Regarding reloan

[DoubleMcSpicy]

Hi guys, I'm still waiting for my tp on 10 of september. I'm aiming r15 v1 after I pass my class 2b, and I intend to do loan from workshop to pay for the bike as I work part time. But recently my friend told me that reloaning from workshop requires guarantor, means it's either full cash the bike or get reloaning and guarantor, which I really couldn't find anyone to be my guarantor, cos I didn't want to let my parents know I'm riding as they forbid me from doing so. Do you guys have idea about it? Are all the workshops requiring guarantor? I'm 20, still schooling btw, thanks!

[haoKR]

Slim chance of finding a motor diam which do not required a guarantor. So save your cash first.

Wait, pass your tp first.

Gd luck

[TrolleyCart]

If you are able to downpay a large portion of the bike's cost, you might not need a guarantor. At least this is true with my experience at Mah Motor.

[DoubleMcSpicy]

Because i can't wait to get the bike, planning to get it immediately after my tp.. That means i really have no other choice?

[Humanoid]

There is really no where else you can get a loan or reloan without a guarantor when getting a motorbike. Almost all if not all require a guarantor at least some of the shop needs 2. Believe me I try a lot of shop before. My suggest is that if you can at least save 70% to 80% of the loan amount you might have a chance of nego without having a guarantor

[Humanoid]

You are still young and new rider yr insurance is not going to come cheap.

[haoKR]

TS, whats your age btw? insurance should be around 1k if you are below 21.

1k for 3rd party. but if you are gg to take a loan, they wont allow you to get 3rd party, which will be more exp..

[haoKR]

There is really no where else you can get a loan or reloan without a guarantor when getting a motorbike. Almost all if not all require a guarantor at least some of the shop needs 2. Believe me I try a lot of shop before. My suggest is that if you can at least save 70% to 80% of the loan amount you might have a chance of nego without having a guarantor

 

haha have,my dad told me before.

a shop allow one uncle to coi a cb400. i was like really?

dont prompt me for the details,i have no idea

[flyingcow]

haha have,my dad told me before.

a shop allow one uncle to coi a cb400. i was like really?

dont prompt me for the details,i have no idea

 

quite sure if you're 20 you're at high risk of default, below legal age of 21, so they won't let you coi without a guarantor

[DoubleMcSpicy]

quite sure if you're 20 you're at high risk of default, below legal age of 21, so they won't let you coi without a guarantor

 

So basically i need a guarantor becos im 21, but must the guarantor be someone that needs at hdb to his name or smth? Cos thats what my biker friend told me, im really confused!

[RaidoN]

Guarantor can be any working adult that hold a full time job. Suggest you save up more for your D/P so you don't have to struggle for your mthly installment.

[DoubleMcSpicy]

Guarantor can be any working adult that hold a full time job. Suggest you save up more for your D/P so you don't have to struggle for your mthly installment.

 

Are NS men considered full time? thinking of getting my friend to be my guarantor, yup am now finding jobs! thanks so much

[Richmond]

Are NS men considered full time? thinking of getting my friend to be my guarantor, yup am now finding jobs! thanks so much

 

NS regular are consider full time... it is best to find friends with a steady income. if not loan might not approve. There are a few shops doing reloan but i'm sure you wont want to do it after asking. For example, 8% interest per year and you wanna loan 5k. After all the gst, agreement fee, this fees that fees... end up at 7.5k+. It is best if you can find a shop that sell the bike you want and loan in from them. This way, the interest is lower and everything is cheaper. Btw, i am also 20 this year, i have look around for reloan for 2months. The lowest i get is 8%, that 5k loan was my example.

 

Also, your guarantor need not be someone that have a hdb under their name. Just find a working adult with stable income. That should help to get the approval of the loan. My opinion is, dont get a expensive 2b bike unless you are loaded. Because insurance will cost higher for a new and young rider. You will not regret when you can hit higher speed with a bigger bike. Dont be a 2b hero. ahahah

 

HOPE YOU FIND SOMETHING YOU LIKE SOON! CHEERS!

Edited September 1, 2014 by Richmond

[DoubleMcSpicy]

NS regular are consider full time... it is best to find friends with a steady income. if not loan might not approve. There are a few shops doing reloan but i'm sure you wont want to do it after asking. For example, 8% interest per year and you wanna loan 5k. After all the gst, agreement fee, this fees that fees... end up at 7.5k+. It is best if you can find a shop that sell the bike you want and loan in from them. This way, the interest is lower and everything is cheaper. Btw, i am also 20 this year, i have look around for reloan for 2months. The lowest i get is 8%, that 5k loan was my example.

 

Also, your guarantor need not be someone that have a hdb under their name. Just find a working adult with stable income. That should help to get the approval of the loan. My opinion is, dont get a expensive 2b bike unless you are loaded. Because insurance will cost higher for a new and young rider. You will not regret when you can hit higher speed with a bigger bike. Dont be a 2b hero. ahahah

 

HOPE YOU FIND SOMETHING YOU LIKE SOON! CHEERS!

 

 

OMG I'm still full of uncertainty in my head, lotsa questions!! Sorry i'm a complete newbie here... But can i seek your advice? Thinking of getting r15 v1, which is around 5k, havent include my insurance which im gonna downpay that amount and reloan the 5k, what do you think about it?

[voyagerv1]

OMG I'm still full of uncertainty in my head, lotsa questions!! Sorry i'm a complete newbie here... But can i seek your advice? Thinking of getting r15 v1, which is around 5k, havent include my insurance which im gonna downpay that amount and reloan the 5k, what do you think about it?

 

Best you consider if you should get the r15 again.

Consider if you intend to upgrade to Class 2A or 2 in the future and if you would like to change bike.

 

For myself, I'm riding a Spark after I passed my 2b because of the price. But I'm going to upgrade to a sports bike after passing my 2A which I intend to use for a long time.

 

Unless you see yourself riding the r15 v1 for 4-5 years, my advise would be reconsider your bike choice and save up first.

[DoubleMcSpicy]

Best you consider if you should get the r15 again.

Consider if you intend to upgrade to Class 2A or 2 in the future and if you would like to change bike.

 

For myself, I'm riding a Spark after I passed my 2b because of the price. But I'm going to upgrade to a sports bike after passing my 2A which I intend to use for a long time.

 

Unless you see yourself riding the r15 v1 for 4-5 years, my advise would be reconsider your bike choice and save up first.

 

i see myself riding it for a good 2 - 3 years? going to Ns next year, doubt even if i have time to take 2a and have the money for 2a bike.. But i thinking of getting super four for 2a, dreaming really far hahaha!

[Richmond]

OMG I'm still full of uncertainty in my head, lotsa questions!! Sorry i'm a complete newbie here... But can i seek your advice? Thinking of getting r15 v1, which is around 5k, havent include my insurance which im gonna downpay that amount and reloan the 5k, what do you think about it?

 

Its best you loan it from your friends or family.. another option is to purchase second hand bike from shop. This way the interest will be lesser. For example, reloan of 5k might get up to a sum of 7.5k after the interest, gst, agreement fee, etc. Meaning to say you loan 5k and pay back 7.5k+. It is not advisable to reloan from shop. Because they dont earn machine price, therefore the interest and **** is damn high!

[Richmond]

OMG I'm still full of uncertainty in my head, lotsa questions!! Sorry i'm a complete newbie here... But can i seek your advice? Thinking of getting r15 v1, which is around 5k, havent include my insurance which im gonna downpay that amount and reloan the 5k, what do you think about it?

 

Its best you loan it from your friends or family.. another option is to purchase second hand bike from shop. This way the interest will be lesser. For example, reloan of 5k might get up to a sum of 7.5k after the interest, gst, agreement fee, etc. Meaning to say you loan 5k and pay back 7.5k+. It is not advisable to reloan from shop. Because they dont earn machine price, therefore the interest and **** is damn high! last option is bank loan

[flyingcow]

yeah best to buy cheaper bike first then upgrade

[DoubleMcSpicy]

Its best you loan it from your friends or family.. another option is to purchase second hand bike from shop. This way the interest will be lesser. For example, reloan of 5k might get up to a sum of 7.5k after the interest, gst, agreement fee, etc. Meaning to say you loan 5k and pay back 7.5k+. It is not advisable to reloan from shop. Because they dont earn machine price, therefore the interest and **** is damn high! last option is bank loan

 

Thanks for your advice and all, will decide again after my tp on this coming wednesday! I should take one step at a time and not gan chiong haha!

[haoKR]

Thanks for your advice and all, will decide again after my tp on this coming wednesday! I should take one step at a time and not gan chiong haha!

 

good luck!