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?
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Choose the motorcycle you want, and agree how much deposit you’d like to put down.
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The rest of the cost of the motorcycle, plus interest, is paid in equal monthly payments.
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Before you start your agreement, you can adjust the term to best suit your ideal monthly budget, from anywhere between one and five years.
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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.
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There are no mileage restrictions as part of the finance agreement.
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The Total Amount Payable (overall cost) is typically lower than PCP on an agreement over the same term.
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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).
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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
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Because there is no GFV, you have less protection against depreciation than with a PCP
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You will not own the motorcycle outright until all regular payments and any option to purchase fees are paid.
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To keep monthly payments down, you may need to take your loan over a longer term
THE FINANCIAL CONDUCT AUTHORITY (FCA)
The FCA is the independent watchdog that regulates financial services. Please use this information to decide if our services are right for you.
We are authorised and regulated by the FCA and we act as a Credit Broker. Our FCA Reference Number is 668881. You can check this on the FCA’s Register by visiting the FCA’s website www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.
Farnham Honda is the trading name for Bikenation MCS Limited, Unit 1 9a, Farnham Trading Estate, Farnham, Surrey, GU9 9NN.
DELIVERING A GOOD OUTCOME
We have an obligation to act to deliver good outcomes to our customers. We will do this by supporting you before, during and after the transaction. We will clearly explain to you any significant exclusion terms, all pricing information and your cancellation rights.
CONSUMER CREDIT DISCLOSURE
As a Credit Broker this means that we can introduce you to a limited number of lenders and their finance products. We act on behalf of the lender. We can provide you with a list of our lenders should you wish for. All our lenders are regulated by the FCA.
We do not charge you a fee for our services.
Whichever lender we introduce you to, we will typically receive commission from them. This will either be a fixed fee or a fixed percentage of the amount you borrow.
If you ask us what the amount of commission is, we will tell you in good time before the Finance agreement is executed. The lenders we work with could pay commission at different rates, but the commission we receive does not influence the interest rate you will pay. Our aim is to secure finance for you at the lowest interest rate you are eligible for from our panel of lenders.
All finance applications are subject to status which we will explain to you clearly.
Typically, the finance packages we offer are:
HP – Hire Purchase
PCP – Personal Contract Purchase
PCH – Personal Contract Hire
A full explanation for the different types of finance products available will be provided so you can make an informed choice. You will receive a quotation which will tell you about any other fees relating to your finance agreement made by your chosen lender.
WHAT TO DO IF YOU HAVE A COMPLAINT
If you wish to register a complaint, please contact us by email at HYPERLINK "mailto:cc@farnhamhonda.co.uk"cc@farnhamhonda.co.uk, by phone on 01252 8991800 or writing to The Complaints Team, Farnham Honda, 9A Farnham Trading Estate, Farnham, Surrey, GU9 9NN.
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
