get our own insurance? is it when our down payment is much more than the loan amount?

yeah need to be 2nd party if you doing loan

[nateray]

what about insurance? i heard when loaning from shops the bike must be on second party or first party insurance from the shop?

 

under what circumstances are we able to get our own insurance? is it when our down payment is much more than the loan amount?

 

U can request want to get your own insurance. But they prob try to slap some fees on you.

If you buy insurance from shop, they get to charge extra admin fees. (maybe not all shops but these are pointless $ for u to pay)

and they earn a premium of 10-15% from insurer.

Worse, most just quote a figure on the spot. Never even check from insurer. you can be sure that amount is higher than what u pay

if you buy yrself.

[airwaven23]

So any trustworthy motorshop to recommand?

[shemish]

So any trustworthy motorshop to recommand?

 

Depends on what bike you getting.