Motorbike Finance Explained (Hire Purchase)
We get a lot of calls and messages asking if we can arrange Motorbike Finance.
The simple answer is, Yes.
Hire Purchase (HP) could help you get your motorbike whilst spreading the cost to make it more affordable.
How does it work?
1. You will choose the bike you wish to proceed with
2. Discuss your budget, affordability and arrange your monthly payments/deposit/part exchange with the broker. (Any deposits would be taken from the overall price of the motorbike)
3. You’ll then choose your repayment period to pay the remaining balance, plus interest, in equal monthly repayments over the agreed term which can be 3, 4 or 5-year repayment terms.
4. The lender then buys the motorcycle on your behalf and owns the motorcycle for the duration of the finance agreement.
5. Once you have finished all of your payments, including any interest, you will then become the owner of the motorbike and it will be in your name.
A few bits of criteria that you may wish to consider before making an application for motorbike finance.
1. You must be at least 18 years old.
2. You must have the relevant driving license for the motorcycle.
3. The motorcycle is at risk of repossession if you do not maintain contractual repayments.
4. Protection under the Consumer Credit Act Termination Rights and Protection under the Consumer Rights Act.
5. Details of your credit agreement will be recorded with credit reference agencies and will show on your credit file once you take the finance.
Motorcycle finance presents a method of acquiring a motorbike by spreading the cost over a specified period instead of a single upfront payment. This flexible payment approach allows individuals to explore various financing options tailored to their preferences and financial circumstances.
Before obtaining a quote for motorcycle finance, it’s essential to assess your financial situation, including your budget, credit score, and monthly income. Evaluating the various finance options thoroughly will enable you to select the most suitable one that aligns with your needs and financial capabilities.
In conclusion, motorcycle finance offers a practical means of purchasing your dream bike without straining your finances.
