Motorcycle Loan in Singapore
What is a Motorcycle Loan?
Guide to Getting a Motorcycle Loan in Singapore
Where Can You Get a Motorcycle Loan?
Apply for a Motorcycle Loan with 118 Credit
Get An Instant In-Principle Approval And Collect Your Money On The Spot!
Which is The Best Loan Option
In-house motorcycle loans
Bank motorcycle loans
Personal loans from money lenders
Tips for Getting the Cheapest Motorcycle Loan
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 118 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.