Can Motorcycles Be Purchased with Installment Loans?
2 Answers
Motorcycles can be purchased with installment loans. Generally, there are two methods: Credit Card Installment Payment: Bring your income proof and ID card to apply for a credit card directly at the bank. After obtaining the credit card, go to the motorcycle dealership to pay in full by swiping the card, and you can take the motorcycle away. Then, call the bank's service hotline to apply for installment repayment, and deposit money into the card monthly to repay the loan. The advantage of this method is that no down payment is required, and there is no direct relationship with the motorcycle dealership. Later, you only need to repay the credit card. Installment Payment at a Motorcycle Dealership: Typically, you first sign a vehicle purchase contract and pay a deposit at the motorcycle dealership, then go to the bank to complete the procedures, including providing documents and signing loan details. If there are no issues, the bank will issue a loan approval letter to the motorcycle dealership within about 5 working days. Then, you pay the down payment and take the motorcycle. Afterward, you only need to make regular repayments (principal + interest).
I started saving money right after I got my job last year because I wanted to buy a motorcycle. I found that applying for a loan installment plan was quite easy. I chose a financing scheme from a major local bank and went with a Honda model. I only needed to pay a 20% down payment. Since my credit record was pretty good, the application got approved with an interest rate of around 5%. The remaining balance is to be paid off over three years, with monthly payments of just 800 yuan—super simple. When applying, just bring your work certificate and bank card, but don’t forget to add insurance. Comprehensive coverage costs an extra 1,000+ yuan per year, keeping the total expenses manageable. Riding around is absolutely exhilarating, but remember to make regular payments—don’t default and hurt your credit.
