Personal Contract Purchase
Last updated - 12pm on 09/08/21
As a responsible lender authorised by the Financial Conduct Authority, we understand that many of our customers may continue to be directly or indirectly affected by COVID19.
Our philosophy ensures that we remain committed to respecting individuals and treating customers fairly during these unprecedented times.
We would like to reassure you that we are here to support you and the management of your Honda Finance agreement throughout this pandemic. We have some options we can make available to you, and we will work with you to find a solution that is in your best interests. We have ensured that you will experience the usual short wait times when you call our customer service team.
Should you wish to contact us for support, please call on 0345 128 8908 and select the COVID19 option on the menu. Alternatively, please email us on email@example.com to request a call back. Our opening times are 9am to 5pm, Monday to Friday.
If you are experiencing financial difficulties, free and impartial advice is available to you. The MoneyHelper service has been set up by the Government and have online and telephone services available. Further information is available at https://www.moneyhelper.org.uk/en or you can contact them on 0800 138 7777.
How it works
PCP is one of two finance products available to you from Honda Financial Services to help fund your Motorcycle.
PCP allows you to keep your monthly repayments lower by deferring a proportion of the credit to the end of the agreement, and also giving you the flexibility of 3 options at the end of the agreement.
So, how does this work?
- Firstly, choose the Motorcycle you want.
- Agree how much deposit you would like to put down.
- Then, estimate how many miles you will ride each year
- Consider how long you would like your agreement to run, between 2 and 4 years.
- We will then use this information to calculate a Guaranteed Future Value [GFV] – this is what we predict the value of your motorcycle to be worth at the end of the agreement.
- The Guaranteed Future Value is deferred until the end of your agreement.
- Your monthly payments are worked out on the difference between the GFV and the price of the motorcycle once your deposit has been taken off and interest added. This means you have lower, fixed monthly repayments.
When it comes to the end of your agreement, you will have 3 options to choose from:
- Retain - You can keep your motorcycle – pay the GFV and the option to purchase fee, and you will own the motorcycle outright
- Return - you can hand your motorcycle back to us without paying the 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.
- Renew - You can part exchange your motorcycle. Then together with your Honda dealer, you can then start looking at your next Honda.
Choose the right product
PCP is a form of motorcycle finance that is particularly suited to certain circumstances. PCP might not be right for you so please take a look at our HP finance product to help you decide which type of financing works for you and don’t hesitate to get in touch with your local Honda dealer to find out more.