Is it better to buy two-wheeler in instalment or go for one-time payment

Owning your dream two-wheeler to serve frequent commuting seems to be everyone's main priority. However, some people find it difficult to make a one-time payment when buying a two-wheeler, so taking out an instalment loan from a financial company is becoming more common.

What to consider before taking out a two-wheeler instalment loan? How to take advantage of preferential programs from financial companies? Here are some details for your review.

What is a two-wheeler instalment loan?

Taking out a two-wheeler instalment loan allows the borrower to pay a certain down payment and receive this vehicle immediately. The two-wheeler instalment loan is divided into equal monthly payments including principal and interest according to the tenure agreed with the financial company.

Benefits of two-wheeler instalment loan

Instalment loans offer the borrower the opportunity to own a motorbike or scooter immediately with only a small down payment. This is ranging from 20% - 50% of the car's value in the first payment. This is especially useful when helping borrowers reduce financial pressure and have immediate transportation for daily living.

In addition, when applying for an instalment loan through financial companies, borrowers can choose a loan term of up to 48 months in accordance with their needs and financial ability, as well as ensure monthly spending.

What to consider before taking out a loan?

Borrowers need to determine the amount of money they want to borrow in instalments and the amount of the down payment. This is suitable for each financial ability. This helps them access suitable loan packages, have a reasonable spending plan, and prepare a complete application.

For salaried or self-employed borrowers, financial institutions will have different requirements for consumer loan documents to be provided according to different loan limits. Usually, borrowers need to prepare basic documents with documents such as ID card, driver license and other documents required by each financial company.

Take advantage of finance companies’ preferential programs

To attract customers and create competitive advantages, financial companies often coordinate with retail systems to launch offers with attractive interest rate or promotional programs.

The 0% interest rate is one of the most preferential programs that aims to provide consumers with more flexibility. To enjoy this special interest rate, borrowers need to choose retail stores or online two-wheeler commerce platforms that are associated with financial companies providing consumer loans and the 0% instalment program.

At Shinhan Finance, 0% interest instalment support package is applied at the system of genuine Piaggio Vietnam and Yamaha Motor Vietnam nationwide. For details on this package, please refer here.

Not only that, Shinhan Finance is implementing the program "Grab your dream ride, get a free helmet gift" from now until 31 August’23, applied to customers who apply for a loan to buy a two-wheeler at 84 stores affiliated with the company, they will receive a helmet immediately. Terms and Conditions details here.

Above are important information and notes if you want to take out a two-wheeler instalment loan. This is an interesting form of loan and brings many benefits to borrowers. However, to avoid all risks, you should choose the right loan packages!