As an alternative to paying for your motorcycle up front in a single payment we offer the facility to purchase the bike on finance. These finance products allow you to spread the cost of the motorcycle over a period of time, i.e. 3 years. We offer Personal Loans, Hire Purchase (HP) and Personal Contract Purchase (PCP) finance products, with these products being detailed below:
A Personal Loan, also known as an Unsecured Personal Loan is a loan that isn't secured against any asset. The advance is based on your credit history and ability to repay the loan from personal income. Repayment is usually through fixed amount installments over a fixed term. Beneficially since the loan is not secured on your motorcycle you can change your bike without having to pay off the loan.
A Hire Purchase agreement is very similar to a Personal Loan in so much as you purchase the motorcycle by making installment payments over a period of time. Where the Hire Purchase differs is that the loan is secured against the motorcycle and ownership will not be obtained until the full amount of the agreement is paid.
A Personal Contract Purchase agreement allows the motorcycle to be leased from a finance company over a fixed term and you then have the option to return or purchase the motorcycle at the end of this contract. So you pay a deposit, a monthly amount for the duration of the PCP contract term and then a final purchase amount should you want to buy the motorcycle at the end of the contract. The Guaranteed Final Value (GFV) is the amount you would have to pay at the end of the agreement should you wish to purchase the vehicle, and this figure is agreed at the start of the arrangement and is subject to a mileage limit. A major benefit of this scheme is that it allows you to keep your monthly payments down, and is often the most beneficial type of finance for those who change vehicle on a regular basis.
These mainstream finance types are available from a number of lenders including Honda Finance, Blackhorse Motorcycle Finance, Close and Santander. In the event that your application is declined for mainstream 'Prime' finance then we may be able to offer finance through one of our subprime brokers (subject to status). As subprime finance rates are considerable higher than our typical APR figure then a further discussion concerning increased payments and affordability would need to take place prior to this application process.