Buying A Motorbike

[newbikerr]

Hi, i'm a new biker and i want to know what are the options for loans avail to riders who wants to buy a bike.

i have read about the the 0% interest and no downpayment for credit card users. Do they accept debit cards? its's afterall still a credit card anyways. i'm interested in the duke 200. oh, and also i'm javing a problem with paying for the downpayment but monthly installments and maintenance petrol shouldnt be an issue

[zalk]

Debit card is not credit card. Credit card need minimum monthly income. Debit card no need. Credit card the money is paid by the bank first then you pay the bank monthly. Debit card the money comes out from your account straightaway. Shops will take the credit card because if anything happens, they still get their money from the bank first then the bank will chase you for it. If debit card and your account no money then they cannot get their money they have to get lawyer to write to you etc and come in the night to repossess. A lot of effort on their side.

 

For cases like you who can barely afford downpayment I honestly suggest you save up a while and buy used with full cash. Then at least next time if really worst case got money problem you just sell off. If you take instalment and cannot pay, not only they repossess and you end up with no bike, they will still charge you for the repossession and you still have to continue paying the difference between what you owe and what the bike was auctioned off for to another person.

[FireGunz]

Debit card is not credit card. Credit card need minimum monthly income. Debit card no need. Credit card the money is paid by the bank first then you pay the bank monthly. Debit card the money comes out from your account straightaway. Shops will take the credit card because if anything happens, they still get their money from the bank first then the bank will chase you for it. If debit card and your account no money then they cannot get their money they have to get lawyer to write to you etc and come in the night to repossess. A lot of effort on their side.

 

For cases like you who can barely afford downpayment I honestly suggest you save up a while and buy used with full cash. Then at least next time if really worst case got money problem you just sell off. If you take instalment and cannot pay, not only they repossess and you end up with no bike, they will still charge you for the repossession and you still have to continue paying the difference between what you owe and what the bike was auctioned off for to another person.

Thank for the info.

 

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[newbikerr]

Debit card is not credit card. Credit card need minimum monthly income. Debit card no need. Credit card the money is paid by the bank first then you pay the bank monthly. Debit card the money comes out from your account straightaway. Shops will take the credit card because if anything happens, they still get their money from the bank first then the bank will chase you for it. If debit card and your account no money then they cannot get their money they have to get lawyer to write to you etc and come in the night to repossess. A lot of effort on their side.

 

For cases like you who can barely afford downpayment I honestly suggest you save up a while and buy used with full cash. Then at least next time if really worst case got money problem you just sell off. If you take instalment and cannot pay, not only they repossess and you end up with no bike, they will still charge you for the repossession and you still have to continue paying the difference between what you owe and what the bike was auctioned off for to another person.

 

Do they offer loans on second hand bikes?

[beginner444]

Just don't buy from heng motors, i got cheated the first time i bought my first bike from them, well karma is a *****

[zalk]

Do they offer loans on second hand bikes?

 

Of course.

[Taurian365]

for buying using credit card installments, its usually 0%. but if you take installment from the shop, they will charge pretty high interest rate! Suggest better save up before going for anything.

[Taurian365]

Do they offer loans on second hand bikes?

 

Yes but the interest rate is quite high (around 5%-8%) compared to new bikes (around 2%-4%).

[superspeed123]

Buy something within your means. A new KTM Duke 200 is quite ex to begin with.Maybe a used bike is better for you.

[FireGunz]

Just don't buy from heng motors, i got cheated the first time i bought my first bike from them, well karma is a *****

Ok.... noticed.... any reason why? Care to share it possible pm me (seem can't discuss open) so I (new noob) can to aware of it. If got similar case like it at other shop.

 

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[daz3]

Why dont you save up for the downpayment first? Dont get yourself tied down by too many installments.

I know you are excited about getting your first bike, but like what others have suggested get a used bike first.

[daz3]

Oh and another thing, please be prepared that other then downpayment, you need to pay for first installment, insurance, admin charges(if applicable)

[Angry]

Hi all,

 

May I know which motorcycle shops offer 0% interest and no downpayment for credit card user.

I may want to buy a new bike using my OCBC credit card and how many years can I pay thru installment cos different bank got different years limit.

Thanks in advance

[slkl]

Got this type of lobang? ? Never heard before leh

[ciscube]

I don't think the zero interest by credit card is applicable for bike purchase. It can only be used for accessories and parts. Um has this possibility.

[ticks]

It sounds probable to be going in this way. But not sure if the bike shops will allow.

 

I always wondered since bike shops finances are quite questionable, since they only take cash for installment. What if the authorities find out since they try hard to press upon riders that any electronic payment for installment is not allowed? Only servicing and parts can use nets or card.

[Jehuty]

Hi all,

 

May I know which motorcycle shops offer 0% interest and no downpayment for credit card user.

I may want to buy a new bike using my OCBC credit card and how many years can I pay thru installment cos different bank got different years limit.

Thanks in advance

 

Thats paying thru credit which means the bank pays the bike shop, you pay the bank, you default on payments, you standby very high interests and they don't go for more than 2 years unless you don't mind Conti car level of installments.

 

Standard loans from bike shops go thru finance coys, you pay cash or nets monthly because the finance coys deducts from the bike shops monthly. I think.

Edited April 25, 2015 by Jehuty

[mechwira]

It sounds probable to be going in this way. But not sure if the bike shops will allow.

 

I always wondered since bike shops finances are quite questionable, since they only take cash for installment. What if the authorities find out since they try hard to press upon riders that any electronic payment for installment is not allowed? Only servicing and parts can use nets or card.

 

there is no law that says any shop is obliged to take electronic payment. if a shop insists on cash for payment, they have every right.

 

and like jehuty explained, all that 0% down and interest are tie-ups between electronic goods or furniture shop and the bank. they are relatively low instalment and short time frame, compared to a bike, even a cub. at such relatively low instalment and timeframe, the bank happy to offer such promotion, coz its low risk for the bank.

 

no bank is going to bother offering you 0% down and interest on a bike. bike shops provide loans via their own finance company, hence there is no such 0 down/interest.

[ticks]

there is no law that says any shop is obliged to take electronic payment. if a shop insists on cash for payment, they have every right.

 

and like jehuty explained, all that 0% down and interest are tie-ups between electronic goods or furniture shop and the bank. they are relatively low instalment and short time frame, compared to a bike, even a cub. at such relatively low instalment and timeframe, the bank happy to offer such promotion, coz its low risk for the bank.

 

no bank is going to bother offering you 0% down and interest on a bike. bike shops provide loans via their own finance company, hence there is no such 0 down/interest.

 

Totally understood mechwira about no law governing the need to pay electrically or by cash. But my point is are these payment recorded on the finance records of the company that subsequently leads to taxes? Admittedly I'm not in the finance line but the thought just crossed my mind.

[mechwira]

Totally understood mechwira about no law governing the need to pay electrically or by cash. But my point is are these payment recorded on the finance records of the company that subsequently leads to taxes? Admittedly I'm not in the finance line but the thought just crossed my mind.

 

ah.

 

you can be sure that if it involves taxation, confirm got law. and if any shop kena caught never do properly, worse still on purpose, you can confirm plus chop the authorities will take action.

 

and we know there have been businesses caught for things such as fraudulent gst claims etc etc.

 

it seems 'easy' to take customer's cash and write a different figure in the invoice. then again, somehow this kind oso eventually authorities will catch.

[Jehuty]

ah.

 

you can be sure that if it involves taxation, confirm got law. and if any shop kena caught never do properly, worse still on purpose, you can confirm plus chop the authorities will take action.

 

and we know there have been businesses caught for things such as fraudulent gst claims etc etc.

 

it seems 'easy' to take customer's cash and write a different figure in the invoice. then again, somehow this kind oso eventually authorities will catch.

 

Well as far as I'm concerned or most other buyers, willing buyer willing seller. All those taxations not really my problem...but if installment go up next year because of tax related crap etc then yes, we will have a problem. If they finance coy goes kaput because of this then all your bike debt disappear along with it, even better