Choosing the right finance

Finance options could help you ride a better bike than you thought. There are different ways to finance your motorcycle:

Personal Loan – a loan you repay in instalments over an agreed length of time. Available to 18+ year old riders soley or with a garantour.

Hire Purchase – a popular way to finance a bike. Once you've made all the payments, you own the motorcycle outright.

Ride On Personal Contract Purchase – a type of hire purchase that gives you three options at the end of the agreement term: return the bike, part exchange it or buy it outright.

Finance is subject to status and you must be a UK resident aged 18 or over to apply. Indemnities may be required.

If you would like more information about the finance available please give us a call or check out the Black Horse Web Site by clicking the icon below.

Customer Finance Facts

Conditional Sale (CS)

Conditional Sales agreements involve a finance company (the creditor) purchasing a vehicle on behalf of the customer (the buyer), which allows the customer to pay for the vehicle in instalments. This enables the customer to pay a deposit and take immediate possession of the vehicle; however, the title to goods remains with the creditor until the buyer satisfies the conditions of the agreement. In other words, the finance company own the vehicle until all payments have been made.
Hire Purchase (HP)

A Hire Purchase agreement is much the same as a conditional sale agreement. The only difference between them is simply that under hire purchase, the consumer is under no obligation to take title to the goods, whereas under conditional sale, transfer of title is automatic upon the completion of the condition (usually of course, the full payment of the vehicle).

Hire Purchase and Conditional Sale agreements are simple and easy to arrange at a dealership. They are convenient, on the spot, finance options which offer flexible repayments suited to the buyer. Interest is fixed so you have a fixed monthly payment. A deposit secures the vehicle and regular payments are made over a pre-agreed period, usually 12–60 months.
Please note:

You do not own the vehicle until the end of the contract, which means you cannot sell the vehicle at any time during your contract without the financier’s approval.

The vehicle can be repossessed if you do not make your payments.

If you have paid a third or more of the vehicle’s value, and dependent on the type of finance agreement, you can have additional legal rights and if you default on payments, the financier would have to obtain a court order to repossess the car.
Balloon Finance

To reduce monthly payments, a larger payment or lump sum called a balloon payment can be made at the beginning or end of the agreement period. Often the customer would pay a balloon payment on the last installment of their lease.
Guaranteed Asset Protection Insurance (GAP)

This product provides protection for any shortfall liability of the balance between the market value placed on the vehicle and paid out by the motor insurer, and the amount required to settle the outstanding balance in the case of a write-off or if the vehicle is stolen.
Credit Protection Insurance (CPI)

Credit Protection Insurance protects you if you have an accident, fall ill or lose your job. In any of these circumstances, this product will ensure you do not fall behind with your finance payments.
APR

The term annual percentage rate (APR) refers to the interest rate, as applied to finance, for a whole year rather than just a monthly fee/rate. In short, it is a finance charge expressed as an annual rate and can be used as a benchmark by which you can judge the cost of borrowing.

If you would like more deails please give us a call or visit the Close web site by clicking the icon below.