06 Feb What is a Motorcycle Loan? The Benefits of Financing Your Motorcycle with a Loan
If you’re looking to buy a brand-new or pre-owned bike, a motorcycle loan can help finance your purchase. This allows you to pay in installment by borrowing money from a legitimate lender.
How Does a Motorcycle Loan Work?
When applying for a motorcycle loan, lenders check your credit history, income, and other financial data. Upon approval, they will provide you the money to buy the motorcycle you like, which you can pay back monthly until the end of the loan term you chose (usually up to 36 months).
What Are the Benefits of a Motorcycle Loan?
Most buyers find it advantageous to finance their motorcycle purchase through a loan for the following reasons:
- Easier on the pocket: You’ll be able to buy a motorcycle without having to pay straight from your wallet.
- More flexible repayment periods: Most motorcycle loans allow you to select a term that fits your budget.
- Credit building: You can raise your credit score by paying off your motorcycle loan on schedule.
Getting a motorcycle loan is a great way to pay for your new ride. It gives you flexible repayment options, lower interest rates, and the ability to buy a motorcycle without having to pay for it all at once. For example, SB Finance’s MotorsikLOAN allows you to loan for as low as 1.2% monthly interest rate for medium/high-end bikes, and 2.47% for regular bikes. If you already have a unit in mind, you may check the cubic capacity or CC of the bike (the power output of its engine) to have an idea on its monthly interest rate:
- Regular Bike: 199CC and below
- Mid-range Bike: 200CC to 299CC
- High-end Bike: 300CC and up
This motorcycle loan product may be availed by both employed and self-employed individuals who wish to acquire either brand-new or pre-owned motorcycle units through the zukì app. For those who wish to save more money, choosing to adopt a pre-owned motorcycle is another way to get better deals. Visiting repo warehouses like the one in #8 Mercury Avenue Bagumbayan, Quezon City is a good start in finding repossessed bikes that might just be the bike of your dreams! These repo bikes may be purchased in cash or through a motorcycle loan.
If you need help with your loan application, reach us via email (email@example.com), our Customer Service hotline at (+632) 8887-9188, or Facebook Page (@SBFinancePH).
At SB Finance, we aspire to be the launchpad for your dreams, providing caring and responsible assistance when you need it most. We’re also registered with the Securities and Exchange Commission (SEC), and supervised by the Bangko Sentral ng Pilipinas (BSP), so we ensure to give you:
- Fair Interest Rates: No excessive repayments, just reasonable rates
- Guidance in Every Step: Dedicated customer service
- Legal Protection: Your rights as a borrower are safeguarded by the law
- Dependable Support: Legit loan services that are helpful, especially during financial emergencies
If you want an SB Finance Goal Consultant to guide you toward achieving your financial goal, simply answer this form, and we’ll be sure to reach out to you!