‘I bought on a hire pur­chase deal’

Motorcycle News (UK) - - 88 Brilliant New Bike Deals -

If you want a bit of se­cu­rity with your pur­chase, and you’re com­fort­able with the bike be­long­ing to the fi­nance com­pany un­til you’ve paid off the whole con­tract, then you could go with this op­tion – a good old­fash­ioned hire pur­chase con­tract.

The ben­e­fit is that you can buy the mo­tor­cy­cle you want while spread­ing the cost over a pe­riod that makes it more af­ford­able within your fi­nan­cial land­scape.

Af­ter pay­ing an ini­tial de­posit you get to ride away on your new pride and joy, on the strict agree­ment that you’ll con­tinue to pay the re­main­ing in­stal­ments to the end of the term. Once you’ve made all the pay­ments – the mo­tor­cy­cle is wholly yours to do with as you wish.

Most deal­ers of­fer Hire Pur­chase through one or two big com­pa­nies – this is how it works... O Get your bud­get worked out based on what you can af­ford to re­pay – you can bor­row any amount from £1500 O Choose your new mo­tor­cy­cle (or a used one – higher value bikes up to 12 years old can usu­ally qual­ify) O Set a re­pay­ment term of one to five years, based on your monthly bud­get

This op­tion’s great if... O You want flex­i­ble de­posit op­tions – 0% de­posit, and 0% fi­nance may even be avail­able, sub­ject to sta­tus O You want a sim­ple re­pay­ment sum at fixed in­ter­est rates, so you’ll al­ways know the amount of each pay­ment for the du­ra­tion of the con­tract pe­riod O You want to own your mo­tor­cy­cle out­right at the end of the con­tract

Be aware that... O You must have fully com­pre­hen­sive in­sur­ance dur­ing the fi­nance term O Your mo­tor­cy­cle is at risk of re­pos­ses­sion if you do not main­tain your agreed re­pay­ments O You have no pro­tec­tion against the bike’s de­pre­ci­a­tion in value O You do not own the mo­tor­cy­cle un­til all of the pay­ments have been made Lynn Perry test rode her Kawasaki Z800 Su­gomi spe­cial edi­tion at the end of June and in­stantly fell in love with it. Of­fered a 0% fi­nance deal over a three-year agree­ment, she has since done roughly 400 miles on the bike - af­ter pur­chas­ing it as a 50th birth­day present to her­self.

The price of the bike was £8531 and af­ter part-ex­chang­ing her old Kawasaki Er6n for £2500 and putting a cash de­posit down of £2000, she now has £4031 to pay on fi­nance. This is be­ing done through monthly pay­ments of £120.

Lynn wanted to own the Kawasaki out­right and so opted for fi­nance over other pay­ment schemes such as PCP. The ma­chine came fit­ted with an Akrapovic ex­haust and some car­bon trick­ery and, with the money saved on a 0% fi­nance deal, Lynn has also added a tail tidy and seat cowl to com­plete the look.

Lynn Perry took ad­van­tage of a 0% deal

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