The dream of every biker: driving towards the sun on twisted roads and feeling the wind blow in your face. Each tour is a unique experience of personal freedom.
The prerequisite is, of course, that the technology works properly and safely. It can cost many motorcyclists a lot of money. Because the acquisition of a bike — regardless of whether it is new or used — is not exactly cheap. A good motorcycle has its price.
It’s no surprise that acquiring motorcycle equipment is a costly investment that not everybody can do all at once. That is why many, if not all, people want to buy a motorbike with a credit card. Motorbike financing is a guaranteed way to purchase a new or used motorcycle of your choosing, regardless of price. Whether you desire scooters and mopeds, sportbikes, cruisers, adventure sports, or hiking bikes, motorcycle creditors who provide Motorcycle Loans Philippines will be able to help you.
- Variety of Motorcycle Financing Offers
- How is a Car Loan Diverse From a Motorcycle Loans?
- Why You Should Take Out a Motorcycle Loans
- Motorcycles Loans: Advantages
- Applying for a Motorcycle Loans in the Philippines
- What are the Conditions for Getting a Loan?
- Where Can I Apply for Motorcycle Loans?
- Robinsons Bank Philippines
- City Savings Bank
- Security Bank Philippines
- What Motorcycles are Available?
- Wrapping Up About Motorcycle Loans PH
Variety of Motorcycle Financing Offers
Many providers currently offer motorcycle credit, such as private banks, car banks, or direct online lending companies. It is a targeted loan for vehicles of all kinds, whether financing a BMW motorcycle or a loan for other models.
A large number of proposals carry advantages and disadvantages at the same time. Customers who need Motorcycle Loans in the Philippines can choose from many different terms and conditions and financing models. Here you are guaranteed the right offer for your specific situation, and you can find funding tailored to your own needs.
But many loans offers also mean that you are spoiled for choice because borrowers are faced with a wealth of options. Bank offers often differ significantly from each other, and many providers make it difficult to compare. It should not be forgotten that it may be wise to compare cheap loan offers to avoid unpleasant additional costs. In this case, the same thing again: if you compare, you save money. The motorcycle loans calculator allows you to quickly and easily, with just a few clicks, find suitable offers, compare conditions and find the right loan offer with just a few details.
How is a Car Loan Diverse From a Motorcycle Loans?
The value of a completely fresh motorbike is likely to be comparable to the price of an excellent automobile. It may appear that obtaining Motorcycle Loans to purchase a motorcycle is not the same as obtaining a vehicle loan. It can, however, be granted on a motorcycle.
There aren’t many distinctions between the parameters of a bike loan and those of a vehicle loan:
- A motorbike loan is more difficult to obtain than a vehicle loan, which can be obtained practically everywhere.
- Preferential programs, unlike vehicle loans, do not apply to the purchase of a motorbike.
- In some organizations, you can apply for motorcycle loans only from 26.
You can get a loan for a bike at a financial institution or a motorcycle dealership. To do this, you need to be a citizen of the Philippines; have a good credit history and stable income; have at least three months of work experience. To apply for a loan, you need to prepare a package of documents: a passport, income statements, and documents confirming property existence. A down payment is not always required.
Why You Should Take Out a Motorcycle Loans
The purchase of a motorcycle with a loan in the Philippines is provided by most stores selling motorcycles; working together with lending companies, they can even offer different motorcycle loans interest rates and conditions for repaying the loan. In addition to convenience, there is nothing more specific in buying a motorcycle directly in the showroom, lending companies give you money for equipment whose operation is a high risk, so lending companies have already included a significant amount in the interest rate.
If you still decide to take a motorcycle loans Philippines in 2022, you can recommend it: If possible, it is better to borrow from relatives and friends, but make as much as possible in the down payment. Try to calculate the total amount of the loan you have to pay the bank.
Pay attention to the seemingly little interest for maintaining an account; usually, these are not noticeable interest, but it is paid every month, add the interest rate to this monthly interest, and then it will become more or less clear how much you have to pay in total.
Motorcycles Loans: Advantages
Buying a moped or a full-fledged bike with a loan is a service that is becoming more and more popular every year in the Philippines.
It is due to several factors:
- Ease of use. It is enough to spend only 5-10 minutes filling out a simple application to take and purchase equipment on credit. You can do this online without leaving your home.
- No down payment. Registration of a bike in installments is available without making an initial payment. It is relevant when a two-wheeled transport is urgently needed, and the money to buy it is not expected shortly.
- Benefit. Installment from trusted companies is the minimum overpayment. You can close the loan according to the schedule. There is also an option for early repayment. In this case, interest is recalculated.
Last but not least is convenience. To buy the chosen, desired motorcycle on credit, you do not need to collect a million pieces of paper. A few essential documents will suffice. There is also no need to involve guarantors or collateral.
Applying for a Motorcycle Loans in the Philippines
To apply for a motorbike credit, follow these simple steps:
- You must first identify a creditor. If the client is seeking motorcycle loans in the Philippines in 2022, they may approach lending businesses. It ensures advantageous debt levels and circumstances.
- Next, you need to understand whether the borrower fits the company’s requirements. Most companies require clients to be between the ages of 21 and 65. If the user meets this standard, you can contact the selected landing company for advice and get expert help.
- After that, it is essential to prepare all the demanded documents. On the website of the selected lending company, the user can find all of their motorcycle loans requirements. Usually, they ask for papers and identity cards. The user should better have everything prepared before he can opt for a loan.
- The next step is to apply directly. The selected company will be able to guide the client through this entire process. Registration takes a lot of time and effort. The client can be calm that he is in the hands of professionals.
After all these steps, it is essential to wait for the company to be able to approve or reject the application. This process usually takes two to five days, depending on how busy the bank is. In case of approval or rejection of the application, the client will be notified by letter, message, or call.
What are the Conditions for Getting a Loan?
To lend money in the Philippines without difficulty, you must first understand some of the motorcycle loans in the Philippines requirements that firms impose on their customers:
- Each client must have a valid ID.
- You must also provide the latest payslip.
- The package of required documents also includes a certificate of employment.
- Billing confirmation.
Factors such as age, credit rating, job, and others are also important. All these documents are usually submitted when filling out the application — online or directly in the company.
Where Can I Apply for Motorcycle Loans?
There are many banks and lenders in the Philippines, so it is essential to choose the best bank for motorcycle loans in the Philippines that suit each client’s specific case.
Robinsons Bank Philippines
Robinsons Bank is one of the best lenders for motorbike loans, and you can acquire a credit promptly from them. One noteworthy detail about this motorcycle loan lender is that, depending on the type of motorbike, they provide a Robinsons’ bank motorcycle loan with a deposit ranging from 9% to 30%. According to Robinsons Bank, the company also provides loans from Php 35,000.00 to Php 500,000.00. The company also requires applicants to be between 21 and 65.
Due to the lowest motorcycle loans rates in the Philippines, a variety of payback alternatives, and quick financing, the firm has an advantage over other creditors. If you get a loan from Robinsons Bank, you’ll have your funds the next day and be able to seal the sales deal.
City Savings Bank
As with other financial companies, a government-issued ID is required. They also need additional documents for individual applicants depending on their employment status:
One of the greatest motorbike lending firms you can find is City Savings Bank. In terms of personal financing, it is also the finest solution. You can borrow up to P300,000 from the company with no collateral, prepayment penalty, application charge, or lender cost. Even if you are not a City Savings Bank customer, you can obtain funding, but you must do it in your presence at a City Savings Bank location, according to City Savings Bank. Your loan will be paid off in one workday if authorized. A government-issued ID is necessary, as it is with other banking institutions.
Single candidates may also be required to provide other papers, according to the employment status:
- For workers, a one-month certificate of employment (COE) or paycheck;
- A business permit and a DTI permit are required for a solo entrepreneur.
- A report of accounts (SOA) containing a pension credit of at least one month for a retiree;
- At least two months’ evidence of payment within the previous six months, or a money transfer receipt/bank statement for OFWs.
Security Bank Philippines
Another excellent option is Security Bank. It is a leading firm specializing in lending to individuals. If accepted, your loan can be paid off in as little as one day. Rates in this company are reasonable and acceptable for many Filipinos — 6.80% to 24.49%. According to Security Bank, the client might be a private person or a business.
For an individual applicant to apply, it is essential to submit the following documents:
- Completed and signed loan application form;
- A copy of a valid government-issued ID;
- Latest from BIR 2316.
On their website, a motorbike loan calculator will be provided for help in calculating the right payments.
What Motorcycles are Available?
Each person has a soft spot for various types of bikes. The motorcycle loans service covers almost all goods. You can buy any motorcycle that you like:
- Classic. These versatile models are suitable for both beginners and experienced drivers. The classic one is actively used on any terrain, including off-road. The bike’s design is thought out to the smallest detail: the most comfortable fit, soft seat, straight steering wheel, telescopic fork, etc. You can ride such a motorcycle with comfort even over long distances.
- Sports. They allow you to gain high speed in a matter of seconds. Features a lightweight, streamlined design. Equipped with a powerful motor.
- Tourist. Designed for long-distance travel. The landing is comfortable, a capacious fuel tank, a good engine, additional options — this and much more are typical for modern tourers. They are super comfortable to ride. However, it is essential to understand that controllability and speed are sacrificed for comfort when applying for a loan.
It is preferable to go to the company’s website that gives loans and collect data there to discover further about which motorcycles a person can buy on credit, as various creditors may well have different criteria.
Wrapping Up About Motorcycle Loans PH
A unique motorcycle loan is a convenient way to finance your dream on two wheels and conveniently pay off your purchase costs in monthly installments. The loan amount, term, and monthly rate are set in advance.
A motorcycle loan is an installment loan that banks award with a specific purpose. It means that borrowers usually must prove that they are using the money to purchase the vehicle in question — in this case, a car such as a car or a motorcycle. Because banks usually provide these loans on better terms because the financed vehicle serves as collateral for the time. As with buying a car, when buying a motorcycle, consumers are usually required to provide the lender with a vehicle registration document and the deposit transfer. If the bank does not request these documents, the borrower usually has to give a copy of the sales contract afterward.