Buying a used MG with hire purchase (HP) car finance

MG, originally Morris Garages, is a British car manufacturer known for its sporty cars and more recently, for its value-driven, stylish, and practical vehicles.

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

What’s more we can complete your deal the same day, so you can drive home with your chosen MG 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 MG?

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

Strengths of MG

  1. Affordability:
    MG vehicles are known for offering good value for money. They tend to be more affordable than many competitors, making them an attractive option for budget-conscious buyers.
  2. Design and style:
    Modern MG cars have a contemporary design that appeals to a wide range of buyers. Their sleek and stylish looks, both inside and out, help them stand out in the market.
  3. Advanced technology:
    MG models often come equipped with advanced technology features, including modern infotainment systems, smartphone connectivity, and a variety of driver assistance technologies, providing a pleasant and convenient driving experience.
  4. Practicality:
    MG vehicles like the MG ZS and MG Hector are designed with practicality in mind. They offer ample interior space, good cargo capacity, and versatile seating arrangements, making them suitable for families and everyday use.
  5. Warranty:
    Many MG models come with an impressive warranty, often longer than those of competitors. This can provide peace of mind for used car buyers, knowing that they're covered for a significant period.
  6. Fuel efficiency:
    MG cars typically offer good fuel efficiency, making them economical to run. This is particularly true for their smaller engines and hybrid variants.

Weaknesses of MG

  1. Brand perception:
    MG's brand recognition and reputation may not be as strong as some more established competitors. This can affect resale value and might make some buyers hesitant.
  2. Performance:
    While MG cars are generally practical and efficient, they may lack the high-performance capabilities found in some other brands. If you're looking for a sporty or high-powered driving experience, you might find MG's offerings less thrilling.
  3. Interior material quality:
    The quality of materials used in MG interiors can sometimes feel less premium compared to higher-end competitors. This might be more noticeable in older models or lower trim levels.
  4. Dealer network:
    Depending on your location, the availability of MG dealerships and service centres might be limited compared to more widespread brands. This could affect maintenance and repair convenience.
  5. Depreciation:
    MG vehicles can depreciate faster than some other brands. While this can make them more affordable as used cars, it's important to consider potential future depreciation if you plan to sell the car.

Tips for buying a used MG

  • Research specific models:
    Popular models like the MG ZS, MG3, and MG Hector 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 MG 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 MG 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. MG vehicles generally have reasonable running costs, contributing to their overall value.

Overall, a used MG can offer a stylish, practical, and economical driving experience. By doing thorough research and inspections, you can find a high-quality used MG that meets your needs and provides lasting satisfaction

Buying a used MG with HP car finance

One of the ways to buy a used MG, 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 MG from us, spreading the cost of the car over monthly payments to us. These payments contribute towards you ‘purchasing’ (buying) the MG 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 MG 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 MG 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 MG 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 MG today: with HP car finance you can get a MG, even if you don’t have all the money for it right now.
  • Spread the cost of owning your MG: cars are expensive, but are often an essential part of daily life. When you buy your MG 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 MG 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 MG 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 MG 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 MG 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 MG being repossessed.
  • Depreciation: Used cars can lose value quickly. You might end up paying more than the MG is worth over time.
  • Higher total cost: The total amount paid, including interest and fees, will be much higher than the MG'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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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:

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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.

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