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Pre Finance Form

Under new Consumer Duty, please ensure you read through the following information prior to completing your application.

HP (Hire Purchase)

Product introduction statement

What is Hire Purchase (HP)?
A HP agreement lets you spread the cost of your vehicle plus any interest, by paying fixed monthly repayments, and an option to purchase fee at the end. Once you’ve signed the finance agreement documents, you’re then free to drive away your dream car, van or motorcycle. After you’ve made all the agreed monthly repayments the vehicle is yours.

Who is it for?

Suitable for: 

  • Individual or corporate customers seeking to finance the purchase of a car, LCV or motorcycle 
  • Customers who like to keep consistent monthly payments with no lump sum payment at the of the agreement taking title of the vehicle once all monthly instalments and the option to purchase fee has been paid 
  • Customers who like to have an optional or low deposit requirement
  • Customers who like to have no mileage restrictions 
  • Customers who are motivated by vehicle ownership

Benefits

Good for you, if:

  • You like equal repayments, from start to finish.
  • You want to choose the length of your finance agreement (12 to 60 months*) to suit your budget.
  • No minimum deposit required – but you can put down a deposit to reduce the monthly repayments.
  • You want to own the vehicle at the end.
  • You don’t want any mileage restrictions.
  • You want a new or used vehicle.
  • You may pay off the full agreement early - and will get a refund on any future interest payments.

*Maximum term dependant on vehicle age.

Considerations

With HP, remember:

  • Finance is subject to affordability checks and is only available to UK residents aged 18 and over.
  • If you don’t keep up with your repayments, the vehicle may be repossessed.
  • You don’t own the vehicle until you’ve fully repaid the finance and the option to purchase fee.
  • There is no protection against depreciation in case of an unexpected fall in the value of the vehicle.

Help for potentially Vulnerable customers

The following organisations may be able to help you by providing independent help, support, and advice.

Citizens Advice

Charity offering free, confidential advice.

If you have a hearing or speech impairment.

Mind

Charity offering free, confidential advice for people experiencing mental health challenges.

If you have a hearing or speech impairment.

Age UK

Free confidential advice for older people, their friends carers and professionals.

Our finance process

We use an array of finance providers to try and help you secure finance. Our main providers that we offer are Close Brothers Finance, Motonovo Finance, Superbike Loans and first response Finance.

This does not limit you to who you can use as your finance provider. If you have secured finance yourself elsewhere through another provider we can still work with them, simply get them to get in touch with us via email speedwaymotorcycles@gmail.com or call us on 01543467300.

When you apply for finance unless otherwise instructed to by yourself we will hold onto your application for 30 days, after which all information shall be destroyed unless we are in the process of finalizing an application for yourself.

We do not share your information with any other company than listed above; we will only use your information for the purpose of carrying out your finance application for your chosen vehicle.

Please be aware that at the point you have been accepted for finance and you decide to pay your deposit amount, we will begin to build and prepare your custom order. For this reason if you later decide to cancel your finance agreement and not proceed with the purchase you will forfeit a minimum of £200 deposit due to the costs incurred by Speedway Motorcycles in preparing your order.

On all applications that we send to our providers and is completed we earn commission on the deal. The amount of which varies depending on the amount of finance you take out. At any point you may request the amount of finance we have earned from your transaction.

Our finance commission does not determine who we will send your application to; we will submit your application to whoever you prefer. If your rate is better with your own provider we will happily proceed with them.

Our rates differ from each provider, this is based on a number of factors such as the amount borrowed, term you are looking to have the bike over and down to your individual credit score. You may find you can obtain a lower interest rate through your bank, we strongly advise looking at your options in regards to finance rates.

Only apply for finance if you want to actually purchase a bike as each application that is submitted will create a search against your name. This can impact your credit score; also if you have been unsuccessful in regards applications please do not keep submitting applications as it could further damage your credit score.

All our vehicles we price fairly, we sell the vehicles at the manufacturers RRP. We only add £150 for the on the road costs, of which £55 is Registration fees, £24 road tax and a further £71 in labour and material costs building and prepping the vehicle. Please note that this on the road cost may increase along with fluctuations is tax and fuel prices.

Please note that the bike you select is what you will be applied against. If you change your mind on the vehicle afterwards we will need to resubmit your application again.

Be aware failure to make payments on time will impact your credit score and can stop you from obtaining finance in the future. However at any point in the agreement you can choose to pay off the amount borrowed in full to bring the agreement to an end.

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