Expat motorcycle financing?

[bob1965]

I looked at loans on bikes there too. The interest rate is crazy.
If you’re going to keep a bank account in the states, what about getting a line of credit there. That way you don’t have to jump through hoops, the interest rate is better, and it’s revolving credit. Handy in case you  need it again in the future. I assume it would also help keep your credit score up.

[Ninpo2dan]

1 hour ago, Viking said:

Off topic, but I am also  going to move to Rizal later this year. Where will you be staying?

I'll be moving to Binangonan, but I'll be staying at a condo in QC until the first of Mar. That will give me almost 3 weeks to get moved into an apartment. My friends have gone and taken vids/pics of a few places, but no offense to them, I would rather inspect the apartment myself first. I plan to be living cheap and simple, but I need to know the place will fit a queen size mattress and has good enough water pressure for a shower heater. I just used AirBnB to find the condo.

 

50 minutes ago, Dave Hounddriver said:

So the topic is about expats financing a motorcycle in the Philippines.  I have tried.  I know many others who have tried.  The only ones I know who succeeded had a Filipino co-signer, someone not your gf or wife.  This is not as hard as it sounds.  Loads of Filipinos will co-sign for you.  Most of them expect a couple thousand pesos for doing you the favor but some do it for free.

There seems to be an attitude of . . You are a foreigner but you cannot afford 50 to 80K pesos?  Why?

I've heard that as well. People seem to forget that we are moving here without any furniture. First/last/deposit for the apartment, setup fees/deposit for utilities, etc. Need to purchase a bed, stove, aircon, fans, fridge, rice cooker, wok, cooking utensils. The first couple of months in the Philippines are expensive because of all the initial costs.

Not all expats are earning high pensions. I'm only rated at 50%, which brings in $893 per month. I know a lot of people freak out when they hear that amount, think there's no way in hell to survive on that much. But considering the average college grad working an entry-level office job earn $500 per month or less and are not only capable of surviving, but can even afford to save for trips. I know my budget is tight, and I'll obviously be giving up many "luxuries" we are accustomed to in the US. But I have done the math, and financing a bike is within my budget. Dropping 80-100k would take several months of saving, and I'd rather pay a little interest to get out riding sooner. It's no different than people in the US having to finance that new Ford pickup or whatever.

[Gary D]

6 minutes ago, Ninpo2dan said:

I'll be moving to Binangonan, but I'll be staying at a condo in QC until the first of Mar. That will give me almost 3 weeks to get moved into an apartment. My friends have gone and taken vids/pics of a few places, but no offense to them, I would rather inspect the apartment myself first. I plan to be living cheap and simple, but I need to know the place will fit a queen size mattress and has good enough water pressure for a shower heater. I just used AirBnB to find the condo.

 

I've heard that as well. People seem to forget that we are moving here without any furniture. First/last/deposit for the apartment, setup fees/deposit for utilities, etc. Need to purchase a bed, stove, aircon, fans, fridge, rice cooker, wok, cooking utensils. The first couple of months in the Philippines are expensive because of all the initial costs.

Not all expats are earning high pensions. I'm only rated at 50%, which brings in $893 per month. I know a lot of people freak out when they hear that amount, think there's no way in hell to survive on that much. But considering the average college grad working an entry-level office job earn $500 per month or less and are not only capable of surviving, but can even afford to save for trips. I know my budget is tight, and I'll obviously be giving up many "luxuries" we are accustomed to in the US. But I have done the math, and financing a bike is within my budget. Dropping 80-100k would take several months of saving, and I'd rather pay a little interest to get out riding sooner. It's no different than people in the US having to finance that new Ford pickup or whatever.

But it's not a little interest it's 1-2% per month. Have you also factored in the not inconsidderable on going visa fees.

[Ninpo2dan]

1 hour ago, bob1965 said:

I looked at loans on bikes there too. The interest rate is crazy.
If you’re going to keep a bank account in the states, what about getting a line of credit there. That way you don’t have to jump through hoops, the interest rate is better, and it’s revolving credit. Handy in case you  need it again in the future. I assume it would also help keep your credit score up.

My credit score took a nose-dive here in the states over the last year. I lost my main source of income, fell behind on some bills, have about $30k in student loans, and let them repo my car. My only line of credit are two bank credit cards, $1700 total, which are both maxed out to pay for my move. Due to my disabled vet status, I won't have to repay the student loans, and I plan to file bankruptcy on the other debts. I have no intentions of moving back to the US, so my credit score can suck it. But getting any kind of personal loan is out of the question from a US bank.

That's one of my primary reasons for moving. Some time next year the VA will increase my monthly pay, but until then I just don't make enough to live in the US. I'm tired of relying on housing assistance, energy assistance, food donations, not having a vehicle, etc. But I can afford to live in the Philippines. It's not luxury living in a condo, but it's more than comfortable for my lifestyle. For the next year the budget will be tight, but manageable.

[Ninpo2dan]

1 minute ago, Gary D said:

But it's not a little interest it's 1-2% per month. Have you also factored in the not inconsidderable on going visa fees.

Immigration fees were factored into my budget, including the ACR card etc. I'm still 8 years from qualifying for the military courtesy SRRV, so I'll be on the tourist visa for a while. At least until I get married.

The last person I spoke with said financing on the Rusi would be about 4k per month, which includes insurance. I think that's with 20k down, so the total finance term even with high interest shouldn't be too bad. I know it's a China bike, but friends that own them have said they aren't bad for the price.

[Ninpo2dan]

2 hours ago, GeoffH said:

RUSI hasn't got the best reputation (and that's being polite), if you don't want to spend too much then maybe try a Bajaj.  They're sold through the Kawasaki dealers (not actually a Kawasaki but they warranty and sell them) and they are a definite step up from RUSI (albeit a step down from the Japanese brands).  There is a full faired version and a naked bike version.  Either of them will be faster than most of the traffic on the highways.

 

I was actually looking at the RS 200, which is a little smaller than the Rusi ss250, but it's FI and not Chinese-made. The price is a little higher, 125k as opposed to the 80k Rusi, but the Rouser is a better quality. I might even look into buying something that's "gently" used, but maintenance has been sketchy on a lot of used bikes I've seen for sale.

[Old55]

Off topic a bit... You have an exit plan and money to support that? Also an emergency fund? 

[Dave Hounddriver]

8 hours ago, Ninpo2dan said:

I'm only rated at 50%, which brings in $893 per month. I know a lot of people freak out when they hear that amount

I live on that budget, in the Philippines, with a wife and kid.  However I have no mortgage payment or rent to pay, I have an exit strategy and I will be leaving soon, and the lifestyle is "no frills".

What I am saying is you can live on that but you really don't want to have any payments and its not a lot of fun unless you have a "stay at home" lifestyle.  Save up and buy something you can afford if at all possible.  I use the local trikes and jeepneys and it ain't that bad.  Yes I have a car and motorcycle but on that budget how do you fix them when they break down.  Wanna buy a car or motorcycle that needs work?  I'll sell ya mine LOL

[gbmmbg]

9 hours ago, Ninpo2dan said:

My credit score took a nose-dive here in the states over the last year. I lost my main source of income, fell behind on some bills, have about $30k in student loans.

Hi, you might want to check on your student loan repayment status. I thought you have to be 100% P&T or IU "individual unemployability" to get student loan discharge. If you plan on living close to manila you can use the va clinic for you service connected disabilities. Welcome to the forum and hope your move goes well. Greg

[Gary D]

Another consideration is a driving licence. As a tourist you can't qualify for one and the LTO is going computerised so no more brown envelopes.