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Not everyone is knowledgeable about motorcycles, though, so Robinsons Bank compiled a few tips to help you make a good decision.
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It won’t matter if you got it at a low price if the motorcycle conks out mid-ride while you’re on a highway. There are plenty of things you need to check but the most important is the condition of the engine. In the next section, we provide some tips on how you can get the best value for your money when buying repossessed motorcycles.īuying repossessed motorcycles requires a lot patience. Make sure you check everything thoroughly before committing to buy. Repossessed motorcycles are sold “as is, where is,” unlike second-hand motorcycles which owners get a chance to perform some fixing to get a higher reselling price.
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However, you have to be a little more cautious. You’re getting it at a lower price in exchange for a few cosmetic issues and a bit of wear and tear. Just think of it as buying a second-hand motorcycle. In general, it’s a good idea to buy repossessed motorcycles if you’re looking for affordable options. This way, the vehicles will be more attractive to prospective buyers, and lenders can hopefully recover the cost of non-payment and reduce expenses for holding these vehicles. That’s why repossessed motorcycles are sold or auctioned off at lower prices. In fact, keeping them for an indefinite period can cost banks, dealers, and lending companies a lot of money. Repossessed motorcycles are non-performing assets. Once you’re prepared, you can go to Robinsons Bank to take a loan or go straight to the dealer to purchase your preferred motorcycle straight away. Don’t make hasty decisions and consider all the pros and cons before you get a motorcycle. This is entirely possible as long as you’re financially prepared. In short, preventing your motorcycle from getting repossessed is as simple as being diligent in your monthly payments. If you don’t respond accordingly, your lender will begin the process of repossessing your motorcycle. Moreover, these letters and notices can be issued through multiple channels like registered mail, text messages, phone calls, and email. They can do this directly or use a collection agency. The standard process is that your lender must send demand letters and notices to remind you to pay. Banks like Robinsons Bank, as well as motorcycle dealers aren’t allowed to repossess your vehicle after just a one day lapse on your payments. Note that repossession doesn’t happen in a snap. If you don’t fulfill your obligation, which is to pay the mortgage, your motorcycle can get repossessed. Just like cars, motorcycles can get repossessed if you default on your monthly payments. Indeed, banks like Robinsons Bank have hundreds of repossessed motorcycles ready for viewing and sale. However, falling into this temptation is also one of the reasons why there are plenty of repossessed motorcycles sitting unused in parking garages and dealers’ lots. Depending on the brand and kind of motorcycle you buy, downpayments and monthly installments can be as low as PHP 3,000. From delivery services to tricycles and habal-habals, these versatile vehicles are more than a common sight on Philippine streets.Īnother reason why there are so many motorcycles on the road right now is that they’re much cheaper than cars. Motorcycles are also used for several modes of livelihood. With its compact size, motorcycles riders can get to their destinations faster. The main reason cited for the increase in number and shift to motorcycles is the terrible traffic situation in Metro Manila and other urban areas across the country. Meanwhile, according to the Motorcycle Development Program Participants Association or MDPPA, motorbike sales increased by 21% in 2018. Did you know that in 2017, there were 2,006,954 motorcycles registered in the Philippines? This is according to the records of the Land Transportation Office (LTO).