Motorcycle Installment Calculation: Ride Home for Just a Few Million VND

Nguyen Van A, living in Cau Giay district, Hanoi, has always dreamt of owning a luxurious Honda SH motorcycle. He prefers to buy it outright to avoid interest, but his current finances only allow for a partial payment. He wonders if there’s a way to “ride” the bike home with just a small amount of money.

If you share the same desire as Mr. A, this article is for you! Let’s explore with “XE TAI HA NOI” the details of calculating motorcycle installment payments and important notes to bring your dream bike home!

1. Breaking Down the Costs: How to Calculate Motorcycle Installment Payments

1.1. Types of Costs When Buying a Motorcycle in Installments

When buying a motorcycle in installments, you need to pay two main types of costs:

• Down payment: This is the amount you need to pay upfront when purchasing the vehicle, usually ranging from 30% to 70% of the vehicle’s value.
• Monthly installment payment: This includes the principal and interest, divided equally throughout the loan term.

1.2. Formula for Calculating Monthly Installment Payments

To calculate the monthly installment payment, you can apply the following formula:

Monthly Installment Payment = (Loan Amount + (Loan Amount x Annual Interest Rate x Loan Term)) / (Loan Term x 12)

Where:

• Loan Amount: The portion of the vehicle’s value you want to borrow, equal to (Vehicle Value – Down Payment).
• Annual Interest Rate: The percentage (%) of the loan amount you must pay to the lender (bank or finance company) annually.
• Loan Term: The period you commit to paying off the loan, usually calculated in months.

Example: Mr. A wants to buy a Honda SH 150i priced at 90 million VND. He decides to make a 30% down payment and borrow 70% of the vehicle’s value for 12 months with a 10% annual interest rate.

• Down payment: 90,000,000 x 30% = 27,000,000 VND
• Loan amount: 90,000,000 – 27,000,000 = 63,000,000 VND
• Monthly installment payment: (63,000,000 + (63,000,000 x 10%/year x 1 year)) / (1 year x 12 months) = 5,887,500 VND

1.3. Using Calculation Support Tools

For faster and more accurate calculations, you can use online installment calculators on the websites of banks or finance companies.

Motorcycle Installment Calculator

2. Ride Now, Pay Later: Reference Price List for Motorcycle Installment Purchases

Note: The price list is for reference only. The actual installment amount may vary depending on the interest rate policies of each bank/finance company and the loan period.

3. Golden Rules for Buying a Motorcycle in Installments

• Choose a reputable address: Purchase your motorcycle from authorized dealers or stores to ensure product quality and excellent after-sales service. You can check out motorcycle dealerships on Nguyen Trai Street, Thanh Xuan, Hanoi.
• Thoroughly understand interest rates and loan terms: Avoid hidden fees or unfavorable terms later on.
• Consider your financial capabilities: Choose a down payment and loan term that suits your income to ensure monthly affordability.
• Quick and easy procedures at XE TAI HA NOI: We partner with reputable banks to assist customers in completing loan applications quickly and conveniently.

4. Addressing Common Questions About Motorcycle Installment Purchases

4.1. What documents are required for a motorcycle loan application?

Typically, a motorcycle loan application requires:

• ID card/Citizen identification card/Passport.
• Household registration book/Temporary residence registration.
• Proof of income (Labor contract, salary statement,…).

4.2. Do I need to pledge assets for a motorcycle installment purchase?

Currently, many banks and finance companies offer unsecured motorcycle loans, requiring only proof of your financial capability.

5. Ride Home with XE TAI HA NOI

We hope this article has provided you with useful information about calculating motorcycle installment payments. If you’re looking for a reputable place to buy a motorcycle with flexible installment plans, contact XE TAI HA NOI today!

• Address: 123 Giai Phong Street, Hai Ba Trung District, Hanoi
• Website: https://xetaihanoi.edu.vn/
• Hotline: 0987.654.321

Besides motorcycles, XE TAI HA NOI also offers a variety of trucks such as 40-seat buses (see more here), Towner trucks, Universe trucks,… to meet all your transportation needs.

Motorcycle Installment Purchase at XE TAI HA NOI

Conclusion

Buying a motorcycle in installments is a smart financial solution, allowing you to easily own your dream bike without waiting too long. Contact XE TAI HA NOI now for advice and the best installment plan for you!