Vlogcast#25 Motorcycle Financing Options in Singapore
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- Опубликовано: 1 фев 2021
- Buying a motorcycle can be an expensive & daunting commitment. So, in this video podcast, Me, Zar & Fizo discuss, weigh the differences, advantages and cons of the types of motorcycle financing in Singapore.
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Recorded with a Canon 80D
to those not earning much, dont buy something you cant afford. Period. And earning 1k per month and paying 600+ because you love that ducati, really isnt worth it.
what about 1.6k per month and 250 bucks on my wr155 xd , is that responsible?
@@kiranraj2744 as long as you dont feel it becoming a financial burden, all's good brother
4.8k per month can buy ducati?
Tips
If you intend to buy CASH don’t inform the shop you buying CASH 1st
Ask the price of the bike
Ask the insurance like
And The most important
Ask What you getting if you buy from them
THEN TELL THEM YOU BUYING CASH!
This What I Did To Them
I am intending to pay full cash. What is the reason to not inform the shop in advance that I am paying in cash? (newbie here)
@@amrhmzh2672 some shops may mark up the bike price if u r paying full cash because they r not earning the interest from you. Check out 3:00
I believe why COE will remain high is because of the interest the bike shop will make when one take a loan. Borrow someone else's knife for the kill. Any other opinions are welcome to share. Just found your channel. Nice!
Just take a few months off and work.. Then full cash... If you have delivery bike like a kapchai, even better. Take one year++ and work then in one year can buy GS,S1k and much more depending on how much you save and your discipline when it comes to money.
Cash is king.. True fact uh... but..
Patience is God
Interest is already included even if u want to do early settlement. This is what makes the early settlement penalty a bit ridiculous. They are not going to deduct the remaining interest from the remaining loan. Its unlike car bank loan where u get interest rebate for early settlement.
Thanks for the video,, really needed this 😊
actually if i'm not wrong, different classes of bike also have different interest rate in certain shops
If y’all ever want to buy a bike under lease to own , never go to stark holding !! They are unprofessional and the mechanics there are untrained . Furthermore it’s like lending money from ahlong. Just a heads up !
You must have really bad experience. 😱😱😱 Thanks for sharing..
Is the owner Robert Downey Jr. ? 😉🤣
@@manpreetsinghsidhu5031 thats a good one.
Hahahhaa
even their rental bikes are terrible. Rented Fz16 from them and it couldnt even make it out 2 traffic lights. Wasted 4 hours as their mechanics tried to assess the problem.
Bro i had a similar maybe even worst experience there ,really very unprofessional and talk like gangster when i told them their clutch biting point was way too far
Always ask if got early settlement fee... And most shop u early settlement, you are still paying the agreed interest rate...
One thing to take note before paying in full cash is whether you need that money in the near future. If you feel like there’s even a SMALL chance that you might need that money, it’s better to take a loan.
Thank you for sharing. 👍
What bike shop do you guys recommend?
When i buy full cash..sure got some shop ask to pay extra..100% true i experience before..but not much like below 1k.
Still cheaper than mthly interest rates combined.
Farhan, maybe because you're helping the shop to advertise in a way so different kind of treatment. As for me, the moment i said I'm paying full cash, immediately tell me the price will marked up. And that wasn't the only bad side.
It was my first time buying from shop and it was terrible. I just take it as a lesson learnt.
Perhaps. But i got in touch with Speedway before they even know who I am. I did ask them got any additional fees if I were to pay full cash on Carousell and there was none. Im not sponsored by Speedway or anything. But yea, perhaps different rider got different treatment.
Current COE prices are choking/strangling under 200cc motorcycles/kapcais. Why don’t let motorcycles quota growth increased while let the car remain zero growth quota.
Speedway put 2k early settlement fee on my contract without explaining to me in detail until later I noticed that but it’s too late. Now I’m stuck with the 3 year loan. Should have easily put full cash. My loan is only 7k. Feeling I’m been cheated badly.
Yeah. Charging interest is the bike shop way of earning money. If you were to settle your loan quickly, they wont earn from you in the long term. Perhaps you can consider other financing options on your next bike. 😁
I’m fine with interests. But the early termination fee and admin fee is on top of all the accumulated interests. Say my loan plus interests is 8k . If I want to pay full amount early, I need to pay additional 2k on top of that. A lot of shop have 0 to a few hundred only. 2k is too excessive already , and without explaining to me while signing the contract is gimmick for sure.
Full cash peeps just go agent. Although they charge a little higher than the rest, the chance they will play with you is way way lesser.
Where to find these agents?
@@kittyjewel as in local agents for bikes, eg Hong Leong for Yamaha
I know of motorcycle dealers charging 8% i/r for refinancing of bikes.The best thing is that i actually bought my first bike from them. No loyalty discount whatsoever.Be careful guys, do your homework and check with multiple dealers before committing to one. Go for one that offers the lowest i/r with very clean and clear terms and conditions.
8% is really high bro...omg.
@@fis3751 yeah thats why i did not take up the offer and decided to wait till i get my class 2 to get a 2nd bike from a dealership that does not want to sembelih me.
@@manpreetsinghsidhu5031 Good decision bro, thats the thing, interest rate is what some buyers forgot to ask, glad u did asked.
Bike have loan from bank for only harley
10:18
Honda Super4 I asked at boon siew in oct 2020, 26k. Interest 4.5%PA. I noped right out of there as fast as I could..
Siak ah. Top up a bit more can get X-ADV or other class 2 bike sia
@@tambakoverlanders thats why I decided to sit on my 2A till oct, then go for 2 instead
I still don't get the difference between hire purchase and bike shop financing. Both ways we pay monthly with interest.
Higher purchase is basically tied to a financial institution as oppose to a bike shop. Usually higher purchase has higher interest.
May peace and blessings be upon each and everyone of you. Thanks Farhan, Zar and friend for this useful information.
Guys, please becareful of Riba'. It's one the major sins in Islam. But from my understanding, we are allowed to use installment directly with the dealer itself. Means, we are dealing straight with the shop and not 3rd party. Avoid late payment charges as this is Riba'. Loan from a bank falls under Riba' too. Just becareful ok. Let's remind each other to do good deeds and avoid bad ones. Take care errbodeeh!
#borntoride #ridetojannah
Salam. Thank you for the advise!! May God bless us all. Amin
in conclusion, cash is king
A noobie question,
Do we bid for the coe first ourself and buy the motorcycle from the shop?
Or we pay for the motorcycle and coe at the bike shop?
You can actually bid for the COE at OneMototing. That is for cases if you wanna renew COE or PI a bike on your own. But for convenience, people usually go thru shop or dealer.
@@tambakoverlanders I see, so bike shop alr have coe on hand with them, thanks you
That's why I buy used bike. Cheap enough to pay full cash.
But I know few bike give credit cards interest free. I think can use few cards also.
I felt most bike shop are legal Ah long.
The COE so high now I suspect its because of $0 down and buyer is food delivery. 🤔
As much as possible, don’t go with a shop with early settlement fees. You never know when you will hit a good time to sell the bike eg, recent CB. Wanted to let go of mine and the early settlement was 1.8k! LL keep even though i got enough to full settle and very possibly let go at a good price since all the bikes shops were close.
Don’t COI bikes unless you are close to the person. You heard of buyers running away but my friend’s experience was seller owe shop money. Bike paid finish but since the seller owe money to the shop they refuse to let him transfer it. Road tax renewal notice gets sent to the owner instead of him as he only COI and owner did not inform. Suay suay kenna stop by TP. Bike can’t ride and have to spend a stupid amount to tow the bike cos in the middle of the night.
How about admin fee?
Definitely have. Will depend on the finance house
Tips on how to pass class 2 ):
@Marcus Tan...register, enrol, complete the require course & take your test...Passed your test..and you're qualified to earn class 2..as same as me. 👌👍😁🙂😉👋👋
look at your dream bike
haaa first
Hahahahaha.
Thats why riba(usury/interest) is haraam as it is very oppressive. I can understand the bike shops want to make profits and they can mark up the price to earn and provide an interest free loan. They still earn and we have no headache. Im good with that. But the interest rates are a sham financial practice. Poor is getting poorer with this oppressive loan ethics. Im sticking to rental bikes. No headache
true, riding long term rental bikes now is efficient to me
Unfortunately interest is haram, so better to avoid and dont buy smth u cant afford
So if want halal,full cash only can?
Why ur pants wet one ah
Maybe peed in his pant bro🙂🙂 , joking, he rode in the rain la.
U know what's the best? Public transportation. Don't need think so much about money. XD
This remind me of a guy. His license kena gantung. Then he was back at BBDC taking his license. The instructor asked him, ride bike or public better? He answered, "Public better". In my heart, I'm like, "Why the hell are you retaking your license then?"
@@tambakoverlanders he just wants to make his wallet looks fat with all the license card 😁
well public now expensive as hell