Buzz
1. Types of Motorcycle Installment Plans You Should Know About
Today, there are many options available for purchasing motorcycles through installment plans. The three main types are: Motorcycle Installment Loan without Income Proof
- Loan amount: up to 70 million VND
- Interest rate: flexible, ranging from 1.49% to 2.92%
- Loan term: 6 – 24 months
- Motorcycle value: 10 – 100 million VND
- Down payment: 20% to 90% of the motorcycle's value
- Loan amount: up to 70 million VND
- Interest rate: flexible, starting from 1.39%
- Loan term: 6 – 36 months
- Motorcycle value: 15 million VND and above
- Down payment: 20% to 80% of the motorcycle's value
- Proof of income required
2. Documents You Need to Prepare
Once you have chosen your preferred installment plan, it’s time to prepare the necessary documents for the purchase. The required identification documents include:
- Photocopy of the household registration book
- Identity card/ National ID card
- Marriage certificate or single status certificate with the local authority’s stamp where you reside
3. Documents Required for Processing
In addition to personal identification documents, you must also prepare financial proof documents that demonstrate your financial capacity. These include:
- Income proof: employment contract, salary slip, savings book, personal bank account
- Ownership of valuable assets: land, property, vehicles, machinery, factory equipment, warehouses, etc.
- Lease agreements for vehicles, property, or factories, capital contribution contracts, stock shares, bonds
- If you own a business, include: financial statements, tax reports, salary slips, profit-sharing reports, and business registration license
- Recent personal bills such as phone bills, transaction costs, etc.
- Loan application and repayment plan (form provided by the lender)
4. Signing the Contract
After completing the necessary procedures, you will proceed to sign the purchase agreement with the store representative. You will then make the down payment according to the requirements of the vehicle and your current payment ability.
5. Motorcycle Insurance Issues
This is one of the key points to consider when purchasing a motorcycle on installment, as it can lead to numerous complications. Typically, each bank partners with insurance companies. Therefore, it's crucial to choose a reputable bank for your loan, along with strong insurance providers. In case of an unfortunate accident, having a solid partnership between your bank and insurance company will streamline the process of handling claims efficiently.
6. Vehicle Pickup
Once you've completed all the steps and paperwork for purchasing the motorcycle on installment, the salesperson will hand you the keys and walk you to your new bike. At this point, you officially own the motorcycle and can head home.
7. Monthly Installment Payments
Based on your installment plans and the duration of your loan when purchasing the motorcycle, it's important to make timely monthly payments to avoid penalties. You can either make the payments yourself or have someone else handle it for you, as long as you provide the necessary documents required for the installment payment process.
8. Choose the motorbike that you love and fits your needs the best for purchase
When you visit a motorcycle shop, this is the first thing you need to do.
- Once you find the bike you like, ask the customer service representative about its price.
- Next, you can negotiate with the sales staff regarding installment plans. You may be able to pay an initial deposit depending on your available financial resources.
- The minimum down payment when purchasing a bike is set at 20%, and can go up to 90%, depending on your repayment capacity. However, you must prove that you have enough assets to qualify for a loan.
9. Choose a reputable financial company or bank to apply for a loan
After selecting a suitable vehicle, you will be advised by the salesperson about reliable financial companies or banks that the store has partnered with for loans. However, you also have the option to choose a different trusted financial company or bank to apply for a loan. Next, you will meet with a representative from the financial institution or bank to discuss the loan process and complete the necessary documentation and assessment.
10. Completing the paperwork for purchasing a motorcycle on installment
Once you have completed the procedures and received approval from the lending bank, signed the loan agreement, the sales staff will assist you in handling the paperwork for purchasing the motorcycle on installment. You will need to choose the installment plan that best suits your needs.
