Buying a motorcycle on an installment plan is a great option for consumers who don’t have the financial means to make a full payment upfront. Today, we’ll guide you through the detailed procedure for purchasing a Honda motorcycle on installment. Stay tuned!
1 Steps to Buying a Honda Motorcycle on Installment
The procedure for buying a Honda motorcycle on installment is not complicated. You can follow these steps:
You can pay between 40% and 70% of the vehicle’s value as a down payment. In cases where your assets are sufficient to secure a loan, the down payment can be as low as 20% to 30%.
Simple steps to buying a Honda motorcycle on installment
2 Documents and Procedures for Buying a Honda Motorcycle on Installment
Before heading to the dealership to buy a Honda motorcycle on installment, make sure you have the following documents:
– Personal identification documents such as a copy of your household registration (hộ khẩu), original ID card (CMND), and marriage certificate (if applicable).
– Financial documents to prove your financial status, including:
– Proof of income: This can be in the form of employment contracts, pay slips, savings books, or personal bank account statements.
Honda staff will guide you through the paperwork and procedures.
– Documents proving ownership of land, houses, cars, machinery, etc.
– Stocks and bonds.
– If you own a company, you will need financial reports, tax reports, payrolls, and business registration certificates.
– Loan application and repayment plan: The lender will provide you with the necessary forms.
3 Different Forms of Installment Plans for Buying a Motorcycle
Honda offers various installment plans to suit your needs.
When you buy a Honda motorcycle on installment, you’ll have access to a range of promotional packages. There are three specific forms of installment plans:
No-Income-Proof Installment Plan
Buy a Honda motorcycle without income proof for up to 100 million VND.
Limit: Installment value of up to 70 million VND.
Interest rate: Flexible, ranging from 1.49% to 2.92%.
Loan term: 6 to 24 months.
Motorcycle value: 10 to 100 million VND.
Down payment: 40% to 70% of the motorcycle’s value.
Income-Proof Installment Plan
With income proof, you can enjoy a longer installment period.
Limit: Installment value of up to 70 million VND.
Interest rate: As low as 1.39%.
Loan term: 6 to 36 months.
Motorcycle value: From 15 million VND and above.
Down payment: 20% to 30% of the motorcycle’s value.
Income proof is required.
No-Down-Payment Installment Plan with a Credit Card
Buy a Honda motorcycle with a credit card and enjoy 0% interest.
With this option, you can pay in installments with 0% interest. The monthly payment will be equal to the current value of the motorcycle divided by the number of installments. This method is very convenient as you don’t have to pay any additional interest. However, your credit card must have a sufficient limit to cover the full value of the motorcycle.
4 Which Installment Plan Should You Choose?
When considering an installment plan, you should pay attention to the following:
The decision to buy a motorcycle on installment depends entirely on your financial situation, regardless of the payment method you choose.
Choose an installment plan that suits your budget and the motorcycle’s value.
Assess your financial situation and consider whether the monthly installment and interest payments are affordable. Always strike a balance between family expenses and installment payments.
5 Important Information About Buying a Motorcycle on Installment
Obligations of the Borrower
According to Article 453 of the 2015 Civil Code, the parties may agree on gradual payment of the purchase price of an asset over a certain period after the asset is delivered. The seller retains ownership of the asset until the buyer has paid the full price, unless otherwise agreed.
The seller of the motorcycle retains the right of ownership until the buyer has paid the full price. The buyer has the right to use the motorcycle and must bear any risks that may occur during the usage period. At the same time, the buyer has the obligation to pay the purchase price (including principal and interest) on time, as per the initial agreement. If the buyer fails to make payments on time, they may be subject to penalties, depending on the policies of the bank or financial company.
Can I Return the Motorcycle if I Bought it on Installment?
Yes, you can return the motorcycle if you discover any deception or fraud in the sales process. If the seller does not agree, you have the right to file a lawsuit (according to Article 127 of the 2015 Civil Code).
Can I Sell a Motorcycle That I Bought on Installment?
If you want to sell the motorcycle while still making installment payments, consider the following cases:
Case 1: The seller and buyer have no agreement on transferring ownership to the buyer.
In this case, the seller is the legal owner of the motorcycle, and the buyer only has the right to use it, not sell it. Therefore, if you sell the motorcycle, this civil transaction may be invalidated due to a violation of the law (insufficient conditions for transfer) as per Article 123 of the 2015 Civil Code.
Case 2: The seller and buyer have an agreement on transferring ownership to the buyer.
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