Motorcycle Loan in Singapore
What is a Motorcycle Loan?
Guide to Getting a Motorcycle Loan in Singapore
Where Can You Get a Motorcycle Loan?
In-house Financing
If you were to purchase a motorbike from a dealer, they might offer their own in-house financing options. Often, they will attract you with competitive interest rates, but in-house financing is usually more expensive than a bank.
Basically, they offer convenience. They have no credit checks so it's fast to get approval. At times, they might throw in more incentives or freebies. However, it's a secured loan because your motorcycle is the security. Some Singaporean dealers design loans to be compatible with their borrower's financial situation. This flexibility is usually not available with banks.
Motorcycle Manufacturers
An alternative to motorcycle financing is to take a loan directly from motorcycle manufacturers, otherwise known as the principal.
This is a preferred option among many consumers since manufacturers make a profit out of the sales of their motorcycles rather than interest rates from loans they offer.
However, there are only a few manufacturers who offer motorcycle loans. For Singaporeans, it might be a challenge for you to find one since most places that sell vehicles are dealerships.
Refinancing Loans from Bank and Credit Union
This is probably the most popular source of motorcycle loans in Singapore are banks and credit unions. Usually, for a traditional loan, the interest rates and financing options they offer are competitive.
Since they are huge organisations, it also makes them a credible financing option.
One challenge with banks is that they may ask you for collateral. Also, traditional lenders would conduct a credit check to ensure their borrowers have a good history.
Banks could also provide you with an option for full coverage insurance to go along with the monies granted because honestly, riding is extremely risky.
P2P Lending
Peer-to-peer lending is borrowing from a site that connects individuals who need to borrow money to investors willing to lend.
Websites like these are managed professionally too, so borrowers who are unable to borrow from banks might want to include this in their list of loan options.
Personal Loan
In instances where you can’t get a motorbike loan, you could take a personal loan from a licensed moneylender or a bank. A personal loan is an unsecured loan that can be used for almost anything.
For someone with a bad credit rating or someone who does not want to put down any collateral, this would be the best motorcycle loan option.
You can use a portion of the loan amount to make the down payment and the remaining to finance other needs as well like your credit card bill, or use the full amount for your bike.
Apply for a Motorcycle Loan with QV Credit
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Which is The Best Loan Option
In-house motorcycle loans
Manufacturer loans
Bank motorcycle loans
Personal loans from money lenders
Tips for Getting the Cheapest Motorcycle Loan
Compare Prices
Know Your Budget
So you don’t borrow more than you need and incur unnecessary debt. Use a loan calculator to figure out monthly repayments and road tax payments. Note that this is only an estimate.
Only Borrow from Lenders You Trust
It’s stressful enough having instalments to pay off. So make sure you work with a licensed and regulated lender in Singapore.
Motorcycle Loan FAQs
How does financing work on a motorcycle?
Motorcycle financing works just like a car loan. These motorcycle loans are issued as a lump sum which is deposited into your bank account. You can even use the bike loan to make your down payment. In most cases, you’re required to make loan payments over an agreed amount of time at a fixed interest rate, until you repay the principal loan amount.
Typically, the longer the repayment period, the higher the interest rate. That can make the cost of borrowing more expensive. In the event that you are unable to make your monthly repayment or make late payments, additional fees will be charged to you.
What is the average motorcycle loan tenure?
Most financial institutions or businesses that provide motorcycle financing options will offer a payment period between 36 and 60 months.
Is it hard to get approved for a motorcycle loan in sg?
For formal financial institutions, they require borrowers to have a decent credit score. A credit score in Singapore is a number between 1000–2000 that depicts a consumer's creditworthiness. The higher the score, the better a borrower looks to other lenders. A credit score is based on credit history: number of open accounts, total levels of debt, and repayment history, and other factors.
A good credit score increases the chances of you getting your loan approved, especially by a bank or credit union. They might also require proper documentation in order and make you go through several credit checks before disbursing your request amount. For most, it would be easier to get motorcycle financing from a licensed moneylender.
A licensed moneylender can lend unsecured loans for your motorcycle financing and even motorcycle refinancing, at a relatively low interest rate.
Is it worth getting a loan for a motorcycle?
At QV Credit, we believe that you shouldn't put your plans on hold just because of money. If your desire is to have your own vehicle, we want to help make that happen.
Motorcycle financing should not jeopardise your life or empty your savings account. That said, we advise that you forecast your future paychecks to ensure you have sufficient funds and that you always spend within your means.
One thing is for sure though, never put it all on your credit card if you know you won't be able to pay it off because a credit card loan has extremely high interest rates of 24%, far higher than any other loan available.
Money Loans Offered in Singapore
How to find us
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- Bus Services to Opposite Burlington Square 64 / 65 / 131 / 139 / 147 / 166 / 857
- Near Fortune Centre 56 / 980
- Downtown Line DT13 at Rochor MRT Station, Exit A one minute walk to Burlington Square
- From Novena MRT Station take Bus Services 56 / 131 / 166 / 980
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