Motorbike Finance

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Rates from 7.9% APR. Representative APR 22.09%

Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 22.09%, the monthly payment would be £152.49, with a total cost of credit of £2,319.37 and a total amount payable of £7319.37. CarLoans UK is a broker not a lender.

Compare Motorbike Finance

If you’re looking to get a motorbike on finance. It’s a good idea to be aware of all of the different options available for financing the purchase of the bike when you compare motorbike finance. As with all financial commitments you make, it is vital that you consider the cost and affordability of the credit options. Especially given the extended timeframe that the motorbike finance is likely to take to pay off.

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Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 22.09%, the monthly payment would be £152.49, with a total cost of credit of £2,319.37 and a total amount payable of £7319.37. CarLoans UK is a broker not a lender.

How Does Car Finance Work?

The Initial Deposit

This step isn’t always required. Although, placing down a deposit when completing a car finance agreement is highly recommended.

Repayment Plans

Depending on the agreement that has been put in place for example HP, PCP & CS, your repayment plan may vary.

Contract Completion

Upon completion of your contract, you will then have a number of different options available to you. Which we will state below.

CriteriaPersonal Contract Purchase (PCP)Hire Purchase (HP)Conditional Sale (CS)
The Initial DepositThe Majority of Lenders Will Require A DepositOptionalOptional
Repayment PlanYou Pay Less But Have 3 Options At The End of Your AgreementPayments Are Slightly Higher Than PCP However You Will Own The Car At The End of Your AgreementPayments Are Slightly Higher Than PCP However You Will Own The Car At The End of Your Agreement
Contract Completion• Optional Final Payment - Pay This And Own The Car

• Pay Nothing More And Hand The Car Back

• Trade The Car In, Using Positive Equity To Fund The Deposit For Your Next Vehicle.
A Small ‘Option To Purchase’ Fee, Which You Need To Pay To Become The Legal Owner Of The Vehicle (Maximum £50)No Final Payment, Car Is Yours After The Last Instalment
Fixed Monthly PaymentsYes - You Can Make Overpayments Up to 8 Times A Year And Up To £8000. This Reduces Your Term Or Monthly Payments.Yes - You Can Make Overpayments Up to 8 Times A Year And Up To £8000. This Reduces Your Term Or Monthly Payments.Yes - You Can Make Overpayments Up to 8 Times A Year And Up To £8000. This Reduces Your Term Or Monthly Payments.

Types Of Car Finance In More Detail

At CarLoans UK, we provide numerous amounts of different finance options across our car finance brokerage site. Which then allows you to find the best way to pay with ease. Including but not limited to PCP Car Finance, HP Car Finance or No Deposit Car Finance just to name a few. Because CarLoans UK has got you covered,  don’t believe us? Then take a look at our excellent trust pilot reviews and see for yourself.

Your Motorbike Finance Options Explained

If you’re looking to get a motorbike on finance. You should be aware that there are three main options to choose from. Of course, each has its own merits as well as potential drawbacks. So please remember when you compare motorbike finance. Those circumstances may vary and what is suitable for your neighbor may well not suit you.

Personal loans are another method by which you can finance the purchase of a motorcycle. Notably with these, the lender has no control over the bike you purchase, and indeed you will legally own it from day one. Therefore personal loans are a great option for people who may not meet the credit criteria set out by HP or PCP providers. Or those choosing to buy a classic or rare bike not suitable for financing through more traditional means.

Missed payments can adversely affect a credit score. Even if the motorbike is not immediately at risk of repossession.

Some lenders will accept applicants for bad credit motorbike finance. People with bad credit usually need to pay higher interest rates. This is normally due to the higher risk that people with bad credit may pose to financers.

People with bad or no credit can nominate a guarantor. These guarantors are usually family members, or very close friends who would be willing to cover payments should you default on the loan.

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Using our quick and easy form you get an instant decision in a matter of minutes. Apply for a car finance 24/7 days a week through our short form.

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Choose from any reputable car dealer nationwide and find a car that suits you, your budget and is local to you.

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Frequently Asked Questions

A car finance broker is essentially a middle man between the customer and the lender. A car loan finance broker will take care of all of the complicated paperwork as well as the negotiations with lenders. Which essentially means you can sit back and relax knowing that the broker is fighting your corner to get you the best deal possible. All whilst making your car finance journey as stress free as possible. Not only this but car finance brokers such as ourselves, also have deals that aren’t usually available to the general public, and to top it all off. Car finance brokers will actually charge the dealerships instead of the customer.

 

If you have been refused by other brokers in the past, all is not lost. At CarLoans UK we have a number of finance options for those with bad credit scores. However, you should be aware that when you apply for car finance through us, a hard credit check will be conducted, which may in turn have a negative impact on your credit score. Especially if these credit checks have been done in quick succession. So therefore it is recommended that after being declined for car finance, you should wait between 3-6 months before applying again.

If you are struggling to keep up with your car finance repayment plan. There are a number of options available to you. It is of great importance that you obtain free independent advice from one of the following charities/organisations. 

Money Advice Service

National Debt Line

Citizens Advice

Initially, applying for a car loan usually will have a negative impact on your credit score. Although, you should be aware that if you make your car loan repayments on time. This will most likely have a positive impact on your credit score.

 

APR stands for annual percentage rate and is the total amount charged for the lend. There are, however, two different types of APR.Exact APR in short means that the rate that is shown to you, is the rate that you will get. Whereas, representative APR however, means that 51% or more of the people who apply for the finance will receive that rate. What this means is that customers with poor credit scores could see a higher APR.

Representative APR is, for the most part, used to advertise the companies rates. After you have provided all of the necessary information to the lender, they can then offer you your exact APR rate.

What is it?

Gap insurance stands for Guaranteed Asset Protection.

Essentially gap insurance is, is a form of insurance that is designed to cover the difference between the amount your insurance provider pays out in the event of your vehicle either being written off or stolen and the price that you paid for the vehicle. You should however be aware that gap insurance works alongside your standard car insurance and is in no way a substitute.

So when is gap insurance needed?

Gap insurance can be worthwhile in several ways. Firstly, if you have taken out a big loan to buy your car. Gap insurance would be beneficial as mentioned previously if your car is stolen or written off. This is because the gap will pay off the outstanding finance.

As well as this, gap insurance could also be beneficial if you are worried about your car depreciating. A brand new car will lose between 15-35% of its value in the first year. Therefore gap insurance can help you get a bigger payout if your car is written off after it has already depreciated.

Where can I get gap insurance?

Comparing gap insurance quotes has never been easier thanks to Bright Compare!

If the vehicle is faulty on delivery, you can simply refuse the car and send it back to the dealership.

You can, however, you will have to ask the finance company for permission prior to making any sort of modifications.

The decision as to who is accepted for motorcycle finance will ultimately rest with each individual lender. Notably applicants must be over the age of 18, and have reasonably good credit. At the same time, you should also be able to prove you have the means to make your monthly payments. It is often the case that people with steady, full-time employment are the most likely to be considered.

In addition to your basic personal details such as your name and address. You should be able to provide employment details. Also details of any expenses such as other credit or finance plans you are currently paying off and your bank details. And finally, you will need to provide the details of the motorcycle, scooter or moped you are intending to buy.

When a credit check is carried out on your behalf, some agencies will check your details against the electoral roll. Therefore, it is important that you are on the electoral roll. In order that you maximise your chances of success in applying for credit.

Check, double check and sleep on it!

Purchasing a motorcycle using finance is a long term commitment. Because your payment terms are likely to last for around 5 years, so it is vital that you are able to make the payments for each of the 60 months over which this agreement will run.

Before committing to a plan, read all of the documentation that you are sent. Specifically any details regarding the late payment of any instalment. Therefore nobody should enter into any credit agreement expecting to miss payments. Sometimes life gets in the way and it is best to avoid any nasty surprises, should the worst happen.

Once you are happy with the details of the credit, take some time to really consider if it is the best option for you. Sleeping on any big decision and looking at it in the cold light of the morning. Is a great way to make sure you are making the right call when it comes to your motorbike finance deal. 

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Rates from 7.9% APR. Representative APR 22.09%

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CarLoansUK © 2022 All rights reserved

Car Loans UK is a trading style of Wallace Bohen Ltd, a company registered in England and Wales. (Company number: 12382512, Registered Address: 4th Floor, Kingsgate, Wellington Road North, Stockport, Cheshire, SK4 1LW. We act as a credit broker and not a lender and are authorised and regulated by the Financial Conduct Authority for consumer credit FCA no.928674. CarLoansUK can introduce customers to a limited number of finance providers based on overall credit profile and may receive a commission for such introductions, this will not impact the rate you are provided. We do not charge a fee to the customer for arranging the finance. Written quotations on request. All finance subject to terms and status Data Protection Registration No.ZA766848.

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