HIRE PURCHASE

Honda

Honda Hire Purchase Finance

Hire Purchase is the simplest and most straightforward way Honda Financial Services can help you to fund your new Honda motorcycle. Interest rates and monthly payments remain fixed throughout the full term of the Hire Purchase agreement, and as soon as the final payment has been made the motorcycle is all yours.

More manageable than you might think

So, how does this work?

  • Choose the motorcycle you want, and agree how much deposit you’d like to put down.

  • The rest of the cost of the motorcycle, plus interest, is paid in equal monthly payments.

  • Before you start your agreement, you can adjust the term to best suit your ideal monthly budget, from anywhere between one and five years.

  • Once you’ve paid all the monthly payments and the option to purchase fee, you own the motorcycle.

Choose the right product

Hire Purchase may not be right for you so please review our other finance products or speak to your Honda dealer, to make sure you choose the right product to suit your needs.

It is important that the product you choose should provide a monthly payment that is sustainable, whilst also meeting your needs and circumstances best. Your Honda dealer will be happy to assist you with this.

 

Product Features and Considerations 

There are some aspects of Hire Purchase (HP) that you need to be aware to help you make an informed choice to decide if HP is right for you.

  • There are no mileage restrictions as part of the finance agreement.

  • The Total Amount Payable (overall cost) is typically lower than PCP on an agreement over the same term. 

  • You have the right to withdraw from your HP agreement with 14 days from the start of your agreement.  You can also partially or fully settle your agreement at any time (subject to the terms of the agreement). 

  • With Hire Purchase there is no deferred payment amount (the Guaranteed Future Value or GFV) so you may pay more a month compared to PCP

  • Because there is no GFV, you have less protection against depreciation than with a PCP 

  • You will not own the motorcycle outright until all regular payments and any option to purchase fees are paid.

  • To keep monthly payments down, you may need to take your loan over a longer term

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Blade Motor Cycles Limited an Appointed Representative of Automotive Compliance Ltd who is authorised and regulated by the Financial Conduct Authority (FCA No. 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows Blade Motor Cycles Limited to act as a credit broker, not a lender, for the introduction to a limited number of lenders, and to act as an agent on behalf of the insurer for insurance distribution activities only.

We are a credit broker and not a lender. We can introduce you to a carefully selected panel of lenders, which includes manufacturer lenders linked directly to the franchises that we represent. We act on behalf of the lender for this introduction and not as your agent. We are not impartial, and we are not an independent financial advisor.

Our approach is to introduce you first to the manufacturer lender linked directly to the particular franchise you are purchasing your vehicle from, who are usually able to offer the best available package for you, taking into account both interest rates and other contributions. If they are unable to make you an offer of finance, we then seek to introduce you to whichever of the other lenders on our panel is able to make the next most suitable offer of finance for you. Our aim is to secure a suitable finance agreement for you that enables you to achieve your financial objectives. If you purchase a vehicle, in the majority of cases, we will receive a commission from your lender for introducing you to them which is either a fixed fee, or a fixed percentage of the amount that you borrow. This may be linked to the vehicle model you purchase.

Different lenders pay different commissions for such introductions, and manufacturer lenders linked directly to the franchises that we represent may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement; however, you will be contributing towards the commission paid to us with the interest collected on your repayments. Before we propose you to a potential lender, we will inform you of the likely amount of commission we will receive and seek your consent to receive this commission. The exact amount of commission that we will receive will be confirmed prior to you signing your finance agreement.

All finance applications are subject to status, terms and conditions apply, UK residents only, 18s or over. Guarantees may be required.

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