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Motorbike Finance: Tips And Tricks For Getting The Best Deal

Purchasing a motorbike can be an exciting experience, but it can also be quite daunting, especially when it comes to financing. Fortunately, there are various options available to help you fund your purchase.


Understanding the different types of motorbike finance options and choosing the one that’s right for you can be challenging. This guide to motorbike finance will provide you with the essential information and tips you need to make an informed decision.

Types of Motorbike Finance

There are three main types of motorbike finance options:

Hire purchase (HP) is a type of instalment loan that allows you to pay for your motorbike in monthly instalments over a fixed term. Once you’ve paid off the loan, you own the bike outright. A personal loan is an unsecured loan that you can use to purchase a motorbike.

The loan is paid back in monthly instalments over a fixed term, but you don’t own the bike until you’ve paid off the loan. A PCP is similar to an HP in that you make monthly payments over a fixed term, but at the end of the term, you can choose to pay a lump sum to own the bike, return the bike, or use any equity in the bike as a deposit for a new PCP agreement.

Consider Your Budget

Before you start shopping for a motorbike, it’s essential to determine your budget. Consider how much you can realistically afford to pay each month and how much you can afford to put down as a deposit. Be realistic about your budget and factor in additional costs such as insurance, maintenance, and fuel. Once you have a clear idea of your budget, you can start looking at motorbike finance options that fit within your price range.

Shop Around

Just like any other major purchase, it’s essential to shop around and compare finance options from different lenders. Consider the interest rates, repayment terms, and any additional fees or charges that may apply. Don’t be afraid to negotiate the terms and conditions of your finance agreement to get the best deal possible.

Check Your Credit Score

Your credit score will play a significant role in determining the interest rate you’re offered on your motorbike finance. Check your credit score before applying for finance and work on improving it if necessary. Paying off any outstanding debts and keeping up with your bills can help to improve your credit score.

Read The Fine Print

Before signing any motorbike finance agreement, make sure you read and understand the terms and conditions of the agreement. Be aware of any additional fees or charges that may apply, such as early repayment fees, and make sure you’re comfortable with the repayment terms.

Consider Insurance

Insurance is a necessary expense when it comes to owning a motorbike, and the cost can vary significantly depending on the make and model of the bike, your age, and your driving history. Factor in the cost of insurance when determining your budget and consider taking out a finance agreement that includes insurance as part of the package.

Consider Your Future Plans

When choosing a motorbike finance option, consider your future plans. If you plan to keep the bike for a long time, then an HP or personal loan may be the best option. However, if you plan to upgrade your bike in a few years, then a PCP may be a better choice. Be realistic about your future plans and choose a finance option that fits within your long-term goals.

Seek Professional Advice

If you’re unsure about which motorbike finance option is right for you, then seek professional advice. Speak to a financial advisor or a motorbike dealer who can provide you with impartial advice and help you make an informed decision. They can help you understand the different options available and provide you with information about the interest rates, repayment terms, and any additional fees or charges that may apply.


When it comes to motorbike finance, don’t be afraid to negotiate. Lenders want your business, so they may be willing to offer you better terms and conditions if you’re willing to negotiate. Don’t settle for the first offer you receive, and be prepared to walk away if you’re not happy with the terms and conditions of the agreement.

Consider Refinancing

If you’ve already taken out a motorbike finance agreement, but you’re not happy with the terms and conditions, then consider refinancing. To refinance, you take out a new loan with lower interest rates to repay the original loan. Refinancing can help you save money on your monthly payments and reduce the total amount you pay over the life of the loan.

In conclusion, purchasing a motorbike can be an exciting experience, but it’s essential to choose the right finance option that fits within your budget and long-term goals. By understanding the different types of motorbike finance options, shopping around, checking your credit score, reading the fine print, considering insurance, and seeking professional advice, you can make an informed decision and get the best deal possible. 

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