Thinking of buying a new car in the coming months? Then you’ve no doubt heard about Hire Purchase (HP) and Personal Contract Plans (PCPs) when researching your car finance options. These motor finance agreements have grown in popularity, with PCPs becoming particularly widespread according to the Financial Conduct Authority (FCA). It estimates that PCPs accounted for around 66% of the value of new and used car lending in 2017. This compares with 34% in 2008.

There is concern however about these types of point-of-sale agreements. The FCA is currently investigating HPs and PCPs and, recently released an update on their study. This raises concerns that that not all consumers fully understand what they might be signing up for. In some cases, the report says relevant information is spread across multiple documents which may make it difficult for consumers to absorb key information. The FCA has not yet investigated whether consumers’ ability to repay is being adequately assessed - but intends to do so in the coming months.*

Speaking about motor finance agreements Bannvale Credit Union said “For many, headline rates on HP or PCP agreements can at first look more attractive, but these can easily distract from the range of additional charges and a good deal of inflexibility. Essentially these finance options are lease schemes. The buyer has in effect, hired the car for a particular period of time while they make payments. There are other issues to take into consideration also, such as the balloon payment at the end of a PCP agreement which has to be paid before the consumer can own the car outright. With a traditional car loan, the person simply borrows the money to pay for a car, which they own immediately. They can also sell the car on at any time they wish, should they need to, whereas they do not have this option with these lease agreements.”

There is further detail in the ‘small print’ of motor finance agreement which consumers should be aware of. With a PCP for example, they will need to be conscious of the mileage they are clocking up. This is because the balloon payment at the end of the agreement will have been calculated with their annual mileage in mind. If on the other hand a consumer takes out a car loan before purchasing a car, they are effectively going as a cash buyer to the car dealer and are in a far better position to negotiate a deal.

At Bannvale Credit Union we offer a car loan with an APR rate of 7.9%** which is typically approved within 2 days. There are no hidden fees or administration charges with our loan, and we are always happy to work with our members to arrange repayments in a way that best suits their individual circumstances. We would really encourage anyone thinking of buying a new or used car in the coming weeks to contact us at Bannvale Credit Union before making any decisions. We are happy to see all our members, no matter how long it has been, and of course we are always happy to chat to anyone who has never been a credit union member.”

*FCA; Our Work on Motor Finance – Update. March 2018

** For a £7,500,  4 years variable interest rate loan with 47 monthly repayments of £181.84, an interest Rate of 7.62%, a representative APR of 7.9%, the total amount payable by the member is £ £8728.18, information correct as at 03/05/2018


For further information, please contact us on (028) 2582 1001

The Official Opening of the Ahoghill Branch

Bannvale Credit Union operates three offices, their main one in Portglenone, which is open six days a week and a sub-offices in Bellaghy that is now joined by the new one in Ahoghill. Angela Hegarty, Manager of Bannvale Credit Union said: “Bannvale Credit Union Limited is delighted to officially launch the opening of our new office here in Ahoghill. “Access to the services that the credit union provides is vitally important, but with our three offices now operating in the local community, it’s now easier than ever to take advantage of credit union membership.” The Ahoghill Office is open three days a week, providing a savings and loans facility to the local community – as it has done for over 53 years.

“With our new premises, we are equipped to provide that, and more, long into the future,” the manager continued. “We are welcoming new members every day, who are looking for a safe place to save their money, and the ability to borrow against those savings if and when they need to, with peace of mind knowing they have access to affordable credit.” Ahoghill Office opening hours are: Tuesday 3:30pm – 6:30pm; Friday 9:30am – 12pm and Saturday 12pm – 2pm.

Ahoghill Opening Competition

Terms & Conditions for Ahoghill opening competition

Terms and Conditions (of which instruction form part) and following general terms:


Bannvale Credit Union, 51 Main Street, Portglenone, Co. Antrim BT44 8HP.


1. Prize draw entries are open to residents of Northern Ireland, aged 16 years or over, excluding employees and their families of the Promoter; the members of the board or anyone professionally connected with this promotion. This is applicable at the time of the draw.

2. One entry per week, for the duration of the promotional period, will be accepted upon completion of the entry form available from the Ahoghill branch of Bannvale Credit Union.

Promotional Period:

The promotion starts on Monday 16th January 2017 and runs until Saturday 10th February 2017. The draws will take place on or after the Saturday of each promotional week.

Saturday 20 th January 2017

Saturday 27 th January 2017

Saturday 4 th February 2017

Saturday 10 th February 2017

How to enter:

Complete the entry form, in person, available from the Ahoghill branch of the Bannvale Credit Union.


The prize comprises 4 (four) x £50 (fifty pounds) cash prizes, with one prize of fifty pounds available per week, during the promotional period. The “week” runs Monday to Saturday within the promotional period stated above. 

Winner Selection and Notification:

One prize draw winner will be chosen at random, each week, on or after the dates stated above. Draws will take place in front of an independent adjudicator. Prize winner will be notified by e-mail or phone within 10 working days of each draw.

In the event the claim for a prize is not received by the Promoter within 28 days of such notification or the prize is otherwise declined, the Promoter reserves the right to withdraw prize entitlement and award the prize to a reserve selected at the same time as the original.


  • No responsibility can be taken for entries, which are lost, corrupted, damaged, misdirected or incomplete or cannot be received for any technical, delivery or other reason.
  • For the full name and county of the prize winners please send a S.A.E. to Bannvale Credit Union, 51 Main Street, Portglenone, Co. Antrim BT44 8HP or after 28th February 2017. This information will be available for a period of 3 months.
  • The names of the prize winner may be used in publicity materials. Winners may be required to participate in publicity photography and must be willing to do so with no further recompense.
  • The Promoter reserves the right to terminate or modify these terms and conditions in its absolute discretion at any time due to wholly exceptional circumstance outside its control and only where circumstances make this unavoidable but will use all endeavours to minimise the effect to the customer in order to avoid disappointment.
  • Prize must be taken as stated and there are no alternatives in either cash or kind in whole or in part. Winners are not allowed to transfer the right to take up the prize to anyone else.
  • The Promoter reserves the right to verify all entries and winners and to refuse to award a prize or withdraw prize entitlement where there are reasonable grounds to believe there has been a breach of these terms and conditions or any instructions forming part of this promotions entry requirements or otherwise where a participant has gained unfair advantage in participating in the promotion or won using fraudulent means.
  • The Promoter and its associated agencies and companies will not be liable for any loss (including, without limitation, indirect, special or consequential loss or loss of profits), expense or damage which is suffered or sustained (whether or not arising from any person’s negligence) in connection with this promotion or accepting or using the prize, except for any liability which cannot be excluded by law (including personal injury, death and fraud) in which case that liability is limited to the minimum allowable by law.

Ahoghill Branch Now Open!

Bannvale Credit Union are delighted to announce the new Branch is now open in Ahoghill! 

The new branch opened on 17th January and is looking forward to becoming part of the local community. The official opening will take place on 28th January, and the opening hours from now are:

Tue:   3.30pm - 6.30pm
Fri:    9.30am - 12noon
Sat:   12noon - 2.00pm

Grace and Paul on opening day at the Ahoghill Branch

Grace and Paul on opening day at the Ahoghill Branch