An ebike is certainly not a small ticket item. Not all of us have the luxury of spare cash or credit facilities such as a credit card to finance the purchase of a high-ticket item like ebike.
Instead to borrowing money from the bank, why not consider a affordable monthly instalment plan for ebike in the form of a Hire Purchase? MOBOT partners with FUNDBOX ASIA, one of the leading financing service providers in Singapore to launch the new EASYRIDE ebike monthly instalment plan.
Hire Purchase is an agreement where the hirer (ie the customer) agrees to pay an instalment (usually monthly) to the owner (ie the finance company) in return for the right to use the good immediately. Though the hirer is using the good, the good remains the property of the owner until all the instalments are paid. At that time, the owner shall transfer the ownership of the goods to the hirer.
In the case of an ebike, you can receive the ebike after fulfilling these:
- Signing of the Hire Purchase agreement
- Payment of agreement fees, down payment and first instalment.
As long as you pay the instalment promptly and maintain the ebike reasonably, you are allowed full use of the ebike.
Some of you may find this arrangement very familiar. Indeed, hire purchase is very commonly used for the purchase of cars, motorcycles and machineries.
Who would find hire purchase useful?
If you wish to own ebike but do not have the financial capability to pay in full and is acceptable to pay interests and fees for the service, then this monthly instalment plan for ebike will benefit you.
For example, a JI-MOVE LC is $1,288. Under 12 months hire purchase, the monthly instalment is $132. You can receive the JI-MOVE LC upon paying the down payment ($129), agreement fees ($45) and first instalment ($132). In other words, you can start to use the JI-MOVE immediately.
Who would find hire purchase not beneficial?
For someone with a credit card or a stable income, he can consider to tap on the credit card 0% interests plan or Hoolah 0% interest debit card plan. Such plans do not charge any interests or agreement fees.
Though similar to hire purchase, if you do not pay the instalments promptly, late fees, additional interests apply.
So is everyone eligible for hire purchase?
No. You will need to check your eligibility here. The required information includes personal details, finance / debt situation and employment details. You would also need to provide colleagues, friends and family members contact for verification of the submitted data. At times, we may require a guarantor.
Here is a video to guide you on checking your eligibility.
Finally, if you would like to learn about the MOBOT-FUNDBOX EASYRIDE hire purchase scheme, contact us at 6538 2816, 8826 2069 (whatsapp) or Facebook.
MOBOT has the widest range of ebikes, mobility scooters and electric scooter.
We also have various payment options including monthly instalment plans for ebike and an inhouse service center.
To learn more about our range of ebike, click here.