Restricted Use Loan (RUL)

Honda Financial Services

Honda Restricted Use Loan (RUL)

A Restricted Use Loan from Honda Financial Services helps you spread the cost of your motorcycle, accessories and clothing. You own the goods at the start of your finance agreement and have fixed repayments over an agreed term.

Who is RUL for?

RUL may be for you if you would like to spread the cost of accessories and clothing, as well as your motorcycle and you want ownership as soon as you take delivery.

How RUL works

Step 1

Choose the motorcycle, clothing and accessories you want and agree how much deposit you'd like to put down.

Step 2

You can then adjust the term to best suit your ideal monthly budget, anywhere between twelve and sixty months. For any clothing and accessories that you decide to fund using RUL, the term of the agreement is anywhere between twelve and thirty-six months.

Step 3

The rest of the cost of the motorcycle, clothing or accessories, plus interest, is paid in equal fixed monthly payments.

A Restricted Use Loan provides you with instant ownership of the goods, as you use the funds to purchase them. You then pay all the agreed loan instalments until the loan value and interest has been paid in full.
 

Download our brochure

End of contract options

With a Restricted Use Loan agreement you will be the legal owner of the motorcycle once you take delivery.


Once you pay the final payment, your agreement with us comes to an end.


You may choose to part exchange your motorcycle.

Key Features

  • If you use RUL to fund your motorcycle, there are no mileage limits as part of the finance agreement.

  • You take ownership of all the goods purchased at the start of your finance agreement. unlike a PCP or HP agreement our RUL is not secured against the motorcycle.

  • Clothing and accessories not linked to the motorcycle can be funded using RUL. There is a maximum term of 36 months if funded separately to the motorcycle.

  • The Total Amount Payable (TAP) is likely to be less than if you funded your motorcycle with a PCP over the same term.

  • 14 day right to withdraw.

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

Key Considerations

  • With RUL there is no deferred payment (Guaranteed Future Value), so you may pay more a month compared to PCP over the same term.

  • You have none of the Voluntary Termination or Repossession rights, which apply to HP and PCP under the Consumer Credit Act (CCA) 

 

Related FAQs

RUL can be used to buy your motorcycle, associated accessories and clothing, training school fees, service plans and other Honda approved products.
Yes. You can settle your finance 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 Restricted Use Loan agreement and make a lump sum payment, you have two options: reduce the term of the agreement or reduce your monthly payments.
Yes, if this suits your personal circumstances best, you can have two separate finance agreements running together. We will assess two different credit applications, there will be two different finance agreements to sign and two separate monthly repayments.

RUL is available on used Honda motorcycles too

RUL can be used to buy a used motorcycle from a Honda dealer, along with accessories and clothing. Your dealer 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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