Compare finance options
See how Personal Contract Purchase, Hire Purchase and Restricted Use Loan compare, including things to consider, so you can choose the right option for you.
Product comparison
All products can be used to finance your new or used motorcycle and Restricted Use Loan can also be used for accessories and clothing. The table below shows the key differences between Personal Contract Purchase (PCP), Hire Purchase (HP) and Restricted Use Loan (RUL) — including what each product offers and what to consider before you choose.
| Product | Hire Purchase (HP) | Personal Contract Purchase (PCP) | Restricted Use Loan (RUL) |
|---|---|---|---|
| New + Used Motorcycles | ✔ | ✔ | ✔ |
| Minimum balance to finance | Typically £1000 | Typically £1500 | £300 (max balance £7500) |
| Length of Agreement | New Motorcycle: From 12 to 60 months Used Motorcycle: From 12 to 60 months (subject to age of motorcycle) | New Motorcycle: From 24 to 49 months Used Motorcycle: From 24 to 49 months - motorcycle cannot be more than 9 years at the end of the agreement | New Motorcycle: From 12 to 60 months Used Motorcycle: From 12 to 60 months |
| Deposit required | Zero deposit may be available | Zero deposit may be available | Zero deposit may be available |
| Miles per annum allowed | Not applicable | New: 4k to 12k per annum Used: 4k to 12k per annum [max total miles 37k] | Not applicable |
| Fixed monthly payments | ✔ | ✔ | ✔ |
| Optional Final Payment (GFV Guaranteed Futue Value) | ✘ | ✔ | ✘ |
| Maximum permitted age of motorcycle at end of agreement | New Motorcycle: 5 years Used Motorcycle: 15 years | New Motorcycle: 4 years Used Motorcycle: 9 years | New Motorcycle: 5 years Used Motorcycle: 10 years |
| Ownership option at the agreement end | ✔ After any applicable option to purchase fee has been paid | ✔ After GFV and any applicable option to purchase has been paid | ✔ Ownership from start of agreement |
| End of contract goods return option | ✘ | ✔ Return conditions apply | ✘ |
| Mileage + condition restrictions / charges | ✘ | ✔ Refer to agreement | ✘ |
| Ability to amend annual mileage in life | ✘ | ✘ | ✘ |
| Voluntary termination | ✔ Return conditions apply | ✔ Return conditions apply | ✘ |
| Early settlement option | ✔ | ✔ | ✔ |
| Insured adequately against all risks and for the vehicle's full replacement value | ✔ | ✔ | ✘ |
| Ability to amend monthly payment due date | ✔ | ✔ | ✔ |
| Optional maintenance packages available | Service plans available | Service plans available | Service plans available |
Related FAQs
What is an Optional Final Payment (also known as the Guaranteed Future Value (GFV) or Balloon Payment)?
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.
What are my options at the end of my agreement?
At the end of your Personal Contract Purchase agreement (PCP) you have the flexibility of three options:
· Retain - You can keep the motorcycle. Pay the final payment (Guaranteed Future Value or GFV) and the £10 option to purchase fee, and you will own the motorcycle outright.
· Return –You can hand your motorcycle back to us without paying the final payment (Guaranteed Future Value or GFV) If you decide you would like to return your motorcycle to us without paying the final payment, please contact us on 0345 128 8908. If you have exceeded your agreed mileage or the motorcycle is not in a good condition, then there may additional charges to pay. Excess mileage charges will be explained before you sign the agreement, so you will know what these may be if you go over your estimated mileage.
and finally, your third option is,
· Renew - You can part exchange your motorcycle and subject to market value conditions, this should cover off the cost of the final payment (Guaranteed Future Value or GFV). The together with your Honda dealer, you can start looking for your next Honda.
Who is eligible for our finance?
· Anyone who has lived in the UK for at least 3 years
· Over 18 years old
· Holds a valid driving licence
· Has an email address and mobile number
· Holds a UK personal current account for the purposes of making the monthly repayments by direct debit
· Has a regular income to cover repayments
· Will be the registered keeper of the vehicle
What happens if I exceed my contracted mileage?
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.
Latest finance offers
Personal Contract Purchase (PCP) and Hire Purchase (HP) are available across a wide range of new Honda motorcycles. You can explore our latest finance offers online, or speak to your nearest Honda dealer for guidance.
Finance a used motorcycle
Honda Financial Services also offers finance for used motorcycles bought through a Honda dealer. Our Personal Contract Purchase, Hire Purchase and Restricted Use Loan options can help you spread the cost.
Finance jargon explained
Our finance glossary explains the key terms used in motorcycle finance — from APR and GFV to balloon payment and voluntary termination — all in plain English.
How to apply for our finance
Find out what you will need to have ready and how the application process works before you apply.