Fortune Credit Pte Ltd is a licensed moneylender (License No. 33/2020) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

Ultimate Guide for Motorcycle Loans In Singapore

Guide To Motorcycle Loan Singapore

Having to own a motorcycle in Singapore is not just a want, but also a necessity. Having such a vehicle can easily get you from point A to point B, without having to go through the hassles of traffic–especially during the bustling rush hours of the city. 

Most would not pay for a motor with cash upfront, however, and would choose to pay for this asset with monthly amortizations. But for most first buyers, this part really gets confusing. How can you avail of motorcycle financing in the country? 

Well, this article will serve as your ultimate guide on getting an approvable loan for your vehicle assets.

What Is a Motorcycle Loan?

A motorcycle loan is usually a secured loan. This means that whenever you would want to loan a car or a motorcycle, collateral is usually needed–especially when making the loans with traditional banks. Usually, the collateral for this is the vehicle (in this case the motorcycle) itself.

If you fail to make your monthly loan payments, the financial institution can always repossess your assets. So, think of it this way: as long as your loan has not been fully paid for yet, your asset can still be repossessed if you go on default and stop paying for it.

Method to Get Financing

Usually, there are a lot of ways to get funding for your motorcycle loans online. All you have to do is to explore loan providers and the interest rates they offer with your motorcycle financing. 

In this article, you will know about some of those institutions that can help you with your motorcycle financing. These include lending partners, the dealership, motorcycle manufacturers, or even the classic option–motorcycle refinancing. It is important to note that some local banks or even a local credit union can offer to finance as well.

1. Lending Partners of the Dealership

Dealerships usually provide lending partners to help you with your financing options. Dealerships partner with various loan providers that give the most competitive rates out there for your motorcycle loan. 

Most borrowers would usually appreciate this option, as there are numerous lenders out there that specialize in motorcycle financing. This has made the competition in the lending and financing industry very optimal–which has made such licensed lenders provide competitive loaning products for their borrowers as well.

2. The Dealership Itself

If you would really want to have a motorcycle, in some cases, motorcycle dealers in Singapore provide financing options for their customers as well. However, without partnerships, usually, interest rates for these types of financing are relatively high. You will therefore have to provide a higher down payment as you go along through the application process.

3. Motorcycle Manufacturers

Since not all dealerships provide motorcycle financing, it is important to know that your motorcycle loans can also be financed by the manufacturers or the motorcycles in Singapore as well. They usually partner with some credit unions or even partner with credit cards or other financing institutions to provide the best deal that suits your interest.

4. Motorcycle Refinancing

Since many people go on default with their motorcycle loan, some dealerships or lending institutions offer loan products that have competitive interest rates when it comes to refinancing. All you have to do is to start an application process with a motorcycle loan and let the financing institution re-compute interest rates, and payment schemes for your motorcycle loan. Usually, when a motorcycle loan like this becomes refinanced and recalculated, the monthly payment gets lower, including the down payment for the motorcycle itself.

Factors That Lenders Consider Before Approving Your Loan

Before getting yourself approved for a loan, you will have to consider a few factors to set your expectations on as to whether or not your motorcycle loan financing can be approved by the lending institution. Here are a couple of things:

1. Credit score and credit History

Having a good financial portfolio and a good credit score is one of the primary things financing institutions consider when approving your motorcycle loan Singapore. You will need to have a good credit card record and make sure that your current loans are being paid on time. With a good credit card history and a good credit score, your chances to have your motorcycle financing approved by the lenders get high.

Logic would then follow that people with a bad credit portfolio is something that would not up their game when applying for a loan. A bad credit portfolio would logically indicate that your spending habits and credit history are something that may pose higher risks for the lenders.

2. Your Debt and Income Ratio

Your capacity to pay for your already current loans and your motorcycle loan is something that is also being considered by the financing institutions in the country. Some lenders would analyze your income ratio versus the debt you are already in. 

They can also take into consideration your spending patterns and your current and regular expenses. Sometimes, they check on the interest rate of your current loans, and would really make sure if you can still take another loan.

Having a good debt and income ratio will up the chances of you getting an approved loan! So, take care of your spending portfolio and avoid late loan payments!

3. The Downpayment You Are Willing to Pay

The down payment is also a huge factor that lending institutions get to consider before financing your motorcycle loan. The higher your initial payment for the vehicle, the lower the interest rate and therefore the lower the monthly amortizations. Also, showing that you can give higher initial payments indicate that you have a good capacity to pay for that bike loan.


It is relatively easy to avail of such vehicle loans in the country, given that your credit and financial portfolio are in good standing. There are multiple motorcycle financing institutions that you can explore; most of which are those that you can check out online. 

Many lenders, such as Fortune Credit, offer personal loans to borrowers as well, to help them with their initial payments, or sometimes, their monthly amortizations.

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