Finance Explained – What’s a HP finance agreement?

Finance your next motorcycle or scooter by spreading the cost with fixed regular monthly repayments, after which you own it outright.

How it works

  • You’ll agree an initial deposit, your agreement term and your monthly repayments with us.
  • Your deposit is taken from the price of the motorcycle or scooter.
  • You’ll then pay the remaining balance plus interest in equal monthly repayments over the agreed term.
  • The finance company purchases the motorcycle or scooter on your behalf and owns it for the duration of the finance agreement.
  • After you’ve made all the repayments including any interest, you will become the owner of the motorcycle or scooter.

What you will pay

  • Flexible deposit options – £0 deposit maybe available
  • Fixed interest rate & monthly repayments – You’ll make equal monthly repayments with a fixed interest rate, over your chosen period of between 1-5 years.
  • End of agreement – You will own the motorcycle or scooter after all the repayments including interest have been made. A purchase fee of £10 is included in your final payment.

What you need to know

Ideal if…

  • You want to own the motorcycle or scooter outright at the end of the agreement.
  • You like to budget and know the exact repayment amount each month.

The choice is yours…

  • Choose any new or used motorcycle / scooter up to 14 years old at the end of the agreement. Some exceptions may apply.
  • Minimum and maximum finance amounts may also apply.

Things to consider…

  • You must be at least 18 years old and a permanent UK resident.
  • You must have, at a minimum, third party, fire and theft insurance for the full replacement value.
  • You must have the relevant driving licence for the motorcycle.
  • The motorcycle or scooter is at risk of repossession if you do not maintain contractual repayments.
  • Details of your credit agreement will be recorded with credit reference agencies.
  • All finance is subject to status, terms and conditions may apply – all of this can be discussed before and during the application process.

While the information inside this blog post is based on a agreement from Black Horse Finance we do occasionally use different finance providers in order to supply the customer with the lowest APR available.

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