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Personal Contract Purchase now finances 20-30% of all new bikes sold in the UK, and it’s a method of ownership that is growing fast. But it might not be right for you, so make sure you understand the ins and outs.
You can have these new bikes for less than you might have ever imagined – and what’s more you can have another new one in three years’ time, probably without increasing your monthly outlay or having to find a fresh deposit.
This is how it works…
O Work out what you can afford as a deposit and in monthly repayments for the duration of the contract. O You can get PCP on any amount from £1500 upwards. O Choose your new motorcycle (or a used one – bikes up to three years old can also qualify). O Set a repayment term of between two to four years. O Set your annual mileage at up to 24,000 miles a year. Your mileage will affect your monthly payments. O Decide which end-of-agreement option is best for you when the time comes – most roll on to another bike.
Be aware that… O You do not own the bike, and won’t unless you pay the final balloon figure. O A significant proportion of the credit is deferred until the end of the contract, and it’s also not the cheapest route to ownership. O You must have fully comprehensive insurance. O Excess mileage charges apply. O Abuse or neglect will damage. your bike’s guaranteed future value. O The bike is at risk of repossession if you do not maintain repayments.