MG Used Cars Finance

At Richmond MG, we have many ways of funding your car. From Hire Purchase (HP) to Personal Contract Purchase (PCP) we’ll find the option that best suits your needs.

Our panel of lenders takes care of all the documentation, making the process easier. Most decisions are fast, allowing us to draw the funds quickly and get you in the driver’s seat of your new MG sooner.

All interest rates are fixed for the duration of the agreement and unlike most Personal Loans, HP and PCP are secured against the vehicle. Should you wish to repay your agreement early, you will receive a rebate of interest charges.

Hire Purchase (HP)

Hire Purchase has always been a popular way to finance the purchase of a car. One reason is that you can choose the amount of money you leave as a deposit, spreading the balance you owe afterwards over a period spanning between 12 and 60 months. Depending on availability and your credit status, your new MG could be available with no deposit at all. Unlike PCP there is no mileage limit either, and once that final payment is made, the car is yours to keep.

Here is a small list of bonuses HP offers:

  • Fixed Interest Rate
  • Flexible Payment options over 12 – 60 months
  • Tailored Deposit either cash and/or part exchange
  • You own the vehicle after the last monthly payment

Personal Contract Purchase (PCP)

In recent years this has become an ever popular way of acquiring a vehicle. Not least because it allows you to have a more expensive car for a lower monthly repayment. This is because you effectively lease the car from the financier with the option of buying it outright at the end of the contract with a final lump sum. Alternatively, you can choose to move on to another vehicle and simply hand the car back.

The amount you pay per month is determined on the deposit amount and value of the vehicle. Naturally the larger the deposit, the lower your monthly payments. Part exchanges can also be used towards a deposit.

The agreement term is between 24 and 48 months with an allocated mileage chosen by yourself. If you stray over that number there will be a surcharge of 9p per extra mile.

Here are a few bonuses of PCP:

  • Fixed Interest Rate
  • Tailored Deposit either cash and/or part exchange
  • Often lower monthly payments than HP and personal loan
  • 3 Options at the end of agreement: retain, return, renew