HIRE PURCHASE

Honda

Honda Hire Purchase (HP)

Hire Purchase is the simplest and most straightforward way Honda Financial Services can help you to fund your motorcycle. The interest rate and monthly payments are fixed for the duration of the agreement and when the last payment is made, the motorcycle is all yours.

Who is HP for?

HP may be right for you if you would like the flexibility of no mileage restriction and the ability to budget effectively.

How HP works

Choose the motorcycle you want and agree how much deposit you would like to put down.

Step 1

Before you start your agreement, you can adjust the term to best suit your ideal monthly budget, from anywhere between one and five years. The remaining cost of the motorcycle, plus interest, is paid in equal monthly payments.  

Step 2

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

Step 3

You could then choose to go back to your Honda dealer and part exchange your motorcycle for another Honda.  
 

Download our brochure

Key features

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

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

  • Fixed interest rate for the duration of your agreement - monthly payments do not change.

  • 14 day right to withdraw.

  • Can partially or fully settle early (subject to the terms of your agreement).

  • You have the right to Voluntary Termination if your circumstances change.

 

Key Considerations

  • 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 vehicle 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.

  • If you choose Voluntary Termination, you will be required to pay any amount needed to reach half of the total amount payable under the agreement. If this amount cannot be paid in full, the outstanding balance may be recorded as a default on your credit profile.

 

Related FAQs

- Anyone who has lived in the UK for at least 3 years - Over 18 years old - Holds a valid driving licence - Has an email address and mobile number - Holds a UK personal current account for the purposes of making the monthly repayments by direct debit - Has a regular income to cover repayments - Will be the registered keeper of the motorcycle
You will be the registered keeper (with a V5 document from the DVLA to prove it) but the ‘legal title’ of the motorcycle will belong to Honda Financial Services until you make the final payment (including any applicable purchase fees). This means that if you want to sell the motorcycle before the end of your Personal Contract Purchase or Hire Purchase agreement, the outstanding amount will have to be settled in full.
Yes. You can settle your HP agreement at any time. There is no penalty for settling early. Please call Customer Support on 0345 128 8908 and we will be happy to give you a settlement quotation. You can make lump-sum repayments as often as you like or pay off the whole amount early. This could reduce the amount of interest due – in which case, you’ll get a rebate based on a statutory formula set out in the Consumer Credit Act 1974 (CCA). If you have a Hire Purchase agreement and make a lump-sum payment, you have two options: reduce the term of the agreement or reduce your monthly payments.

HP is available on used Honda motorcycles too

HP is available for used motorcycles bought through your Honda dealer. We will be able to help you choose the right motorcycle and the right finance product for you.

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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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