Buying a used Ford Mustang with hire purchase (HP) car finance

The Ford Mustang is an iconic American muscle car known for its powerful performance, bold design, and rich heritage.

At AutoMoney Motor Finance we can help you secure HP car finance on a used Ford Mustang within minutes.

What’s more we can complete your deal the same day, so you can drive home with your chosen Ford Mustang model straight away.

Apply now for HP car finance

Complete your details via our online form.

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Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

Contents

Want to know more about buying a used Ford Mustang?

If you’re considering purchasing a used Ford Mustang, here’s a detailed look at what you should know about its strengths and weaknesses:

Strengths of Ford Mustang

  1. Performance: The Mustang is celebrated for its powerful engines and impressive performance. Whether it's the Eco Boost, V6, or the renowned V8, Mustangs offer exhilarating acceleration and robust horsepower.
  2. Iconic design: The Mustang's design is timeless and instantly recognisable. Its muscular stance, aggressive front end, and classic styling cues make it a standout on the road.
  3. Driving experience: Mustangs provide an engaging driving experience with responsive handling, precise steering, and a thrilling ride. The rear-wheel-drive setup enhances the sporty feel.
  4. Customisation options: The Mustang offers a wide range of trims and options, allowing buyers to find a model that fits their preferences, whether they prioritise performance, luxury, or technology.
  5. Modern technology: Recent Mustang models come equipped with advanced technology, including SYNC infotainment systems, driver assistance features, and high-quality audio systems, enhancing both convenience and safety.
  6. Resale value: Mustangs generally hold their value well due to their iconic status and demand in the used car market. This can be beneficial if you plan to sell the car in the future.

Weaknesses of Ford Mustang

  1. Fuel efficiency: Due to their performance-oriented nature, Mustangs can have lower fuel efficiency, especially models with larger engines. Consider the ongoing fuel costs based on your driving habits.
  2. Interior quality: While newer models have improved, some Mustangs have been criticised for their interior quality. Lower-trim models might use less premium materials compared to competitors.
  3. Ride comfort: The Mustang's sporty suspension can result in a firm ride, which may not appeal to all buyers, especially those seeking a more comfortable and smooth driving experience.
  4. Insurance costs: Insurance for a Mustang can be higher than average due to its performance capabilities and sports car classification. Be sure to factor this into your budget.
  5. Rear seat space: The Mustang's rear seats are relatively small, which can make it less practical for carrying passengers, especially adults, on a regular basis

Tips for buying a used Ford Mustang

  • Research specific models: Popular models like the GT, Eco Boost, and Shelby variants each have unique characteristics. Research specific model years for any common issues or recalls to ensure you make an informed decision.
  • Check service history: Ensure the vehicle has a comprehensive service history. Regular maintenance by authorised Ford service centres is a good indicator of a well-cared-for car.
  • Inspect for wear and tear: Look for signs of wear and tear, especially on high-mileage models. Pay close attention to the condition of the interior, electronics, and suspension components.
  • Consider certified pre-owned: Buying a dealership-certified pre-owned Mustang offers benefits like extended warranties and rigorous inspections, providing added peace of mind.
  • Evaluate running costs: Factor in potential running costs, including insurance, road tax, and fuel consumption, to ensure the car fits within your budget. Mustangs can have higher running costs due to their performance capabilities.

Overall, a used Ford Mustang can offer a thrilling and iconic driving experience, with powerful performance and bold design. By doing thorough research and inspections, you can find a high-quality used Mustang that meets your needs and provides lasting satisfaction.

Buying a used Ford Mustang with HP car finance

One of the ways to buy a used Ford Mustang, if you do not have enough money to pay for it in full straight away, is to use Hire Purchase car finance (HP car finance).

This is where you ‘hire’ the Ford  Mustang from us, spreading the cost of the car over monthly payments to us. These payments contribute towards you ‘purchasing’ (buying) the Ford Mustang from us at the end of the term of the borrowing, when you also pay a one-off “option-to-purchase” fee.

At this point you own the Ford Mustang completely and our contract comes to an end.

The pros and cons of HP car finance

Borrowing money to buy anything comes with risks, as well as rewards.

Buying a used Ford Mustang could be the right choice for you and an ideal solution to the practical challenges of getting about day to day. However, whilst a used car can be significantly cheaper than its brand new alternative, it still involves spending a lot of money.

When you borrow money, you need to make sure you can keep up with payments comfortably. You will have other bills to pay and necessary things to buy, so you don’t want to find that the payments on your Ford Mustang are leaving you short of money each month.

There are also other considerations when buying a used car and below we share the pros and cons, to help you decide if applying for HP car finance is right for you.

The pros

  • Drive away in a Ford Mustang today: with HP car finance you can get a Ford Mustang, even if you don’t have all the money for it right now.
  • Spread the cost of owning your Ford Mustang: cars are expensive, but are often an essential part of daily life. When you buy your Ford Mustang with HP car finance, you can pay for it gradually over time.
  • Manage your finances: HP car finance comes with a clear payment plan. You can easily compare what your finances will look like each month by taking away the money your Ford Mustang will cost you, alongside your other bills and costs, from your income to make sure it is affordable for you.
  • Decide how much you can afford each month: if you find the Ford Mustang you are looking at is too expensive per month, you can look at other options, with lower monthly costs.
  • Choose a term that suits you: you can repay over 3-5 years, which will impact the monthly cost to suit your monthly finances. Borrowing for longer reduces the monthly cost, but be aware it may increase the total amount you repay.
  • Own your Ford Mustang at the end of the term: If you keep up with your monthly payments, and can afford the “option-to-purchase” fee, you will own your Ford Mustang at the end of the term of your agreement.

The cons

  • Delayed ownership: You won't own the car until the final payment is made. Missing payments could result in your Ford Mustang being repossessed.
  • Depreciation: Used cars can lose value quickly. You might end up paying more than the Ford Mustang is worth over time.
  • Higher total cost: The total amount paid, including interest and fees, will be much higher than the Ford Mustang’s purchase price.
  • Insurance requirements: Comprehensive insurance is required, which can be more costly.
  • Credit impact: Missing payments can negatively affect your credit score, making future borrowing more difficult.
  • Repossession risk: Failure to make payments can lead to the car being repossessed, possibly leaving you with outstanding debt.

Please make sure you read and understand your hire purchase agreement, maintain your car and ensure you can afford the payments before committing.

Why get HP car finance with AutoMoney Motor Finance?

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  • Get a finance decision within minutes

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  • Complete the same day

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  • Work with a company built on values that put you first

AutoMoney Motor Finance is part of a family-owned company called Norfolk Capital Group. Our chairman built all his businesses on strong values, which we look for in every employee that works here.

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Ready to apply?

We hope you found the information on this page useful. If you are now ready to apply for HP car finance with us, we’d be pleased to help.

Get started with an application using our online form:

Get started online

Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

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