Honda Hire Purchase (HP)
Hire Purchase is the simplest and most straightforward way Honda Financial Services can help you to fund your motorcycle. The interest rate and monthly payments are fixed for the duration of the agreement and when the last payment is made, the motorcycle is all yours.
Who is HP for?
HP may be right for you if you would like the flexibility of no mileage restriction and the ability to budget effectively.
How HP works
Choose the motorcycle you want and agree how much deposit you would like to put down.
Step 1
Before you start your agreement, you can adjust the term to best suit your ideal monthly budget, from anywhere between one and five years. The remaining cost of the motorcycle, plus interest, is paid in equal monthly payments.
Step 2
Once you’ve paid all the monthly payments and the option to purchase fee, you own the motorcycle outright.
Step 3
You could then choose to go back to your Honda dealer and part exchange your motorcycle for another Honda.
Key features
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There are no mileage restrictions as part of the finance agreement.
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The Total Amount Payable (overall cost) is typically lower than Personal Contract Purchase (PCP) on an agreement over the same term.
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Fixed interest rate for the duration of your agreement - monthly payments do not change.
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14 day right to withdraw.
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Can partially or fully settle early (subject to the terms of your agreement).
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You have the right to Voluntary Termination if your circumstances change.
Key Considerations
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With Hire Purchase there is no deferred payment amount (the Guaranteed Future Value or GFV) so you may pay more a month compared to PCP.
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Because there is no GFV, you have less protection against depreciation than with a PCP.
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You will not own the vehicle outright until all regular payments and any option to purchase fees are paid.
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To keep monthly payments down, you may need to take your loan over a longer term.
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If you choose Voluntary Termination, you will be required to pay any amount needed to reach half of the total amount payable under the agreement. If this amount cannot be paid in full, the outstanding balance may be recorded as a default on your credit profile.
Related FAQs
HP is available on used Honda motorcycles too
HP is available for used motorcycles bought through your Honda dealer. We will be able to help you choose the right motorcycle and the right finance product for you.
About us
Welcome to Miles Kingsport Ltd, the only place for Honda motorcycles and scooters across East and North Yorkshire. With in excess of 50 years dealing with the number one brand we are the Dealership to trust for all your motorcycle, clothing, parts, accessory and servicing needs.
Opening Hours
Monday - Friday 8:30am -5:00pmSaturday 8:30am - 5:00pm
Sunday - Closed
Bank Holiday Monday's & Good Friday - Closed
Find us
We are authorised and regulated by the Financial Conduct Authority, registration number 654936.
“We are a credit broker and not a lender. We can introduce you to a limited number of lenders and their finance products which may have different interest rates and charges. We are not an independent financial advisor. We will provide details of products available from the lenders we work with, but no advice or recommendation will be made. You must decide whether the finance product is right for you. We do not charge you a fee for our services. Whichever lender we introduce you to, we will typically receive commission from them (either a fixed fee or a fixed percentage of the amount you borrow). The lenders we work with could pay commission at different rates. However, the amount of commission we receive from a lender does not have an effect on the amount you pay to that lender under your credit agreement.” We will disclose the amount of commission we receive before you sign the agreement.
Complaints procedure.
We take all complaints seriously.
Our process for dealing with complaints received by us will differ depending on what the complaint is about.
1. Products regulated by the Financial Conduct Authority (FCA)
We will treat as a FCA regulated product complaint relating to credit broking or insurance product (Regulated Complaint) any oral or written or email expression of dissatisfaction, whether justified or not, from, or on behalf of, a person about the provision of, or failure to provide, a financial service, which alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience.
2. Goods and non-financial services
All other complaints regarding goods or non-financial services supplied by us will be treated as a general complaint.
Process for all complaints
Many concerns can be dealt with straight away but sometimes it is necessary for us to look into the matters you have raised in more detail. Please address all complaints to our Managing Director in the first instance to our business address by post, or via the general enquiry form online.
The responsible department manager or director will contact you to attempt to resolve the concern.
If the concern has not been resolved within 14 days it will be automatically escalated back to the Managing Director. When a concern is believed to have been resolved by the responsible manager or director, they will submit the concern for closure via the Managing Director.
You may raise or discuss your concern with our Manging Director at any stage.
Process for general complaints
After the process above, if we are unable to resolve your complaint to your satisfaction, then we will provide details of certified Alternative Dispute Resolution providers that you may contact.
Process for Regulated Complaints
In addition to the process above, our management team will also review all regulated Complaints and we have a slightly more formal process as follows:
• Promptly following receipt of your complaint
Any regulated Complaint that has not been resolved straight away will be recorded by our management team and we will send you a letter to acknowledge your concerns.
If we believe that another firm or company is responsible for the matters to which your complaint relates and is therefore best placed to resolve it, we may forward your complaint to them to investigate. If we do so, we will write to you to let you know and will give you the name of the firm or company to which we are forwarding your complaint.
• Within eight weeks from receipt
Unless covered by the second paragraph below, we will aim to have completed our investigation and provide you with our final response in relation to your complaint within eight weeks of receipt of your complaint. If we cannot provide you with our response within eight weeks, we will write to you explaining why this is the case and indicate when a response will be sent to you. You will also be advised of your right to take the matter to the Financial Ombudsman Service should you be dissatisfied with the outcome of our investigation and our final response.
