Motorbike Finance To Suit You

Rates from 10.9% APR. Representative APR 19.9%

Motorbike Finance

Motorbike Finance.

Today the world of finance options for motorbike purchases is greater than ever before. At Bright Motor Finance we can guide you through that world and help you find the perfect solution for your needs.

It’s not our place to steer you in any one direction or to recommend the services of any particular lender. We’re here to help you find the motorbike finance that works for you. Our job is to demystify the baffling array of choices available and explain what each of them involves. We aim to do that job so thoroughly that you will come away with a detailed understanding of the different paths you can take. We’ll highlight the various advantages and disadvantages of each form of motorbike finance. This will give you the confidence to consider, compare and make the choice that’s best for you.

Compare Motorbike Finance Options.

Hire Purchase

The basic principles behind Hire Purchase have been around for several thousand years but it wasn’t until the 1938 Act of Parliament that it was recognised in English law. In our context, it means that the seller transfers possession of a motorbike to the buyer, who promises to pay for the bike in installments – including interest – over an agreed period. There will often be conditions which will allow the buyer to pay off the debt early.

However, ownership does not pass to the buyer until all payments have been made. That means if circumstances prevent you from keeping up with the payment schedule, the seller can repossess the motorbike.

Some of the specific benefits of Hire Purchase are:

  • Fixed interest makes budgeting easy.
  • It is one of the easiest forms of credit to qualify for.
  • There are no limits to the mileage you can clock up.
  • At the end of the repayment period you own the bike outright.

Personal Contract Purchase (PCP) .

You may have heard of this relatively new but increasingly popular form of motorbike finance. It’s designed to keep your repayments as low as possible because the amount you pay back is not intended to cover the full cost of the motorbike. Instead, a part of the cost is deferred until the end of the contract, based on the minimum guaranteed future value (MGFV) agreed at the start. The contract may include various extra options such as a maintenance and servicing package.

End Of Contract Option To Purchase Payment Options:

  • Simply return the bike to the seller.
  • Pay the lump sum settlement figure and take full possession.
  • Hand back the bike in part exchange for a new one under a new contract.

The Benefits Are Clear:

  • You get to choose the size of the deposit and the contract length.
  • It allows you relatively cheap access to a new motorbike.
  • Monthly payments are lower than HP.
  • You have multiple options at the end of the contract.
Motorbike Finance

Lease Purchase Motorbike Finance.

This has many similarities to PCP and is particularly suitable if you intend to own the bike at the end of the agreement. Like PCP you pay an initial deposit and then fixed monthly payments which are kept low because of the deferred element of the sum payable. You choose the length of the contract according to your needs and once the balloon payment is made at the end of the term, you own the bike outright.

One of the main differences from PCP is that Lease Purchase is a pure finance agreement. It doesn’t offer you a maintenance package or any of the other added-value services available under PCP.

Personal Contract Hire Motorbike Finance.

As the name suggests, this is not a form of financing that leads to ownership at any stage, but it is an efficient way of obtaining possession of a motorbike. Within an agreed mileage limit you pay a fixed monthly sum for possession and use of the bike, with service and maintenance included. When the agreement comes to an end, ownership does not pass to you – you are obliged to hand the bike back to the seller.

Monthly costs can be higher than with PCP but you do have some freedom in switching provider. Also, because the maintenance costs are covered by what you pay, you can avoid alarming and unexpected repair bills, provided that you keep within the mileage agreed. And because you won’t ever take ownership, you have no reason to be concerned about depreciation in value.

Payment History
Amount You Owe
Length of Credit History
New Credit Opened
Type of Credit

Credit Score Breakdown.

What Factors Affect Your Credit Score?

Financial well-being is strongly influenced by people’s credit scores. Your credit score is a measure of your financial responsibility. The higher your credit score, the better your chances of getting car finance with lower interest rates, and other benefits. Having a low credit score may prevent you from qualifying for a car loan that you may want, or your interest rate for borrowing will be higher than those who have excellent or good credit.

If you seek advice on how to improve your credit score or simply require more information, please visit: Ultimate Guide to Credit Scores

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Rates from 10.9% APR. Representative APR 19.9% Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 19.9%, the monthly payment would be £182.26, with a total cost of credit of £2,748.61 and a total amount payable of £8,748.61. Car Loans UK is a broker not a lender. This is an example only, all finance subject to status. Lender fees may apply



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Rates from 10.9% APR. Representative APR 19.9%

Frequently Asked Questions.

Why use Bright Motor Finance for motor finance?

At Bright Motor Finance we have many lenders on our panel, so we can make sure you are getting the best motor finance deal for you. Plus, we do all the admin, paperwork and negotiations with the dealer.

What is the difference between HP & PCP?

HP and PCP car finance are fairly similar to one another. However PCP tends to have lower monthly repayments. Although that the full amount that will need to be repaid is generally higher than with hire purchase.

PCP works by having a loan for the difference of the vehicles price when it is brand new, and the anticipated vehicle value when the agreement has been completed. This is because the vehicle will of course, depreciate over time.

HP works by usually paying a deposit of around 10% of the cars initial value, and then this value will be paid off in fixed monthly instalments. Car dealers as well as brokers (such as ourselves) can arrange a hire purchase finance agreement.

Can I change my mileage on PCP contracts?

In a nutshell, the answer is no.

This is because the car’s resale value has already been calculated once you’ve signed your PCP car loan contract. It is crucial to know that exceeding your agreed-upon mileage allowance will result in additional penalties at the end of your PCP contract.

What is a car finance brokerage service?

In essence, a car finance broker acts as a middleman between the customer and the lender. A car loan broker handles all the paperwork and negotiates with lenders on your behalf. By doing this, you can rest assured that the broker is fighting for you to get you the best deal. Our goal is to make your car finance journey as simple as possible. As well as this, car finance brokers such as ourselves have deals that aren’t usually available to the general public. Instead of charging the customer, car finance brokers charge the dealerships.

How does car finance affect my credit score?

Initially, asking for a car loan will typically have a negative impact on your credit score due to the intensive credit checks that lenders will perform. You should be aware, however, that if you make your car finance instalments on schedule. This will almost certainly improve your credit score.

What if I have been refused by other brokers?

There is still hope even if other brokers have rejected you in the past. We offer a number of finance options for those with bad credit scores at Bright Motor Finance. We will conduct a hard credit check when you apply for car finance through us, which may negatively affect your credit score. Especially if they were conducted within a short period of time. As a result, it is recommended that you wait between 3-6 months before applying for car finance again after being declined.

Can I alter my car if I finance it?

You can, but you must first obtain authorisation from the financial firm before making any changes.

What if I’m struggling to make payments?

Having trouble making your car finance payments? You have a number of options available to you. One of the following charities/organizations can provide you with free, independent advice. 

Is there anything to consider?


  • You will not own the car until you make the final payment.

  • You are also not permitted to sell or modify the vehicle in any manner without receiving permission first.

  • Third, monthly repayments are typically higher when compared to PCP and other car leasing plans.

  • Finally, it can be expensive if you only need a short-term arrangement

What is APR?

The annual percentage rate (APR) is the total amount charged for the loan. APR, on the other hand, comes in two varieties. Exact APR implies that the rate displayed to you is the rate you will receive. Representative APR, on the other hand, suggests that 51 percent or more of those who apply for financing will receive that rate. This means that customers with weak credit may face a higher APR.

Representative APR is commonly used to advertise a company’s rates. After you have provided the lender with all of the essential information, they will be able to provide you with your specific APR rate.

GAP insurance and do you need it?

What exactly is it?

Gap insurance is an abbreviation for Guaranteed Asset Protection.

Gap insurance is a type of insurance that is meant to cover the difference between the amount your insurance provider pays out in the event that your car is written off or stolen and the price you paid for the vehicle. However, you should be aware that gap insurance supplements, not replaces, your usual car insurance.

So, when do you need gap insurance?

Gap insurance can be beneficial in a variety of ways. First and foremost, if you took out a large loan to purchase your car. As previously said, gap insurance would be advantageous if your automobile was stolen or written off. This is due to the fact that the gap will pay off the existing debt.
Furthermore, gap insurance may be advantageous if you are concerned about the depreciation of your vehicle. In the first year, a brand new car will lose 15-35 percent of its value. As a result, gap insurance might assist you in receiving a larger reimbursement if your automobile is written off after it has already depreciated.

Where can I purchase gap insurance?

Thanks to Bright Compare, comparing gap insurance quotes has never been easier!

Assessing my credit record?

You can also see your credit report by contacting a company such as Experian or Equifax before you make an application online. It costs about £2. You can see your credit report online and determine whether it is accurate and correct. If you spot any errors, you can request that a note is added to your report for lenders to see. If you are struggling to obtain even bad credit loans then it makes sense to check your credit report before you make any more applications.

It may be that there is an error that needs to be corrected first. Remember that every credit arrangement you apply for will record a search against your file, and too many of these may put lenders off as it suggests you could be over-extending yourself with finance. So before you apply for your benefits car loan, pause on any other finance applications for a period of time and focus on repaying every other credit arrangement that you have fully on time – including utilities, mobile phones, credit cards and so forth. This will put you in the best possible position for your application.

What Happens If There Is An Issue With The Vehicle?

If the vehicle is defective upon delivery, you can simply refuse it and return it to the dealership.

Why compare car finance on benefits?

When you compare motor finance on benefits, you can instantly see which lenders are likely to be prepared to lend to you. Use our website to compare motor finance on benefits and it makes the entire process quick and easy. Simply enter your basic information and we will instantly scour the market to see which lenders may be prepared to offer to you and on which terms. When you see the car dealership which is best for you, you can then apply for your loan quickly and without delay, by clicking through to the lender via our website.

What affects the cost of my car finance payments?
  1. Your deposit size
  2. How long your car finance agreement will last
  3. The interest rate
  4. What car do you choose?
Personal Loan

This kind of loan can be taken out with any traditional lender, just as you might for any significant purchase. But when you compare motorbike finance it’s important to consider it. There are many specialist lenders within the motor trade.

It is the only one of the options we’re comparing in which ownership of the motorbike passes to the buyer as soon as the agreement begins. This means the loan is not tied to the bike and the lender cannot repossess it if you fail to meet the payments. However, because the loan exists independently of the motorbike, the lender has direct legal means to enforce repayment.

Should you fall behind, the lender can ask a court to enforce payment and this can obviously have a detrimental effect on your credit rating. Ultimately you could lose ownership of the bike anyway if a judgment is made against you requiring the forfeiture of goods up to the value of the defaulted loan.

It’s important when you compare motorbike finance options to have a thorough understanding of the range available. You should now feel you have all the basic facts. If you’re ready to take the next step then here at Bright Motor Finance, we are ready to help. Our smart technology enables us to find the best quotes for you in just seconds. And remember: we make no recommendations and we have no favoured providers. We offer access to the best deals 24/7. We’ll give you the facts and figures and leave the choice to you. For fully independent help with motorbike finance look no further.

What Information Do Lenders Ask For?

When you apply for your car loan, the lender will ask to see evidence of your benefits income. This could include jobseekers allowance, disability allowance, Universal Credit or another form of benefits income. If you also have another source of income such as a job or pension, the lender will also ask to see this information. They will then carry out a credit check as part of the application process.


It can be quite confusing, but there are three elements of the loan to keep in mind when you’re deciding if this is the right type of loan to help you to buy a car.

Because many car dealers who offer you PCP car finance deals will expect you to pay a 10% deposit. Although occasionally there may be incentives from the manufacturer to entice you, such as a deposit contribution. This is sometimes up to £2000 and is only available if you use their finance option. Also, as with any other loan, the bigger your deposit, the less you’ll need to borrow and the less interest you’ll pay and in turn, opening yourself up to better PCP car finance deals.

Then the amount that you will need to borrow will be calculated based upon the depreciation of the car’s value across the length of your loan term. Then the deposit you put down is deducted from this amount. So, you’ll pay off the amount they calculate, minus your deposit but plus interest, in monthly payments for the length of your loan agreement. PCP agreements include the APR, because it takes into account the interest charged on the outstanding balance and any other fees associated with the loan agreement. Furthermore, a loan agreement lasts for 24 to 48 months and the interest added is usually from 4% upwards.

If you decide that you want to own the car outright at the end of the deal, you can make a final balloon payment. This is also called a GFV or Guaranteed Future Value amount. Then this is calculated according to the amount that your car is anticipated to be worth at the end of your loan agreement. Of course, this is entirely optional, but the amount they set is not usually negotiable.