If you’re looking for the best motorcycle loan in Singapore, you’ve come to the right place. Motorcycles are a popular mode of transportation in Singapore.
When purchasing a motorcycle, you probably would need to save money for months to buy the motorcycle that you desire by cash, but many do not have such facilities, and that is why you’ll likely need to take out a loan.
There are a few different types of motorcycle loans available in Singapore, and it’s important to compare your options before applying for a loan.
In this blog post, we’ll provide an overview of how to get a motorcycle loan in Singapore, including tips on how to get the best loan possible.
What Are The Types Of Loans Available For Motorcycles In Singapore?
In House Financing from Motorbike Dealerships
One of the quickest and most convenient ways to get a motorcycle loan.
You can usually get a loan from a dealership, and it is a straightforward loan application process.
They offer competitive interest rates, and it is a form of a secured loan since your motorbike act as the security.
The advantage of a secured loan is that it usually comes with a lower interest rate than an unsecured loan. The downside is that if you default on the loan, the lender can seize your collateral.
Just be sure to ask about in-house financing options and compare rates before you decide.
Fast Cash Loan From Trusted Money lenders
This is the best option for you if you want to avoid the typical difficulties that come with taking out other types of loans because, in most cases, your loan will be approved right away once you meet their requirements.
This type of loan is perfect for people who need time-sensitive solutions to their motorcycle financing needs.
Here at Quick Loan, we offer cash loans for those interested in buying a motorcycle in Singapore with a quick and easy application process.
Personal Installment Loans
Personal instalment loans are another popular option for financing a motorcycle in Singapore. These loans offer several advantages, such as fixed interest rates, fixed monthly payments, and no prepayment penalties.
You can also use personal loans for other personal purposes such as to fund your weddings, home renovations and buying cars.
Personal loans are usually a form of unsecured loan which means the financing institution would usually require no collateral to borrow money.
At Quick Loan we offer personal loans with a highly flexible plan with a low effective interest rate.
You can read more about personal loan here: https://quickloan.com.sg/personal-loan
If you are looking for personal loans for any purpose, feel free to skim our article on personal loan guide.
Taking Loans From Banks
Another option available for a motorcycle loan is to take a loan directly from a bank, but there is a catch.
Since motorcycles have a high risk of injury and death, it can be hard to find specific banks that offer motorcycle loans.
You can visit your nearest bank and check if they provide motorcycle loans.
Borrowing From Friends Or Family Members
The easiest method to finance the purchase of your dream motorcycle would be to borrow the necessary amount from the person you trust.
It might sound simple, but not many will lend money to the people they know because of the fear of not getting back the amount they borrow.
If you have someone who trusts you and vice versa, you can deal directly with the person and set the payment type, date, and discuss other details between just both of you.
You have to be virtuous in honouring your word of giving back the amount to the person who lent it to you in your hard times.
Directly From Motorcycle Manufacturers
Another way to obtain a loan instead of banks or credit unions would be directly from motorcycle manufacturers.
Manufacturers have different terms and conditions based on the model, loan amount, and past credit record.
Some manufacturers might give you the funding the same day you apply, while others take a few days.
Only a few manufacturers offer this type of financing. It may be difficult for you to discover one in Singapore, as most places that sell cars are dealerships.
How Do I Apply for A Motorcycle Loan In Singapore?
To apply for a motorcycle loan in Singapore, you will need to submit a completed application form with supporting documents such as your NRIC, proof of income, and bank statements.
You may also be required to provide collateral if you apply for a bank loan.
Once your application has been approved, you will be given a loan agreement which you will need to sign and return to the lender.
Note that this is just a general application process for taking out a loan, and it varies according to the medium that you choose to finance the purchase of your motorcycle.
Check out our article on easy ways to take loans from trusted money lenders if you want to know more about the overall process involved in this arena.
Pros And Cons Of Taking Out A Motorcycle Loan In Singapore
There are several advantages to taking out a motorcycle loan in Singapore. Firstly, it can help you spread your motorcycle’s cost over a period, making it more affordable.
Secondly, a motorcycle loan can be used as a down payment for a new motorcycle, meaning that you will not have to come up with all the money upfront.
There are also some disadvantages to taking out a motorcycle loan in Singapore. Firstly, you will be required to pay interest on the loan amount, which will increase the overall cost of your motorcycle.
Secondly, if you miss any loan repayments or default on a loan, this will negatively impact your credit score and you will incur unnecessary debt.
How to Choose The Best Motorcycle Loan In Singapore
Take Into Account The Interest Rates
The interest rate is one of the most important factors to consider when choosing a motorcycle loan in Singapore, as it will affect the total amount you have to repay over the loan.
It is essential to compare the interest rates of different lenders before deciding on a loan.
Think About The Loan Tenure
When selecting a motorcycle loan in Singapore, the loan tenure is an additional crucial consideration to take into account.
The tenure is how long you have to pay back the loan. Your monthly payments will be greater with a shorter term, but you will ultimately pay less in interest.
In contrast, choosing a longer tenure will result in cheaper monthly payments overall, but you will pay more interest fees over time.
Consider The Down Payment
The down payment is the amount of money that you have to pay upfront when taking out a motorcycle loan in Singapore.
Most lenders need a minimum down payment from 10 -20% of the motorcycle’s purchasing price.
However, depending on your credit history and financial position, certain lenders may ask for a larger down payment.
Take A look At The Fees And Charges
There are various fees associated with taking out a motorcycle loan in Singapore, such as processing fees, late payment fees, early repayment fees etc. Understanding what fees and charges are applicable before taking out a loan is critical to avoid surprises later on.
Which Is The Best Loan Option Out Of Many?
You must have familiarised yourself with the different types of motorbike loan options available for you by now and wondering what options are the best and the most trusted medium available in Singapore.
The honest answer is that it totally depends on your needs, wants, and borrower’s financial situation.
But there is one option: the fastest and easiest way to get a motorbike loan in Singapore.
Quick Loan is the best possible way for you to fulfil your dream of owning a motorcycle, and why is that?
We are the best licensed money lender in Singapore. With instant approval and cash on the spot, you can get the money you need quickly and easily.
Plus, with low interest rates, you can rest assured that you won’t be paying too much interest.
And, because these loans are tailored to your needs, you can be sure that you’re getting the perfect loan for your unique situation.
Sign up for a loan right now at https://quickloan.com.sg/apply-for-a-loan.
If you need more information, contact us here at https://quickloan.com.sg/contact to get to know more about our services.