Interest On Motorbike Payments

[khunsanuk]

Hi,

 

Our son is getting a new motorbike today and has been going around getting information on prices. He's just shown us some of the quotes he's been given as well as the monthly installments he'd have to make.

 

I was disgusted to see the amount of interest charged on it.

 

After the downpayment and the money he's getting back for his old bike, the remainder to pay is about 38K. If he goes for a 2 year contract of payments, the monthly payments are 2,100-2,400 Baht. On the top amount that results in 50% interest!!!

It's a bit better for an 18 month contract, but still pretty insulting.

 

My wife and I considered paying cash for it and letting him pay us instead, but decided against it as having him deal with a real company for these downpayments might help in teaching him some responsibility

 

Sanuk!

[passingthru69]

_{Yep, The interest rates a to me way high.}

_{My ister in law wires 10k baht to sister here at the house. Tells her go get the info on this bike as I want to buy it. Cheaper I'm thinking than BKK.}

_{I was not there to get the info.}

_{This is second hand, but bike is like 50k baht. she wants to put 10 k down payment. I ask my wife what is total payout. She says 60k}

_{I'm like what is interest rate. Free she says, No there is interest. No first year free..}

_{Then pay interest.. I need to se the figures but nobody seems to have them handy.}

_{What really gets me is my wife has sat in bussiness meeting with our bussiness and knows about interest rates in the states.}

_{Plus she has a car here in LOS. Financed through the car company..}

 

_{But her and the one sister here just give me the deer in the headlight look when I ask them about the interest rate.}

_{Up to them...}

[baa99]

Maybe he should sell his old bike himself instead of trading it in on a new one. You could try going to a bank for a loan. Maybe cosign for the loan.