$1 Downpayment for New & Used Motorcycle
$1 Downpayment for new or used motorcycles
(1) New Motorcycle
Interest rate 4.5% per year (up to 7 years)
Agreement Fee: $500
Processing Fee: $500
Comprehensive insurance required
GIRO for monthly instalment required.
Guarantor required
Loan subject to approval
Early settlement fee applies
Example 1a: New Yamaha Sniper $8800 w/COE (w/o comprehensive insurance)
Agreement Fee: $500
Processing Fee: $500
Comprehensive Insurance: $527
Amount to loan = $8799 + $1000 + $527 = $11,326.00
Loan 5 years = $11,326 x 4.5% x 5 years = $13,874.35
Monthly instalment = $13,874.35 / 60 months = $232.00 (*payment required upon application).
*$1 downpayment also payable upon application
*All payments made upon application are non-refundable
(2) Used Motorcycle
Interest rate 6.5% per year (up to 7 years)
Agreement Fee: $800
Processing Fee: $800
Comprehensive insurance required
GIRO for monthly instalment required.
Minimum one guarantor required
Loan subject to approval
Early settlement fee applies
Example 2a: Used Honda CB190R $4,500 (w/o comprehensive insurance)
Agreement Fee: $800
Processing Fee: $800
Comprehensive Insurance: $567.00
Amount to loan = $4499 + $800 + $800 + $567 = $6,666.00
Loan 2 years = $6666 x 6.5% x 2 years = $7532.58
Monthly instalment = $7532.58/ 24 months = $313.86 (*payment required upon application)
*$1 downpayment payable upon application
*All payments made upon application are non-refundable
(3) Used Motorcycle: 1st time extend COE (Loan up to PQP paid + $500)
Interest rate 7.5% per year (up to 7 years)
Agreement Fee: $800
Processing Fee: $800
Comprehensive insurance required
GIRO for monthly instalment required.
Minimum one guarantor required
Loan subject to approval
Early settlement fee applies
Loan up to PQP paid + $500 only
Example 3a: Used Honda CB400 $6,500 (w/o comprehensive insurance)
Agreement Fee: $800
Processing Fee: $800
Comprehensive Insurance: $567.00 (example)
Amount to loan = $6499 + $800 + $800 + $567 = $8,666.00
Loan 3 years = $8666 x 7.5% x 3 years = $10,615.85
Monthly instalment = $10,615.85/ 36 months = $294.88 (*payment required upon application)
*$1 downpayment payable upon application
*All payments made upon application are non-refundable
(4) Used Motorcycle: 1st time extend COE (Loan more than PQP paid + $500)
Interest rate 10% per year (up to 7 years)
Agreement Fee: $1000
Processing Fee: $1000
Comprehensive insurance required
GIRO for monthly instalment required.
Minimum one guarantor required
Loan subject to approval
Early settlement fee applies
Loan more than PQP paid + $500 only
Example 4a: Used Honda CBR1000RR $10,000 (w/o comprehensive insurance)
Agreement Fee: $1000
Processing Fee: $1000
Comprehensive Insurance: $567.00 (example)
Amount to loan = $9999 + $1000 + $1000 + $567 = $12,566.00
Loan 4 years = $12,566 x 10% x 4 years = $17,592.40
Monthly instalment = $17,592.40/ 48 months = $366.51 (*payment required upon application)
*$1 downpayment payable upon application
*All payments made upon application are non-refundable
