Answering Your Questions on Motorbike Finance!
Enter into the world of motorbikes...
Is it the raw performance and adrenaline-filled experience that captivates you the most? Or is it how they offer you the freedom to experience and feel of meandering mountain roads?
Once in a lifetime discoveries can be made on a biking adventure... How could all of this be made possible?
What is Motorbike Finance?
Motorbike Finance refers to manageable monthly payments to support the purchase of a motorbike. Finance can be preferable if you wish to conserve capital whilst investing in one of your hobbies. At Chatsbrook we assess our clients on an individual basis and tailor our arrangements to perfectly suit you. Why not contact us on 01603 733500 now!
How do I apply?
At Chatsbrook, we make finance simple. For a fast quote, click here. Our friendly team will get back to you as soon as possible with information regarding the next steps. From making an initial enquiry through to driving it away and the years after purchase we are with you every step of the way!
Can I finance any motorbike?
You can finance any motorbike of your choosing. However, it is important to be conscious of the age as some lending institutions will have age restrictions on the bike depending on the type of finance agreement you go for. For instance, some lenders prefer the bike to be up to 15 years old at the end of the term, whereas other lenders are more flexible.
How long will it take to get finance on my motorbike?
Chatsbrook are determined to get back to you as quickly as possible. You could receive finance in as swiftly as 24 hours after the initial quote!
How much can I borrow?
The minimum advance for a 125cc moped or scooter is £1000. If you would like a larger motorbike, then you can borrow anything upwards of £2000. Some lenders also have the ability to support you with the acquisition of accessories too!
Is there a mileage restriction?
The type of arrangement you agree on could incur a mileage restriction. For instance, if you choose Hire Purchase (HP), you agree to pay for the use of the bike as it is owned by the lending institution. This often means that there is a mileage restriction as the lender would prefer the vehicle to retain a certain amount of value. If you would like to find out more about this, please feel free to contact us on info@chatsbrook.co.uk
Do Chatsbrook do credit checks?
Yes, as a finance broker it is our responsibility to present reliable clients to our lenders. However, this does not mean that if you have bad credit that you will not be eligible. With our large portfolio of lenders, we have options for those with bad credit history as well as options for individuals with an excellent credit rating. It should be of note that interest rates are dependant on how much of a risk you are deemed by potential lenders.
Do I have to pay a deposit?
Although a deposit is not mandatory, the strength of an application shall be dependent on the applicant’s credit, motorbike age / mileage / price and supplier – As a business Chatsbrook recommends where possible a 10% supporting deposit if achievable.
What are the different types of motorbike finance?
Hire Purchase (HP) is the most common finance agreement. Our client (hirer) agrees to hire the motorbike from the finance provider, who agrees to purchase and provide the asset to our client. The hirer is then accountable for the insurance and maintenance of the motorbike and has to make regular payments to the provider. At the end of the agreed term-time the hirer has the option to take ownership of the asset.
Personal Contract Purchase (PCP) is preferable for those that wish to make low monthly repayments and wish to have flexibility at the end of the contract. In PCP agreements, you’ll only borrow the amount that the bike will depreciate by, equating to lower monthly payments. At the end of the agreement you will have four options. You can choose to part exchange, pay a final balloon payment, finance the final balloon payment or return the motorbike (returning the motorbike is subject to terms and conditions).
Can I go on track races if I finance my bike?
Most lenders will permit track day experiences. However, notification to the lender is required with supporting insurance documentation – Chatsbrook always recommend checking prior to attending a track day experience.
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