Have you ever eyed an item that costs thousands of dollars for so long because you keep telling yourself, “Not Today”, “I’m going to save up first”, “I’m going to wait for my bonus” and so on?
Here’s how instalment plans come in handy!
Paying with instalments basically means dividing your payments into smaller sums at regular intervals over a certain period of time. So rather than paying the full price at once and leaving a hole in your wallets, this payment option is highly used among higher-priced products you see every day like Properties, Televisions, Vehicles and even Bicycles or Electric Bicycles (E-Bike).
Even so, many are still hesitant about buying a bicycle or e-bike with instalments.
This is due to the strong belief in the community that paying by instalments is not recommended as it may be financially draining in the long run or throughout the months/years you pay for the item.
If you find yourself at a standstill, not sure of what you would be up against when you commit to paying by Instalment, especially if you’re someone who needs a bicycle or e-bike urgently, then continue reading!
Let us help you break down the pros and cons of paying by Instalments to aid in your decision making!
Pros of paying by Instalment
- Less Financial Burden
When you pay for a product that costs close to $2,000 at one go, you will definitely feel the pain to survive for the month with a lot of other financial burdens waiting for you like your house bills, phone bills or taxes.
With Installments, these financial burdens would feel lighter since you managed to fork out a smaller amount as compared to the retail price for that month!
- You can use the product immediately
Saving money would take months for you to finally buy the bicycle/ebike you’re eyeing for. If you’re unlucky, you might not even get it if the Stocks are limited. Current Stocks include the popular Express Drive Plus E-Bike, Royale Folding Bicycle, and many more!
With Instalments, you’ll just have to fork out some from your monthly salary and you can immediately enjoy your new adventure with your new ride!
- Use balance for others essentials
Emptying your pockets in a single transaction when you still have your regular groceries, take-outs to pay for?
Pay with Instalments and you for sure would still have enough to help you for that month! You could also use that extra cash to purchase accessories to go along with your new ride!
Here’s some popular cycling accessories to consider:
Tonyon Bicycle Lock With Keys
GUB A2 Bicycle Helmet
GUB G-85 Mountable Bicycle Phone Holder
- Use it to earn more income
This is for the riders who need an e-bike or bicycle to work! Just think about it!
A food delivery rider earns on average about $5 per delivery these days. If you do 10 orders daily, that would be almost enough to cover the price you paid for the bike that month!
Not a bad move after all, isn’t it?
- Instalment cost stays constant while disposable income may increase
As the amount you commit to paying monthly for your instalment remains constant, the burden of the monthly payment decreases with more disposable income. Even if your disposable income remains constant, there is a constant certainty that the amount paid will not suddenly increase.
Cons of paying by Instalment
- Additional commitment monthly
Might not seem much to most, but you might need to include one more payment to the equation when you plan your monthly budget.
It may be a hassle at first but once you’ve gotten the pace of paying the amount monthly, it would be easier to manage.
It is obvious how the benefits of paying for a product using our 0% instalment plans outweigh the disadvantages. With that being said, we’ve also diversified our payment options to give customers more options when it comes to their preferred mode of payment.
Types of Installments
- PACE
The most popular choice of instalment plan. PACE is known for their 3 months interest-free instalments.
The process will be made via the Pace app! Conveniently, it only takes 3 minutes of your time to register and approvals are made instantly as well!
- Credit Card
We also do Credit Card Instalments with interest-free for 6 or 12 months! Accepted cards are OCBC, UOB, AMEX, POSB/DBS.
- Grab
One of the rising apps in Singapore, Grab, also has instalment Payment options called Grab Paylater. You can activate Grab PayLater to enjoy 4 months interest-free instalments or get the bike first and pay next month!
Lastly, if all of the options are still inconvenient for you, we also have the Cash instalment option which allows 6, 12 or 24 months.
This however will require application with our instalment partner, Fundbox to see if guarantor is needed.
With all the pros that outweigh the cons and a Variety of instalment plans to choose from, paying by instalments may just help you achieve your needs without bursting too much of your monthly budget. At Gill, we give our customers the lowest and most convenient payment modes with 0% interests for all our instalments. Click here to visit our e-bike and bicycle shop.
If you would like further in-depth calculations based on your budget and the ebike or bicycle you want, please do not hesitate to get in touch with us on Facebook or Carousell. If you prefer dropping us a call, do so at 6734 9373.
I really want to get an e-bike but I’m worried about the monthly payments. How do I know if I can afford the instalments without stretching my budget too thin?
To determine if you can afford the instalments, start by assessing your monthly income against your regular expenses and any other financial commitments. Our instalment plans are designed to be manageable, and you can also reach out to us for personalized calculations based on your budget before making a decision.
I absolutely love the idea of paying for an e-bike or bicycle with instalments! This approach is perfect for those of us who want to enjoy a new ride without completely derailing our finances. By breaking down the cost, we can appreciate the immediate benefits of having a bicycle or e-bike without the hefty upfront price. Imagine being able to hop on your bike and experience freedom in commuting or exploring nature! Plus, knowing that the monthly payments can align with our disposable income is definitely reassuring. It makes cycling accessible to more people, which is a huge win for promoting a healthier lifestyle and reducing carbon footprints.
While the convenience of instalment plans sounds great, have you considered the potential long-term financial commitment? What if someone ends up struggling with those monthly payments after a few months? It might lead to more stress rather than the freedom you mentioned. Isn’t it better to save up and make a full payment instead?
But don’t you think it’s a slippery slope? People often underestimate their ability to pay back in chunks, and before they know it, they’re in too deep. Isn’t it safer to wait until you can afford it outright?
I understand your concern, but the key here is to budget wisely. By assessing your monthly expenses beforehand and ensuring the instalments are manageable, you can enjoy your e-bike without financial strain. Plus, imagine the advantage of using the bike for work, which can actually help cover the payments. It’s not just a cost; it’s an investment in a better lifestyle!
While it’s great to think of it as an investment, I still worry that unexpected financial situations, like job loss or emergencies, could hit hard. How do you plan to manage if such a situation arises while still paying for the bike?
Your perspective is valid, but the beauty of an instalment plan is its flexibility. Many providers give options for postponement in case of unforeseen circumstances. It’s about proper planning and using the bike as a vehicle for income, so even during tough times, one’s financially protected. A bicycle can sometimes be the difference in job accessibility!
That’s an interesting point, but shouldn’t we also consider that many people are in need of a bike for jobs or everyday commuting? If instalment plans can assist those individuals in getting the tools they need to earn a living, isn’t that a positive aspect? Delaying the purchase due to financial fears could, in fact, keep them from opportunities.