John Banks Honda – Financing Your Honda Motorcycle
Why Choose Honda Finance?
When you decide to get a new Honda with us at John Banks Honda—whether in Cambridge, Bury St Edmunds or Colchester—you’re not just buying a motorcycle. You’re choosing flexible, trusted financing options via Honda Finance Europe Plc (trading as Honda Financial Services). These plans help match a finance solution to your budget and lifestyle.
Restricted Use Loan (RUL)
Restricted Use Loan is a finance product from Honda Financial Services to help finance accessories, clothing or even your new Honda bike. It allows you take ownership of the goods from the start of your agreement.
Honda Restricted Use Loan (RUL) Finance
Flexible Finance for Motorcycles, Clothing & Accessories
At John Banks Honda Motorcycles, we understand that flexibility matters. That’s why we offer the Honda Restricted Use Loan (RUL) — a simple, transparent finance option that lets you spread the cost of your new motorcycle, clothing, and accessories with affordable monthly payments.
Unlike other types of finance, you own the goods from the start, while repaying the balance and interest over your chosen term.
How It Works
Choose your products – Select the motorcycle, clothing, or accessories you want.
Decide your deposit – Choose how much you’d like to put down upfront.
Select your term – Pick a repayment period that suits your budget (from 12 to 60 months).
Make equal monthly payments – The remaining balance, plus interest, is repaid in fixed instalments.
You’ll take immediate ownership of your motorcycle and any additional items financed, making it perfect if you want outright ownership from day one.
RUL Product Features & Benefits
✅ Immediate ownership – You own your motorcycle (and any accessories) as soon as funds are released.
✅ Flexible payment terms – Choose a repayment period between 12 and 60 months.
✅ No mileage restrictions – Ideal if you ride frequently or use your bike for commuting or delivery work.
✅ Lower overall cost – The total amount payable is typically less than an equivalent PCP agreement.
✅ Add accessories & clothing – You can include related items in the same finance package.
✅ Early repayment options – You can partially or fully settle your loan at any time.
Things to Consider
RUL is not secured against your motorcycle, unlike PCP or HP finance.
Because you own the bike from the start, you carry full responsibility for its value and resale.
There’s no optional final payment at the end — just clear, equal monthly instalments.
It’s important to choose a repayment plan that’s sustainable for your budget. Our finance specialists can help you decide if RUL is right for you.
Is RUL Right for You?
The Restricted Use Loan may suit you if:
You want immediate ownership of your Honda.
You plan to use your motorcycle for work or delivery purposes (where PCP or HP may not apply).
You want a simple, transparent finance agreement with flexible terms and no mileage limits.
If you’re unsure, our Honda finance specialists at John Banks Bury St Edmunds, Cambridge or Colchester will help you compare RUL with other Honda finance options to find the one that fits your lifestyle.
Personal Contract Purchase (PCP)
Personal Contract Purchase is a finance product offered by Honda Financial Services that provides a flexible funding solution to get you on your new motorcycle and out on the road with monthly payments that are lower than some alternative finance products.
Personal Contract Purchase (PCP)
A popular choice for keeping monthly payments low.
You pay an initial deposit, followed by fixed monthly payments. At the end of the term, you have three main choices:
Keep the vehicle by paying a final balloon payment (Guaranteed Future Value)
Return the vehicle (subject to condition & mileage)
Replace it with a new Honda using a part-exchange
It’s ideal if you like the flexibility of changing vehicles or keeping your options open.
Hire Purchase (HP)
Hire Purchase is the simplest and most straightforward way Honda Financial Services can help you to fund your new Honda motorcycle. Interest rates and monthly payments remain fixed throughout the full term of the Hire Purchase agreement, and as soon as the final payment has been made the motorcycle is all yours.
Hire Purchase (HP)
Straightforward ownership at the end: once all payments and an option to purchase fee (if applicable) are made, you own the car outright.
No mileage restrictions like PCP, making it suitable if you drive a lot.
Monthly payments may be higher than PCP for the equivalent bike, because the total cost is spread differently.
How to Get Started
Choose your new Honda model – Use our website or visit our showroom to explore the range.
Decide your budget – Think about deposit amount, term length, expected annual mileage, and monthly payment you’re comfortable with.
Select the finance plan – We’ll explain the PCP vs HP differences and help you pick what suits you best.
Apply for finance – We submit your application to Honda Financial Services. They will assess based on your status. Honda UK
Drive away your new Honda – After finance approval and paperwork, you’re ready to go.
At the end of PCP – If applicable, you decide: pay the final amount and keep it, or return/part-exchange.
Why Choose John Banks Honda for Your Financing
Over 50 years’ family-run service across East Anglia: trusted, friendly, no pressure.
Honda expertise: our sales & finance team are trained in Honda finance products and work directly with Honda Financial Services.
Local welcome, national power: you benefit from our local presence with the backing of Honda’s national finance support.
We’ll walk you through the terms, help you understand the small print (eg. mileage limits on PCP, condition standards on return) and ensure your agreement is clear from the start.
Key Things to Consider
Deposit size: A bigger deposit usually means smaller monthly payments.
Term length: Longer terms reduce monthly cost but might mean higher total interest.
Mileage allowance (PCP only): Stay within to avoid excess charges at the end.
End-of-term condition (PCP only): The car must be in fair condition subject to Honda’s standards.
Total cost: Look beyond monthly payment—see the full amount payable.
Interest rate (APR): Offers frequently vary by model and time
Frequently Asked Questions about Finance
A: Yes—but there may be fees or you’ll need to settle remaining balance or outstanding amount.
A: Credit subject to status. You must be 18+ and meet finance provider’s criteria. We can offer a full credit search or what we call a soft search to see if you are eligible, speak to the team today or apply online via any of our stock vehicles from our website.
A: No (in most HP agreements) unlike PCP
A: You may have to pay excess mileage charges at end-of-term
A: A Restricted Use Loan (RUL) is a fixed-term finance agreement that lets you purchase a motorcycle, clothing, or accessories with instant ownership of the goods. You then repay the loan amount plus interest in equal monthly instalments over an agreed period (12–60 months).
A: Unlike PCP (Personal Contract Purchase) or HP (Hire Purchase):
You own the motorcycle immediately — it’s not secured against the vehicle.
There are no mileage limits or end-of-agreement options.
You simply make the agreed monthly payments until the loan and interest are fully paid.
A: Yes. You can use a Restricted Use Loan to finance not only your Honda motorcycle but also official Honda clothing and accessories, either together or separately.
A: No. Because you own the bike outright from day one, there are no mileage restrictions, making this ideal if you plan to use your motorcycle for work or delivery purposes.