Motorbike Finance
Terms and Conditions:
This example is for a Hire Purchase Agreement.
I confirm that I have read and understand the following, and that in doing so provide permission for ZAP Loans to undertake a credit search and provide my information to their panel of lenders. I understand that this may register as a credit search against my name.
- I have read the Initial disclosure document (IDD) available online
- I consent to a credit search being conducted
- I understand the following
- The credit search relates to a hire purchase product which does not have any mileage restrictions; however, a balloon product is also available – please call to discuss
- Subject to balance financed, the agreement would be protected by the Consumer Credit Act (CCA)
- I tend to be the registered keeper of the vehicle and would hold fully comprehensive motor insurance during the length of the agreement
- I understand that the vehicle is at risk of repossession if the contractual repayments are not maintained
By proceeding to obtain a quote, you confirm that you have independently chosen the appropriate term of agreement , are comfortable with the suggested repayments and agree to the above statements. Copies of the relevant documentation, to include the IDD, Product Explanations and Overview have been provided to your email address in a durable medium
What are the pros and cons of motorbike financing?
Benefits of Motorbike Financing:
Flexible Payment Options: Motorbike financing allows you to spread the cost over manageable monthly payments, making it easier to budget for your motorcycle.
Preserve Cash Flow: Instead of a large upfront payment, financing preserves your savings for other investments or unexpected expenses.
Access to Higher Spec Models: Financing enables you to afford higher specification motorcycles that might otherwise be out of immediate reach.
Potential Tax Benefits: Depending on your circumstances, financing may offer tax advantages compared to outright purchase.
Build Credit History: Regular, timely payments on your motorbike loan can help improve your credit score over time.
Considerations of Motorbike Financing:
Interest Costs: Financing involves paying interest over the term of the loan, increasing the overall cost of the motorcycle.
Ownership Delayed: Until the final payment is made, the lender retains legal ownership of the motorcycle.
Restrictions on Mileage and Use: Some finance agreements may impose mileage limits or usage restrictions.
Impact on Credit Score: Failure to keep up with repayments can negatively impact your credit rating.
Potential Depreciation: Like all vehicles, motorcycles may depreciate in value over time, potentially leaving you with negative equity if you decide to sell before the loan is fully repaid.
Financing your motorbike – FAQs
How much does motorbike financing cost per month?
Your monthly repayment cost will depend on the type of motorbike you want to buy, your credit score, and the interest rate set by the lender. Everyone’s budget is different. The best way to find out what you can afford is to use our free motorbike loan calculator.
