Motorcycles are a great mode of transportation in the Philippines. They give you wheels so you can go from one place to another. It is more affordable than cars, and it has fewer maintenance costs. To some people, a motorcycle is their livelihood.
Buying a motorcycle should take careful consideration. Here are some questions for your guidance: Can you pay for the motorcycle? Do you have a budget for gas? Is there extra money for accidents? Fortunately, getting a motorcycle is easy through a loan.
First-time motorcycle owners use a loan because it is secured to their finances. Let this comprehensive guide help you purchase the motorcycle you want.
Applying For A Motorcycle Loan
There are easy steps to applying for a motorcycle loan.
First, you need to check for an available lender. They can guarantee clear terms and loan rates for your motorcycle loan. Second, check your eligibility. Some loans require people to be at least 21 years of age, so the loan is processed. Third, prepare documents for processing, such as your ID, driver’s license, and proof of income. These documents are used so the lender can process your loan. Then, you wait for your application to be approved.
Interest Rates And Down Payments
Any motorcycle loan in the Philippines offers various interest rates and down payments. However, the exact number varies depending on many factors, such as your credit score, credit history, and motorcycle availability.
Fortunately, most lenders have units readily available for new owners. The down payment is an option for owners who do not have enough budget. It is up to you whether you purchase the down payment or proceed with the loan.
Motorcycle Loan Terms
Since this is a secured loan, the loan terms also vary depending on your choice.
Repayments can be made monthly or semi-monthly, and the length of the term may last between 6 months to 24 months. If the loan term is not affordable within your means, then look for another loan with better terms. Sometimes, getting past the loan terms results in your motorcycle being towed away by the lender. Therefore, it is important to know your loan terms.
Make and Models
The motorcycle model you receive is based on the lender’s inventory. You cannot choose a model since the motorcycle is under a loan. Therefore, make use of the make and model the lender would provide. The model can be brand new, but sometimes, a second-hand motorcycle is given. Ensure that you inspect the model first before you go on the road. Then, you can talk to your lender about problems with the motorcycle.
A motorcycle loan is a secure way for you to obtain your first vehicle. The process is easy to follow and financially feasible in your budget.
Loan terms are also flexible so that you can repay the loan at the right time. The model you get can vary, but the important part is having wheels for transportation. Ultimately, you have a way to support your livelihood by going from one point to the final destination.
Frank is an energetic salesman. On his free days, he spends his time writing and reading about financial plans and educational loans to help the parents and the next generation gain more insight about multiple educational opportunities.