Frequently Asked Questions
Need help understanding anything related to Motor Finance? Check out our Freqeuntly asked question resource below for answers.
Please find all your motor finance questions answered. If there is anything else you need, then please don’t hesitate to contact us.
Rates from 10.5% APR . Representative 19.6% APR
The Financial Conduct Authority (FCA) is a financial regulatory body in the UK that operates independently of the UK government.
The FCA regulates financial firms, like Marsh. Focusing on the regulation of conduct by both retail and wholesale financial services firms, they ensure consumers receive the service they deserve, and the UK’s financial market remains honest.
APR stands for Annual Percentage Rate, this is the amount of interest a bank or lender charges on the money it lends. Your repayments are the same every month because of how the interest is calculated. At the start of the loan term, your repayments will include more interest but less of the loan balance. Towards the end of the loan term, your repayments will include less interest but more of the loan balance.
If you see ‘representative’ before the APR, this means that the credit or loan interest rates quoted through advertising (like on comparison websites) takes into account all charges associated with a product. Not just the interest rates. It can be easy to assume that the lender with the lowest representative APR you find advertised will give you the best rate. However, when you apply, it’s likely you’ll receive a personal APR based on your circumstances. This could be the same, higher, or lower than the representative APR that you originally saw advertised—so it’s good to check what yours would be.
A broker is an individual or a company who introduces the borrower to the lender and will charge a commission or fee for their services. They’re really helpful when trying to purchase a new car.
We have a number of trusted brokers that we work with to help our customers.
Underwriting is the process of accessing the risk of lending to someone based on their credit history and personal circumstances, to ensure that the cost of the loan they’re applying for is proportionate to the risks presented by the person concerned. They then make a decision as to whether or not they will lend to the customer based on this information.
You can change your vehicle at any time if your existing agreement has been settled.
Yes, you can settle your agreement at any time either by paying off the existing balance or by part exchange from your dealer who will work with us to organize your settlement.
You can partially settle by paying a lump sum which would lower your monthly repayments or shorten the term but you cannot renegotiate your agreement.
You can’t transfer to another lender during your agreement. You would have to settle your agreement with Marsh before moving to a different lender.
To discuss making an application, email us at email@example.com or call us on 01706 648882, we look forward to hearing from you and helping you to organize sorting your next vehicle!
We have automated Underwriting which will review your eligibility in a couple of minutes. Once that is completed, pay outs take around 2 hours to reach your dealer following a validation call with you.
18 and over.
You’ll need your driving license, pay slip and in some cases 3 months of bank statements.
Yes, we do not offer loans to people who hold a provisional license.
What would my finance journey with Marsh look like?
For agreements like PCP and HP, you will agree with us on a deposit and it will affect your month repayments (the bigger the deposit, the smaller the monthly repayments)
Interest rate is the cost of borrowing money typically shown as an annual percentage rate. So you’d pay back the original amount loaned (known as capital) plus the designated interest rate percentage agreed prior.
So if you borrowed £1000 with a 10% Interest rate, you would have to pay back £1100 (as 10% of £1000 is £100)
Still need help?
If you want to know more about how Marsh Finance can help your business, then get in touch today and our fantastic customer support team will be in touch regarding the services we offer, and how we can help you.