How to Loan a Motorcycle in the Philippines?

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A motorbike is an appropriate mode of transportation for several Filipinos. It is substantially less expensive than vehicles, far quicker to upkeep, and can travel even the most difficult traffic issues.

More significantly, it could be an income source; many motorbike owners also work as messengers or online food motorcyclists.

Motorbike and scooter manufacturing has increased by 62 percent, reaching 209,670 units each year through 339,395 units in 2021. This shows how reliant Filipinos are on motorbikes.

Do you intend to purchase a motorbike soon? Think about getting a motorbike loan if you’ve not prepared plenty or simply don’t want to make money from your checking account.

Whether this is your initial time asking for a loan of this type, here is a complete guide to assist you.

Loan a Motorcycle
Loan a Motorcycle

What Is The Definition Of A Motorbike Loan?

A motorbike loan is indeed a sort of financing that allows you to fund the acquisition of a motorbike. Lending institutions commonly issue is based on the issuer. It might be a protected or unsecured credit.

Please remember that unprotected motorbike loans could have substantial mortgages because you’re not employing your motorbike as security.

You may also leverage your motorbike loan to purchase a brand-new or used motorcycle. If the loan profits are surplus, you can use the additional money to purchase motorbike accessories.

What Are The Conditions For Getting A Motorbike Loan?

Borrowers could be asked to furnish identical conditions, like those listed below, by various bike banking businesses. You may, however, contact your chosen institution or bank to learn more about the exact criteria.

  • The application form has been filled out completely.
  • Photocopies of government-issued identification.
  • Paychecks
  • Billing evidence.
  • Return on Taxes (ITR).
  • Registration Certificate for a Company (DTI).
  • Income Reports Most Recent (for businesses).
  • AFS stands for certified accounting statements (for businesses).
  • Remittance Receipt (Evidence of Remittance) (OFWs).

What Is the Process for Getting a Motorcycle Loan?

Your bank’s loan process of application may vary, but most organizations follow a broad pattern. Here’s an example of what you could be asked to perform.

Check to See if You’re Eligible.

First, determine whether you’ll be willing to meet your lender’s qualifying standards. For example, banks usually allow customers who are at least 20 years old and not moreover 65 yrs old at the time the loan is due. In addition, candidates should be working or have a consistent source of income from a reputable company.

Please make a list of your criteria and double-check them.

Make a list of the documentation your lender expects. Please put all of your documents in a file or envelopes once you’ve gathered them. Check that all of the data in the documentation criteria is correct. You can delay your registration if you do not do so. Remember to make scanned images if you are permitted to present your needs online.

Submit Your Application.

Go to your bank’s location and submit your paperwork in person. Whereas if a bank seems to have a platform that allows for online apps, use it because you don’t have to stay in your house and subject yourself to unneeded hazards.

Allow time for approval.

Based on the number of applications received, one could handle your request between 3 to 7 days. However, you are always free to inquire about your registration progress, particularly if the lender notifies you of this initial event.