8 Things You Need to Know About Financing for Triwheels Philippines

“Triwheels” typically refers to vehicles with three wheels, and they can include various types such as tricycles, three-wheeled motorcycles, or even electric trikes.
When it comes to financing these vehicles, there are several key considerations to keep in mind. From exploring different financing options to understanding interest rates and repayment terms, we’ll cover it all. We’ll also discuss the insurance costs, warranty and maintenance, resale value, and a glimpse of legal matters. Let’s go!

8 Things You Need to Know About Financing for Triwheels Philippines

Financing Options
Financing can be a great way to get the tri-wheel you want without breaking the bank upfront. First, check with local dealerships or manufacturers to see if they offer any in-house financing options for a convenient choice. Another option is to explore traditional lenders such as banks or lending institutions. They often have specific loan programs for recreational vehicles like triwheels. Make sure to compare interest rates and repayment terms to find the best fit for your budget. Furthermore, if traditional financing isn’t an option, you might consider looking into peer-to-peer lending platforms or online lenders that specialize in vehicle financing. These platforms can potentially offer more flexibility in terms of eligibility criteria and repayment plans.
Type of Triwheel
Different types of triwheels may have varying financing options. For example, traditional tricycles may be financed differently than electric trikes or motorized three-wheeled scooters. The traditional trike-style tri-wheels are great for stability and are often used for recreational purposes or as a mode of transportation for those who may have difficulty balancing on a bicycle. On the other hand, the electric Triwheels are powered by an electric motor, making them a convenient and eco-friendly option for running errands or commuting short distances.
So whether you’re eyeing that classic trike style or considering going electric with your triwheel, understand the specific type you are interested in and its financing requirements.
Credit Score
Your credit score rating has a substantial impact on the financing process. Lenders often use your credit score to determine the interest rates and loan terms they offer you. A higher score can increase your chances of securing better financing options with lower interest rates. On the other hand, if you have a low or poor credit score, it may be more challenging to obtain favorable financing terms. So, check your credit score before applying for financing, and take steps to improve it if necessary.
Interest Rates and Loan Terms
Understand the interest rates associated with your chosen financing scheme. Interest rates can significantly impact the total cost of the tri-wheel over the life of the loan. Shop around for the best interest rates and loan terms available to you.
Additionally, consider the repayment or the loan term. While longer terms may result in lower monthly payments, they can also mean paying more in interest over the life of the loan. Choose a mortgage time period that aligns together along with your price range and monetary goals.
Insurance Costs
Factor in the cost of insurance for your triwheel. Insurance costs are an essential consideration when it comes to owning a triwheel. Just like any other vehicle, it’s crucial to protect yourself and your investment. Also, insurance requirements and costs can vary based on the type of vehicle and your location. Obtain insurance quotes early in the financing process to ensure they fit within your budget.
Warranty and Maintenance
Know the warranty and maintenance requirements for the tri-wheel. Warranties play a significant role in providing peace of mind for triwheel owners. These typically cover how long they last, and what to look for when evaluating warranty options. Plus, maintenance is key to keeping your tri-wheel running smoothly and ensuring its longevity. From routine check-ups to more extensive repairs to maintaining your tri-wheel’s performance while keeping costs manageable. Furthermore, some financing options may include extended warranties or maintenance plans. Evaluate these options and consider their impact on the overall cost of ownership.
Resale Value
Resale value refers to the amount of money you can expect to get back from selling your tri-wheel after a certain period of time. This is an important factor to consider because it can greatly impact your overall cost of ownership.
There are a few key things you need to know about resale value when financing triwheels. Firstly, certain brands and models tend to hold their value better than others. Secondly, factors such as mileage, condition, and maintenance history can also affect the resale value. Lastly, understanding market trends and demand for triwheels in your area is crucial. If there is high demand for these vehicles in your region, you may be able to fetch a higher price when selling.
Legal and Regulatory Compliance
Ensure that the triwheel you are financing complies with local regulations and requirements. This includes registration, licensing, and any specific laws related to three-wheeled vehicles in your area. Additionally, consider consulting with financial advisors or loan experts for personalized guidance based on your specific circumstances since they’re people who can tell what you need when it comes to legal matters.

That’s it! A few things you need to know about financing for tri-wheels. May the above information equip you with the knowledge and confidence to make informed decisions. Remember, before committing to any financing arrangement, it’s advisable to thoroughly research and compare options to find the best fit for your financial situation and preferences.

Finance Your Triwheels With RFC

Ready to take your triwheels business to further heights? With RFC, you may apply for a loan to purchase your preferred triwheels at affordable rates and payment terms.

Requirements:

Must be a Filipino citizen above 21 years of age
Residency of at least two (2) years, except if you are a new homeowner
Years of Business must be one (1) year and above
If employed, you should be presently connected with an employer for at least 1 year with a minimum basic salary of P18,000 per month
If a professional, you should have an updated PRC license and preferably practice your profession for at least 1 year
If a business owner must be operating for at least 1 year with profitable operations
2 valid government IDs (if employed, please include company ID)
Proof of Income (3-month payslip)
Residential, Business, or Employment Address map
Certificate of Employment
Business Barangay / Business or DTI Permit (for business owners)

If you’re ready to apply for a loan, click the link below:

I am ready to start my triwheels business!

Since 1964, Radiowealth Finance Company (RFC) has helped Filipinos across the globe with underserved credit gain financing access. You can enjoy those benefits too!

If you’re ready to apply for a loan, click the link below:

I am ready to start my triwheels business!

Since 1964, Radiowealth Finance Company (RFC) has helped Filipinos across the globe with underserved credit gain financing access. You can enjoy those benefits too!