Honda Restricted Use Loan (RUL)
A Restricted Use Loan from Honda Financial Services helps you spread the cost of your motorcycle, accessories and clothing. You own the goods at the start of your finance agreement and have fixed repayments over an agreed term.
Who is RUL for?
RUL may be for you if you would like to spread the cost of accessories and clothing, as well as your motorcycle and you want ownership as soon as you take delivery.
How RUL works
Step 1
Choose the motorcycle, clothing and accessories you want and agree how much deposit you'd like to put down.
Step 2
You can then adjust the term to best suit your ideal monthly budget, anywhere between twelve and sixty months. For any clothing and accessories that you decide to fund using RUL, the term of the agreement is anywhere between twelve and thirty-six months.
Step 3
The rest of the cost of the motorcycle, clothing or accessories, plus interest, is paid in equal fixed monthly payments.
A Restricted Use Loan provides you with instant ownership of the goods, as you use the funds to purchase them. You then pay all the agreed loan instalments until the loan value and interest has been paid in full.
End of contract options
With a Restricted Use Loan agreement you will be the legal owner of the motorcycle once you take delivery.
Once you pay the final payment, your agreement with us comes to an end.
You may choose to part exchange your motorcycle.
Key Features
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If you use RUL to fund your motorcycle, there are no mileage limits as part of the finance agreement.
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You take ownership of all the goods purchased at the start of your finance agreement. unlike a PCP or HP agreement our RUL is not secured against the motorcycle.
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Clothing and accessories not linked to the motorcycle can be funded using RUL. There is a maximum term of 36 months if funded separately to the motorcycle.
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The Total Amount Payable (TAP) is likely to be less than if you funded your motorcycle with a PCP over the same term.
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14 day right to withdraw.
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Can partially or fully settle early (subject to the terms of your agreement).
Key Considerations
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With RUL there is no deferred payment (Guaranteed Future Value), so you may pay more a month compared to PCP over the same term.
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You have none of the Voluntary Termination or Repossession rights, which apply to HP and PCP under the Consumer Credit Act (CCA)
Related FAQs
RUL is available on used Honda motorcycles too
RUL can be used to buy a used motorcycle from a Honda dealer, along with accessories and clothing. Your dealer will be able to help you choose the right motorcycle and the right finance product for you.
Shirlaws Ltd is registered in Scotland under company number: SC134694. Registered Office Address: Ker-An House Wellington Circle, Altens, Aberdeen, United Kingdom, AB12 3JG. We are a credit broker, not a lender.
Shirlaws Ltd (FRN – 428451) is an Appointed Representative of The Compliance Guys Ltd which is authorised and regulated by the Financial Conduct Authority (FRN – 941360).We act as a credit broker not a lender. We work with a number of carefully selected credit providers who may be able to offer you finance for your purchase. (Written Quotation available upon request.) Whichever lender we introduce you to, we will typically receive commission from them (either a fixed fee or a fixed percentage of the amount you borrow) and this may or may not affect the total amount repayable. The lender will disclose this information before you enter into an agreement which only occurs with your express consent. The lenders we work with could pay commission at different rates and you will be notified of the amount we are paid before completion. All finance is subject to status and income. Terms and conditions apply. Applicants must be 18 years or over. We are only able to offer finance products from these providers. As we are a credit broker and have a commercial relationship with the lender, the introduction we make is not impartial, but we will make introductions in line with your needs, subject to your circumstances.
Shirlaws Ltd are registered with the Information Commissioner's Office under registration number: Z4855244.
