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 Bike Loan help

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Holyboyz
post Jan 15 2018, 09:50 PM

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I'm looking to take a 20k loan on a 800 cc bike. Bank muamalat says that it is 5.1% over 4 years.

Would it make more sense for me to take a personal loan?

I'm looking for advise on what would be the best and financially sound way to do this

This post has been edited by Holyboyz: Jan 16 2018, 12:32 AM
haturaya
post Jan 17 2018, 07:06 AM

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QUOTE(Holyboyz @ Jan 15 2018, 09:50 PM)
I'm looking to take a 20k loan on a 800 cc bike. Bank muamalat says that it is 5.1% over 4 years.

Would it make more sense for me to take a personal loan?

I'm looking for advise on what would be the best and financially sound way to do this
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Just calculate total to pay after 4 years & compare. whistling.gif Which one is cheaper. I heard government & glc staff can get 3.9% personal loan from Bank Rakyat... whistling.gif
brian_ink094
post Jan 17 2018, 10:55 AM

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Hope this could be helpful. Some info I obtained when searching for the loan around July/August 2017, some probably no longer offered or changed. Better to contact the bank for the latest details.

1) Bank Rakyat :
Financing: 10K-100K
Tenure: 4-7 yrs
Profit: 5%
Terms: Goverment staff/ Bank Panel / 250cc above

2) Bank Islam :
Financing: 70% loan - bike price should be more than 70K
Tenure: 4-7 yrs
Profit: 4.3 - 5%
Terms: B full license

3) Al-Rajhi Bank :
Amount: 80% loan
Tenure: up to 7 yrs
Profit: 4.1% (5 years) / 4.6 (7 years)
Terms: Min salary 3500

4) Aeon (Big bikes):
Amount: 100% loan
Tenure: up to 7 yrs
Profit: from 4.5%
Terms: 250cc above


I had bad experience with Aeon. They rejected my application due to high commitment which I knew it's not true. So I applied with al-Rajhi, no hassle they approved. Anyway I quite lucky that time to know the bike will cost you more with Aeon compare to others.
ZZR-Pilot
post Jan 17 2018, 11:42 AM

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QUOTE(Holyboyz @ Jan 15 2018, 10:50 PM)
I'm looking to take a 20k loan on a 800 cc bike. Bank muamalat says that it is 5.1% over 4 years.

Would it make more sense for me to take a personal loan?

I'm looking for advise on what would be the best and financially sound way to do this
*
If the personal loan comes out the same or cheaper, it's a much better choice.

Why?

Because if you use a personal loan to buy your bike, the bike does not become a collateral against your loan. It's already yours. the bank does not hold it in lien (orang Melayu kata DIPAJAK). So no matter what happens to your personal loan, the bank cannot repossess your bike.

Secondly, because the bike does not become collateral, you are not forced to take comprehensive insurance throughout the tenure of the loan. Third party pun dah boleh.... dengan syarat, jangan dok gatal tunjuk hero di Genting lah. Kalau angan2 nak tunjuk hero, pancung sana pancung sini... sila ambil comprehensive insurance.
This one you must be honest with yourself, because kalau ambil 3rd party pastu terbabas tenyeh lutut di Bukit Tinggi... haa... padan muka sendiri lah.

Thirdly, once you get a personal loan, you're buying the bike in cash. This immediately puts you in a better position to bargain and haggle.


But if calculate and see that you'll end up paying a lot more using personal loan compared to a regular bank loan, then just stick to the regular bank loan lah.
haturaya
post Jan 18 2018, 11:08 AM

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QUOTE(ZZR-Pilot @ Jan 17 2018, 11:42 AM)
If the personal loan comes out the same or cheaper, it's a much better choice.

Why?

Because if you use a personal loan to buy your bike, the bike does not become a collateral against your loan. It's already yours. the bank does not hold it in lien (orang Melayu kata DIPAJAK). So no matter what happens to your personal loan, the bank cannot repossess your bike.

Secondly, because the bike does not become collateral, you are not forced to take comprehensive insurance throughout the tenure of the loan. Third party pun dah boleh.... dengan syarat, jangan dok gatal tunjuk hero di Genting lah. Kalau angan2 nak tunjuk hero, pancung sana pancung sini... sila ambil comprehensive insurance.
This one you must be honest with yourself, because kalau ambil 3rd party pastu terbabas tenyeh lutut di Bukit Tinggi... haa... padan muka sendiri lah.

Thirdly, once you get a personal loan, you're buying the bike in cash. This immediately puts you in a better position to bargain and haggle.
But if calculate and see that you'll end up paying a lot more using personal loan compared to a regular bank loan, then just stick to the regular bank loan lah.
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True... Agree with you, and I laugh reading your true but funny sentences thumbup.gif
Hades76
post Jan 18 2018, 11:14 AM

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I took from Bank Muamalat. They give good rates but want minimum loan amount RM 30K and 5 years lock in period.

Personal loan bukan 8% pa kah ?
haturaya
post Jan 18 2018, 04:34 PM

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QUOTE(Hades76 @ Jan 18 2018, 11:14 AM)
I took from Bank Muamalat. They give good rates but want minimum loan amount RM 30K and 5 years lock in period.

Personal loan bukan 8% pa kah ?
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It depends on who you work with... eg. government servant / GLC - can push down to 3.8% and longer repayment period. sweat.gif
PedangGila
post Jan 21 2018, 09:32 PM

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My vulcan s is using aeon loan. 7 years like 512 a month. Was gonna pay cash but owner say better take loan la eventhough a bit mahal still can use the money to generate at least half the monthly pay. Whatmore if pay cash will attract inquiry from ehem ehem.
haturaya
post Jan 22 2018, 04:12 PM

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QUOTE(PedangGila @ Jan 21 2018, 09:32 PM)
My vulcan s is using aeon loan. 7 years like 512 a month. Was gonna pay cash but owner say better take loan la eventhough a bit mahal still can use the money to generate at least half the monthly pay. Whatmore if pay cash will attract inquiry from ehem ehem.
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Cash payment should not attract 'ahem'2 attention provided that you diligently declare your income. I bought my 2nd hand 2005 Odyssey for cash 5 years ago... nothing happen. Last year bought Rebel 500 cash also... nothing... Don't worry so much if you have nothing to 'hide'. whistling.gif
PedangGila
post Jan 24 2018, 01:57 PM

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QUOTE(haturaya @ Jan 22 2018, 04:12 PM)
Cash payment should not attract 'ahem'2 attention provided that you diligently declare your income. I bought my 2nd hand 2005 Odyssey for cash 5 years ago... nothing happen. Last year bought Rebel 500 cash also... nothing... Don't worry so much if you have nothing to 'hide'.  whistling.gif
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Ah. Ok bro thanks. Well needless to say back then i got a call from bank agent offering me this special priviledged access, seems like bank account has attracted/alarmed them. It was not frozen tho unlike the stuff you will get if you're hauling money in and out of saving account.
haturaya
post Jan 24 2018, 04:24 PM

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QUOTE(PedangGila @ Jan 24 2018, 01:57 PM)
Ah. Ok bro thanks. Well needless to say back then i got a call from bank agent offering me this special priviledged access, seems like bank account has attracted/alarmed them. It was not frozen tho unlike the stuff you will get if you're hauling money in and out of saving account.
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Normal salaried peasant like me won't attract LHDN people. Nothing to hide... hehehe. Religiously declared my income since 1990. biggrin.gif Never miss or late. sweat.gif

For business person, then it would be different. whistling.gif
cmah89
post Jan 25 2018, 02:11 PM

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BSNC? read somewhere macam ok interest but dp 30%
chikuera
post Feb 4 2018, 08:05 AM

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sifus wanna ask..

if AEON full loan; means no need to pay anything upfront?

or still need to pay for processing fee, insurance, road tax etc

cause asked shop salesman; said no need to pay anything but asked my friend who bought with AEON full loan; said need to pay around 200ish
xman135
post Apr 24 2018, 11:34 AM

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around KL/PJ mana kedai masih bagi loan kedai?
Rustaman69
post May 2 2018, 09:39 PM

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QUOTE(quakerquaker @ Jan 11 2018, 02:18 PM)
macam best je..akan tnya maybank..trimas
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Dah tanya belum woi?

 

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