Motorcycle Loan in Singapore

What is a Motorcycle Loan?

A motorcycle loan is meant to help you pay for your bike by borrowing a sum of money, then repaying the motorbike loan in fixed instalments over a loan tenure. You can use a motorcycle loan calculator to get an estimated amount of the monthly payment for the loan.

Guide to Getting a Motorcycle Loan in Singapore

For some, riding is their dream. For others, a bike is just a convenient way to get around. Either way, owning a bike in Singapore costs a fairly large amount of money and you might not have sufficient funds to pay it in cash. So the next best option is getting a motorcycle loan.

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.

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Which is The Best Loan Option

In-house motorcycle loans

Loans from motorcycle dealers are best for borrowers who want a straightforward loan application process and have everything settled in one place.

Manufacturer loans

Loans from manufacturers are an ideal choice for those who have built a good relationship with the manufacturers.

Bank motorcycle loans

These are great for borrowers looking for a long-term loan with slightly lower interest rates. You just have to show a good credit rating and be prepared for a longer application process.

Personal loans from money lenders

Financing from licensed moneylenders is suited for borrowers who do not have a good credit rating and have no chance of getting financing from banks and other lenders.

Tips for Getting the Cheapest Motorcycle Loan


Compare Prices

Before agreeing to anything because you may never know if there may be other additional fees in the loan contract.

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

Here are some of our Frequently Asked Questions that we get from most of our clients. Do take some time browsing through and we hope you may find the answers you are looking for!

Money Loans Offered in Singapore

We offer a range of different loan types based on your needs. It doesn’t matter if you have a bad credit history, or low-income, the best money lender for you is 118 Credit!

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