Finance Options at Lings GasGas

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).

Personal Loan

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:

  1. Convenient Financing: Lings Finance offers a hassle-free financing process, allowing you to obtain the necessary funds for your motorcycle purchase conveniently.
  2. Competitive Rates: Lings Finance aims to provide competitive interest rates, which can help you save money over the loan term compared to other financing options.
  3. Flexible Options: Lings Finance offers a range of flexible finance options to suit your needs. Whether you prefer hire purchase, personal loans, or other financing arrangements, they can provide options that align with your financial goals.
  4. Streamlined Process: Lings Finance simplifies the finance application and approval process, making it easier for you to get approved and acquire the motorcycle you desire.
  5. Expertise and Trust: Lings Motor Group has a reputation for being a reliable and trusted dealership. By choosing Lings Finance, you can benefit from their expertise in the industry and have confidence in their financial services.

What is Hire Purchase (HP)?

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.

What are the advantages of HP?

  1. Affordable payments over time.
  2. Ownership after completing payments.
  3. Flexible repayment options.
  4. No large upfront payment required.
  5. Fixed interest rates for predictable payments.
  6. Widely available financing option.

What should you consider when opting for HP?

When opting for a hire purchase loan for a motorcycle, it's important to consider the following:
  1. Monthly Payments: Monthly payments may be higher compared to other finance options like PCP because you're paying off the entire value of the motorcycle.
  2. Selling Restrictions: Selling the motorcycle before settling the finance is not possible. The loan must be fully paid off before you can sell it.
  3. Ownership: You won't become the owner of the motorcycle until you have made all the repayments according to the agreement.
  4. Responsibilities: You are responsible for maintaining proper insurance, upkeep, and possession of the motorcycle until the full value is paid off.
Carefully weighing these factors will help you make an informed decision about whether a hire purchase loan is the right choice for your motorcycle purchase.

Can I settle my HP agreement early?


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.