Finance Options at Lings GasGas

At Lings GasGas, we offer various types of Finance; including Personal Loan & Hire Purchase (HP).

As an alternative to paying for your motorcycle up front in a single payment we offer the facility to purchase the bike on finance. These finance products allow you to spread the cost of the motorcycle over a period of time, i.e. 3 years. We offer Personal Loans &Hire Purchase (HP) finance products, with these products being detailed below:

Personal Loan

A Personal Loan, also known as an Unsecured Personal Loan is a loan that isn't secured against any asset. The advance is based on your credit history and ability to repay the loan from personal income. Repayment is usually through fixed amount installments over a fixed term. Beneficially since the loan is not secured on your motorcycle you can change your bike without having to pay off the loan.

Hire Purchase (HP)

A Hire Purchase agreement is very similar to a Personal Loan in so much as you purchase the motorcycle by making installment payments over a period of time. Where the Hire Purchase differs is that the loan is secured against the motorcycle and ownership will not be obtained until the full amount of the agreement is paid.

What is Hire Purchase (HP)?

​Hire Purchase is a way to finance buying a new or used motorcycle. You will normally pay an initial deposit and will pay off the entire value of the motorcycle in monthly instalments. When all the payments are made, the Hire Purchase agreement ends, and you own the motorcycle outright. 

What are the advantages of HP?

  • You’ll be able to drive away a motorcycle that you may not have managed to buy outright.
  • Unlike a PCP or PCH contract, you won't need to estimate your mileage at the start of your Hire Purchase agreement, so you'll avoid excess mileage charges.
  • Once you’ve made your final monthly payment, including the option to purchase fee, you'll have full ownership of the motorcycle.

What should you consider when opting for HP?

  • Monthly payments may be higher than some other finance options, such as PCP, as you're paying off the full value of the motorcycle.
  • You won’t be able to sell the motorcycle without settling the finance.
  • You won’t own the motorcycle until you have made all of your repayments.
  • You’ll need to keep the motorcycle properly insured, maintained and in your possession until the full value is paid off.

Can I settle my HP agreement early?


The short answer is yes, you can end your finance early. There are different provisions within each finance agreement that allows you to do just that. If you have got through two-thirds of the way through your finance agreement, the options to end the finance agreement early open up.

For a Hire Purchase agreement, there is an option of paying it off early through a settlement fee. A settlement fee covers the cost of any remaining unpaid installments and interest payments remaining on the agreement. Once the settlement fee is paid, you take full ownership of the motorcycle early.

Under a Personal Contract Purchase agreement, you can also pay a settlement fee for bringing the agreement to an end early. After that, you can choose to hand the motorcycle back or you have a second option. Through a PCP agreement, you can take full ownership of the motorcycle by paying off the remaining Guaranteed Minimum Future Value also known as a balloon payment.