How much to downpay for CL2 in 2023?

[M3DU5A]

Hey riders, I'm currently looking at getting my first "first-hand" bike. Here are some scenarios that I thought of.

[ Please correct me and give your input if you want, your opinions are greatly appreciated! ]

1. Go full cash (savings + remaining would be personal loan from bank)
Pros
-> I can change bike anytime I want since its fully paid
Cons
-> Loan from bank
-> Depending on the bank and my credit score, loan maybe delayed as this would be my first time taking out a personal loan

2. Downpay X amount (Still haven't figure out how much to dp)
Pros
-> Can get the bike asap
Cons
-> Can't change bike as to when I want as I need to clear the COI before changing the bike

 

I currently got my eyes on MT-09 Gen 3 SP and Non-SP version!

Help me clear my doubts fellow riders!

What is the average amount should I downpay if I go for scenario no.2?
Does scenario 1 (pros) work?

Edited September 12, 2023 by M3DU5A
Adding tags in

[adesmond2]

On 9/12/2023 at 7:14 PM, M3DU5A said:

Hey riders, I'm currently looking at getting my first "first-hand" bike. Here are some scenarios that I thought of.

[ Please correct me and give your input if you want, your opinions are greatly appreciated! ]

1. Go full cash (savings + remaining would be personal loan from bank)
Pros
-> I can change bike anytime I want since its fully paid
Cons
-> Loan from bank
-> Depending on the bank and my credit score, loan maybe delayed as this would be my first time taking out a personal loan

2. Downpay X amount (Still haven't figure out how much to dp)
Pros
-> Can get the bike asap
Cons
-> Can't change bike as to when I want as I need to clear the COI before changing the bike

 

I currently got my eyes on MT-09 Gen 3 SP and Non-SP version!

Help me clear my doubts fellow riders!

What is the average amount should I downpay if I go for scenario no.2?
Does scenario 1 (pros) work?

recommended to go with option 1..

 

option 2 got alot more cons... 

you are subjected to the shop's repairs else warranty void.

you might need to buy all future insurance and road tax from the workshop.. 

since you dun own the bike.. you need alot more documents when going up to Thailand.. or any other official documents...

[Siphon]

I would recommend not getting a "first hand" bike if its stretching your finance. 

Any loan that you need to keep financing for more than 3 years for a bike will considered long unless you have a very stable job and pays you even when you get into an accident... 

Bike riding does bear greater risk, even when we're careful riders. its the other drivers we're afraid of... and sometimes the road condition doesn't help too (sand, oil, wood pegs) you never know. So taking a long term loan is something i would not recommend. If you can pay it off immediately it would be great. or maybe in 1-2 years time too. You can start with the loan and clear it off after a year. 

[M3DU5A]

@Siphon @adesmond2 Thank you you so much for the insightful opinions! Honestly I think I should take a step back and see the bigger picture of my finances before I make the purchase.