Lings GasGas provides a range of finance options, including Personal Loans and Hire Purchase (HP).
Instead of making a single upfront payment for your motorcycle, we offer the convenience of purchasing it through finance. These finance options allow you to divide the cost of the motorcycle over a specific period, typically 3 years. We offer two types of finance products: Personal Loans and Hire Purchase (HP).
A Personal Loan, also known as an Unsecured Personal Loan, is a loan that does not require any collateral. It is based on your credit history and your ability to repay the loan from your personal income. Repayment is made through fixed installment amounts over a predetermined period. The advantage of a Personal Loan is that it is not tied to your motorcycle, allowing you to switch bikes without having to pay off the loan.
Hire Purchase (HP)
A Hire Purchase agreement is similar to a Personal Loan, as you make installment payments over a specific duration to purchase the motorcycle. The difference with Hire Purchase is that the loan is secured against the motorcycle, and full ownership is obtained only after the complete amount of the agreement is paid off.
There are several reasons why you might consider financing through Lings Finance:
A hire purchase loan for a motorbike is a financing option that allows you to purchase a motorbike by making regular installment payments over a fixed period. The lender retains ownership of the motorbike until you complete all the payments. Once you finish paying off the loan, ownership of the motorbike is transferred to you. This arrangement gives you the ability to use and possess the motorbike while you're making the payments.
Yes, you have the option to end your finance agreement early. Each finance agreement has provisions that allow for early termination. Typically, once you have completed at least two-thirds of the agreement, you can explore these options.
In a Hire Purchase agreement, you can settle the finance early by paying a settlement fee. This fee covers any outstanding installments and remaining interest payments. Once the settlement fee is paid, you gain full ownership of the motorcycle ahead of schedule.
With a Personal Contract Purchase (PCP) agreement, you can also bring the agreement to an early end by paying a settlement fee. At this point, you have two options. You can either return the motorcycle or, alternatively, choose to take full ownership by paying the remaining Guaranteed Minimum Future Value (GMFV), often referred to as a balloon payment.