Hi guys, requesting your opinion which loan I should proceed for bike loan?
Context: I have been eyeing out MT-25 for my bike purchase. Shop applied both Aeon and Chilease?
Both are approved with 5 years tenure.
Which should I proceed for my loan?
Aeon
Higher rate but more established in term of payment method.
Chileas
Lower rate but not familiar with the brand or its services.
INFO:
Take home pay at roughly 5k.
I did go around to check with other option such as Personal loan from Bank (MayBank). Both also comes up with 8% p.a. interest with lower allowable loan amount (15k).
Currently for CC I have 2 of them rounding up to 8k limit, I did try to reach out with my bank for increment (at least 10k each but to no avail due young history of 6 month, paid full all of my monthly so far so should be clean)
Currently I have 15k savings but prefer not to burn all for a bike, whereas I am more comfortable to park elsewhere for security.
Buying a second-hand for MT-25 is quite a challenge as none is reachable in my area and I prefer to be able to conduct F2F inspection and to bring to mechanic.
MT-25 itself is a want i guess rather than a need.
INFO:
I am also planning mantain loan pay (~500 loan and 500 saving) to settle balance all at once by 2 years mark to get the rebate instead of 5 hears. I just worry in case of emergency I only have a baseline commitment of 500 to take care instead of stuck at 1000 monthly.
Context: I have been eyeing out MT-25 for my bike purchase. Shop applied both Aeon and Chilease?
Both are approved with 5 years tenure.
Which should I proceed for my loan?
Aeon
Higher rate but more established in term of payment method.
Chileas
Lower rate but not familiar with the brand or its services.
INFO:
Take home pay at roughly 5k.
I did go around to check with other option such as Personal loan from Bank (MayBank). Both also comes up with 8% p.a. interest with lower allowable loan amount (15k).
Currently for CC I have 2 of them rounding up to 8k limit, I did try to reach out with my bank for increment (at least 10k each but to no avail due young history of 6 month, paid full all of my monthly so far so should be clean)
Currently I have 15k savings but prefer not to burn all for a bike, whereas I am more comfortable to park elsewhere for security.
Buying a second-hand for MT-25 is quite a challenge as none is reachable in my area and I prefer to be able to conduct F2F inspection and to bring to mechanic.
MT-25 itself is a want i guess rather than a need.
INFO:
I am also planning mantain loan pay (~500 loan and 500 saving) to settle balance all at once by 2 years mark to get the rebate instead of 5 hears. I just worry in case of emergency I only have a baseline commitment of 500 to take care instead of stuck at 1000 monthly.