PERSONAL CONTRACT PURCHASE

Honda

HONDA PCP FINANCE

PCP is a flexible funding solution that delivers peace of mind by guaranteeing a future value for your motorcycle. PCP is designed to keep your fixed monthly payments lower compared to other types of financing like Hire Purchase.

Who is PCP for?

PCP could be right for you if you’re looking for typically lower monthly payments than Hire Purchase (HP), prefer to change your motorcycle every 2–4 years, and want the flexibility of three options at the end of your agreement.

Honda

How PCP works

Choose the motorcycle you want and agree how much deposit you would like to put down.
 

Step 1

Estimate how many miles you will ride each year and agree how long you would like your agreement to run, between two and four years. It’s important to be as accurate as possible with your mileage estimate. We’ll then use this information to calculate a Guaranteed Future Value (GFV) which is our prediction of what your motorcycle will be worth at the end of the agreement. The GFV is deferred until the end of your agreement.

Step 2

Your monthly payments are worked out on the difference between the GFV and the price of the motorcycle, once your deposit has been deducted and interest added. This means you'll typically have lower monthly repayments than with Hire Purchase.

Step 3

At the end of your PCP agreement, you’ll have the flexibility of three options: return the motorcycle, pay the GFV to own it, or part exchange for a new Honda.

End of contract options

Return the motorcycle

As long as you're up to date with your monthly payments, you can hand your motorcycle back to us without paying the final payment (GFV). If you have exceeded your agreed mileage or the motorcycle is not in a good condition, then there may be additional charges to pay. Contact us on 0345 128 8908 to discuss.

Retain the motorcycle

You can keep the motorcycle. Pay the final payment (GFV) and the £10 option to purchase fee, and you will own the motorcycle outright.

Renew the motorcycle

You can part exchange your motorcycle and subject to market conditions, this should cover the amount of the final payment (GFV). Then together with your Honda dealer, you can start looking for your next Honda.

Don't worry... we'll write to you towards the end of your agreement and remind you about the options available to you.

View our Fair Wear and Tear Guide

Download our brochure

Key features

  • Typically lower monthly payments than Hire Purchase (HP).

  • Guaranteed Future Value (GFV) protects against depreciation.

  • Three end of contract options: return, retain, renew.

  • Fixed interest rate for the duration of your agreement - monthly payments do not change.

  • 14 day right to withdraw.

  • Can partially or fully settle early (subject to the terms of your agreement).

  • You have the right to Voluntary Termination if your circumstances change.

Key considerations

  • To own the motorcycle outright, you will need to pay all regular payments, the GFV and any option to purchase fee.

  • Mileage limit applies — charges per mile plus VAT if exceeded.

  • There may be additional charges if you decide to return your motorcycle to us.

  • The Total Amount Payable is likely to be higher than a Hire Purchase (HP) agreement.

  • You are not guaranteed to have any equity at the end of the agreement.

  • 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

You select a term and an annual mileage and based on this; we’ll calculate what we think your motorcycle will be worth at the end of this term. This amount is the GFV and is deferred to the end of your agreement. Your monthly payments are worked out on the difference between the GFV and the price of the motorcycle. This means you typically have lower monthly payments than with Hire Purchase. At the end of the agreement you have the flexibility of three options.
Fair wear and tear occurs when normal use causes acceptable deterioration to the motorcycle's condition at the end of a contract or finance agreement. Fair wear and tear is not to be confused with damage, which occurs as a result of a specific event or series of events. These include impact, harsh treatment, negligent acts or failure to service the motorcycle in accordance with the manufacturer’s recommendations and any applicable warranty. For full information please see our
Yes. You can make lump-sum repayments as often as you like or pay off the whole amount early. This could reduce the amount of interest due – in which case, you’ll get a rebate based on a statutory formula set out in the Consumer Credit Act 1974 (CCA). If you make a lump-sum payment, you have three options: reduce the final amount due at the end of the agreement, reduce the term of the agreement, or reduce your monthly payments. There is no penalty for settling early. Please call Customer Support on 0345 128 8908 and we will be happy to give you a settlement quotation
Mileage allowances are agreed with you prior to entering your agreement. Where the mileage allowance has been exceeded and you chose to return the motorcycle at the end of your PCP agreement, charges are applicable on a per mile [+ VAT] basis. This charge is due upon returning the motorcycle. Please note, it is important to be as accurate as you can when setting your annual mileage for your PCP agreement. This will reduce the likelihood of incurring excess mileage charges.

PCP is available on used motorcycles too

If you are buying a used motorcycle through a Honda dealer, Personal Contract Purchase may be an option for you. Availability depends on the age and condition of the motorcycle.

About us

Welcome to Miles Kingsport Ltd, the only place for Honda motorcycles and scooters across East and North Yorkshire. With in excess of 40 years dealing with the number one brand we are the Dealership to trust for all your motorcycle, clothing, parts, accessory and servicing needs.

Your Award Winning Official Honda Dealer

Founded in 1976

Miles Kingsport have continued to operate with the same vision in mind – to offer the best sales and after sales experience in the industry.

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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. 

Terms and Conditions

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.

 

 

 

 

 

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