Code of Practice for Bikeshops in S'pore

[Guest SPchoo]

hi guys. i got my bike on hire-purchase (instalments) from a bikeshop and put a deposit of 1k for. Therefore, i had to loan the outstanding amount of 2.6k which was liable to a interest. the loan was for 2 years.

 

however, after 1 year i am ready to clear up all my instalments.

 

my question to everyone is whether the common practice in singapore allows me to enjoy a rebate on the interest for the second year since i am clearing up the instalments in just 1year. help pls !

[Guest SPchoo]

hi guys. i got my bike on hire-purchase (instalments) from a bikeshop and put a deposit of 1k for. Therefore, i had to loan the outstanding amount of 2.6k which was liable to a interest. the loan was for 2 years.

 

however, after 1 year i am ready to clear up all my instalments.

 

my question to everyone is whether the common practice in singapore allows me to enjoy a rebate on the interest for the second year since i am clearing up the instalments in just 1year. help pls !

[GuiNNeSS]

no...there might even be a penalty for early repayment

[gnayed]

Yes you can do that. But rebate is dependent on the shop. Most bike shops give me rebate if I clear up the instalments early.

[panclanrider]

my question to everyone is whether the common practice in singapore allows me to enjoy a rebate on the interest for the second year since i am clearing up the instalments in just 1year.

 

It depends very much on the particular shop...

 

Some will allow you to enjoy the remaining 1 year rebate on the interest while some will still want you to pay up the remaining 1 year interest or worst, like what enHANZed mentioned, pay a penalty for early repayment.

[Arcfire]

Read your hire purchase agreement. Everything that you can/cannot/have to do are all listed inside.

[QX]

tat time i also clear up my installment early at ASPhoon left 15month they said 12month no rebate so 15 - 12 = 3. only gave me 3 month rebate which is only $12 - $17 dollar... other shop mostly will not give you much rebate..

[FOXY]

not all shop practice the same thing lor

[FOXY]

not all bike shops do that lor

[revenge]

yah l0r, i dun liek bikeshops.... always got chopper at their entrance

[FOXY]

lucky u buy from pte owner

[revenge]

yah l0r, cant agree more

[NC35]

nv pay agreement fees what.. so nth to agree for u revenge..

[revenge]

yah l0r, not like u.... have to agree on everything there is

[NC35]

yah lor. sians.. next time i open bike shop also set alot of agreement.

[NC35]

not all shop practice the same thing lor

 

greatly depends la.. true for nt all shop practice the same stuffs.

[revenge]

yah just like some practise safe sex and some dun practise safe sex, diff people got different way of doing things mah

[revenge]

yah, i also, i sure chop u alot alot of money

[NC35]

i use canon alr. dun lame.

[NC35]

what has is got to do with sex man?

[revenge]

no la, just compare to make my point clearer mah

[revenge]

i use nuclear l0r..... bomb and chop everyone

[NC35]

u dun do that lor.. so no dao de.

[Echo]

u dun do that lor.. so no dao de.

 

tiu..... yun and revenge... i reading ur conservation again lah.. off topic again here

 

To ts: it really depends on the bikeshops, even so, rebate is only just a few percent.. so might as make full use of the interest that is being charged, for the long repayment time frame.

[NC35]

what do u mean by repayment time frame?