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Motorcycle finance..is it a personal loan?
Hi all, i bought a new bike a year ago and am now looking to sell, the loan that i took out was through Honda at 0%, i have recieved my statement of account and it states the product type as Personal Loan. I'd like to be able sell the bike but continue the payments to free up working capital to help start my business, what i would like to know is am i required to pay of the remaining balance once its sold?
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Comments
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If it is a Personal Loan then no, the bike is yours to sell. You can continue payments as before.
If the agreement says Hire Purchase at the top then yes, you would have to clear the finance first as the bike still belongs to Honda.0 -
Check with the finance company exactly what the T&Cs are.Try to be a rainbow in someone's cloud.0
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do a hpi check on it,Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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