The different types of finance that are available
If you do not wish to pay in a single up front payment we use a panel of lenders including, Honda Finance, Suzuki Finance, Blackhorse Motorcycle Finance, MotoNovo to provide monthly payment options over a variety of periods of time up to 4 years.
There are a variety of different products available. These products are not necessariy available on all the bikes. These products are, Personal Loans, Hire Purchase (HP) and Personal Contract Purchase (PCP). Below is an explanation of different products and how they work.
This is a Loan which is based upon your personal credit profile and history. It is purely based on your ability to pay the loan from your income. The lender does not have security in the vehicle. There is normally a deposit and then a set number of equal payments until the end of term of the loan at which stage you have no further liability.
You can change vehicle without the necessity of settling the loan.
This is similar to a Personal Loan but in these agreements the Loan is secured against the vehicle you are purchasing. Ownership of the vehicle only vests with you when the Loan is paid off in full.
You would need to settle the outstanding amount of the Loan if you wished to change the vehicle.
PERSONAL CONTRACT PURCHASE
These agreements allow the motorcycle to be leased over a specified term from the finance company. The contract is set up with a deposit, a monthly amount for the term of the contract, an annual mileage limit and a final purchase value or Guaranteed Final Value (GFV).
The GFV is the value you would need to pay at the end of the finance agreement to secure ownership of the vehicle. The nature of this finance is that it keeps the monthly payments down. At the end of the contract term you have a variety of options.
1) Hand the vehicle back to the finance company or
2) Pay the GFV or
3) utilise the vehicle as a part exchange against a new motorcycle. If you change your vehicle regularly this is a useful method of finance.