Used Car Finance in Armagh

Here at Ratcliffe Car Sales Ltd we provide a wide range of finance facilities from bespoke PCP and HP finance with full integration into our web site. From the comfort of your own home you can view all the available finance products for your next vehicle and generate your own personalised quotations by changing the deposit, term and annual mileage.

In addition, you can complete our online application process through our secure proposal form which will pass your information directly to our finance broker Motion Finance. You will then be guided through the process of finding a finance deal that best matches your circumstances.

Split Columns Image

Personal Contract Purchase

Hire Purchase (HP) is a fixed cost, fixed period loan linked to the purchase of a vehicle.


HP is suitable for customers who want to own the vehicle once they have made all necessary payments.


The finance provider owns the vehicle until the point the customer has made all necessary payments.


There are no mileage restrictions, servicing requirements or other charges. Customers can 'Voluntary Terminate' their credit agreement before the final payment is due provided they; (1) hand back the vehicle, (2) pay or have paid half of the total amount owed.

Customer Process

  • Usually pay a cash deposit or part exchange their old vehicle (or both)

  • Agree a mileage allowance and term over which repayments will be made. The higher the mileage, the higher the monthly payment will be.

  • Be informed of how much the Guaranteed Minimum Future Value of the vehicle will be. Often called a 'balloon payment'.

  • Make all monthly repayments, typically 2 to 4 years.

  • At the end of the agreement the customer has 4 options:

Limitations

The agreement is secured against your vehicle, if you fail to keep up with repayments your vehicle could be repossessed.


If you put down a lower deposit it could mean a higher risk of negative equity if you settle early or want to change the vehicle before the end of your finance.


Due to depreciation, it is possible that there will be no equity in the vehicle at the end of the agreement.


An excess mileage fee is payable at the end of the term if you exceed the agreed mileage parameters and wish to return the vehicle.

Pay the GMFV and take ownership of the vehicle



Refinance the GMFV and continue making monthly payments on the outstanding balance

Hand the vehicle back and make no further payments subject to mileage and condition

Part exchange the vehicle by using any equity gained from the difference in vehicle value and GMFV if any