How do scooter installment plans work? I want to get a new or slightly used bike. Does the shop carry the note and keep the bike in their name for the term? Or is it a third party lender? What is the usual term? What’s a reasonable rate? I have a shop willing to do it, but I would like to hear from other people who have done it.
For me it was a 3rd party lender and not the scooter shop itself. I bought mine new though Yamaha. They have different payment plans. It pretty much goes by year. I did a year payment plan and the rate was already calculated in. I think I spent an extra 3k on interest to make payments for a year. The bike is immediately put in your name. I think I had to make a an initial payment of like 13k first. I wasn’t allowed to give any more or any less. All these number are locked in. Once I purchased the bike a week later I received 12 payment slips that were like 5,830nt. Every month I had to rip off another slip and pay and any convenient store. The great thing about this system is that you can pay for as many payment slips as you want, so I actually managed to pay for my 2016 scooter within 6 months. It doesn’t matter if you pay it off sooner, the interest rate has already been locked in.
Bare in mind that getting loans for foreigners is something new to Taiwan. I’m not married, but I have an APRC. Of course the bank did a background check on me to make sure I was legit. Two companies denied my loan, but finally I found one that loaned me the 80k to by a new scooter. If you are married here, then you will have an easier time with it. If you are only on an ARC, then there might be a good change that you can’t find a 3rd party lender.
Did you go directly to a Yamaha store? If I buy a new one it’ll either be a Yamaha or Suzuki. If I wanted to try doing what you did, where would I go?
If I understand you correctly you prepaid 6 months of tickets and still paid the finance charge as if you had spread it over a year. In other words, no prepayment, right?
[quote=“Rupert”]Did you go directly to a Yamaha store? If I buy a new one it’ll either be a Yamaha or Suzuki. If I wanted to try doing what you did, where would I go?
If I understand you correctly you prepaid 6 months of tickets and still paid the finance charge as if you had spread it over a year. In other words, no prepayment, right?[/quote]
I have a Taiwanese friend that owns a scooter shop and he contacted Yamaha directly for the purchase. The scooter arrived at my friend’s shop on a truck, so I had a little help finding it. I had to make a prepayment, I think it was like 13k (I wasn’t able to choose how much I could pay, this was the number in the financial contract) and then the rest were the 12 tickets I received in the mail. The 12 tickets in total already had the interest fee that the company makes off of you. In my case it was an extra 3k. So it doesn’t matter if you pay it off in 12 months or 6 months. I just had some extra money that came into my life at that time and wanted to just hurry up and pay off the scooter. I personally don’t like having any debt. With any scooter that you finance here you can choose to pay the scooter off in 1 year, 2 or even 3 years. I have even seen 5 years for big bikes, but obviously the longer you choose to make the payments the higher the interest rate. So, I would definitely try to get it paid off in one year.
I had to make a prepayment, I think it was like 13k (I wasn’t able to choose how much I could pay, this was the number in the financial contract) and then the rest were the 12 tickets I received in the mail.[/quote]
I believe Rupert was actually referring to a prepayment penalty and not a down payment.
Not sure about a short-term loan of 1 year, but I know my car loan had a stipulation that I could not make extra payments/pay it off within the first year. Not sure what the penalty would have been, but was specifically told that for the first 12 months I needed to adhere to each of the payment tickets rk1952 mentioned.
I had to make a prepayment, I think it was like 13k (I wasn’t able to choose how much I could pay, this was the number in the financial contract) and then the rest were the 12 tickets I received in the mail.[/quote]
I believe Rupert was actually referring to a prepayment penalty and not a down payment.
Not sure about a short-term loan of 1 year, but I know my car loan had a stipulation that I could not make extra payments/pay it off within the first year. Not sure what the penalty would have been, but was specifically told that for the first 12 months I needed to adhere to each of the payment tickets rk1952 mentioned.[/quote]
Really, Yang Gui Zi how is he referring to a prepayment penalty? Anyway, I had to pay 13k down and then got the 12 tickers and were allowed to pay those 12 tickets whenever I wanted. The interest and price was locked in at the beginning so it changed nothing to pay faster or slower. Yeah I am sure every payment plans have their own stipulations.
I get what you’re saying. Thanks for the info.
They use third party lender. However, their interest is slightly higher than a credit card. Here’s a sample of the pay scheme:
Can someone help me. I mis the payment of my motorcycle last month. Now it is not accepted at 711 and post bank. Where can I pay my due? Thank you
Go to the dealership and ask him