How To Apply For Finance🔎

Making a car finance application with us is quick and easy!

Applying for car finance with Marsh Finance is quick and easy! We aim to complete the process on the same day that you apply.

Here's a breakdown of the timeline:

• Application review: We use automated systems to check your eligibility within minutes of applying.
• Further information: We may need some additional info to finalise your agreement.
• Validation call: Once approved, we'll give you a quick call to confirm some details.
• Funds to your dealer: After the call, it typically takes about 2 hours to send the money to your dealer.
  

Are you ready to apply? Get started to your new car today!

As with many lenders, your score will affect how much your monthly repayments will be. If your score is lower, it might mean your payments are larger. There are many things you can do if your score is low and you want to improve it—our top tips would be:

1) Make sure you’re on the electoral roll; it’s much easier to get credit if you’re registered.

2) Keep up to date with your bills, it’ll show lenders you can keep up to date with payments.

3) Fix any mistakes on your report; by checking it regularly, you can make sure it's up to date with no mistakes.

If any doubt, contact a credit referencing company to discuss your specific case.

You’ll need your driving license and a recent pay slip. We accept European driving licences and alternate identification cards but do not accept bank statements.

Here's what you can expect when you apply for financing with Marsh Finance for your dream car:

1. Quick Application: Apply online in minutes, and we'll review your information.
2. Fast Decision: You'll get a quick answer on your financing eligibility.
3. E-Sign Your Agreement: If approved, you'll electronically sign the contract and provide us with some documents (driving license, payslip).
4. Funds to Dealer: Once everything checks out, we'll send the money to your dealer within 2 hours (subject to a confirmation call).
5. Pick Up Your Car!: Once the dealer receives the funds, you can drive away in your new car!

Thinking about getting out of your car finance early? There are two options for you:

• Pay off the remaining balance: This settles your current loan completely. Once paid, the car is yours free and clear.
• Trade in your car and upgrade: If you're interested in a new car, we can help! Contact us to discuss refinancing your loan. If your current car has value (equity), we can use that towards the down payment on your new one. This can be a great way to get into a new car without a big upfront cost.

Looking to buy a new car but worried about a down payment?

For traditional car finance plans like PCP (Personal Contract Purchase) and HP (Hire Purchase), putting some money down upfront (deposit) will lower your monthly payments. Imagine it like this: the bigger the chunk you pay at the beginning, the less you borrow, and the smaller your monthly repayments will be.

But don't worry if saving for a deposit is difficult! We also have no deposit car finance available. This lets you drive away in a new car even if you can't put any money down at the start. Visit our no-deposit car finance page to learn more.

Will checking my financing options hurt my credit score?

Nope! Checking rates with us won't affect your score. Here's why:

• Quick Check: At first, we do a quick credit check that doesn't leave a mark (soft search). This helps us see if financing might be a good fit for you.

• Deeper Dive (Only When Needed): If you decide to move forward and finalise the loan, we do a more thorough check (hard search) that shows up on your credit report. This might cause a small, temporary dip in your score.

Why the two steps?

We want to keep your credit score healthy! The first check lets you explore options without any risk.

Not all vehicles qualify for our financing options. Here's what we typically look for:

• Newer cars: We generally finance cars that are up to 11 years old for Hire Purchase (HP) agreements and up to 7 years old for Personal Contract Purchase (PCP) agreements.
• Moderate mileage: The car's mileage should be below 100,000 miles.
• Certain vehicle types: We typically don't finance high-performance vehicles, electric vehicles (EVs), or Land Rovers/Range Rovers.

Why these restrictions?

These limitations help us manage risk and ensure the financed vehicles hold their value well. This translates to better loan options for you.

Have a specific car in mind?

If you've found a car you like, don't hesitate to contact us! We can assess the vehicle's eligibility for financing based on our criteria.

Absolutely! We understand you want the best fit for your needs. Here's how it works:

• Pre-approval is quick and easy: Get pre-approved to see the financing options available to you. This won't affect your credit score (soft search).
• Compare HP and PCP quotes: Once pre-approved, we'll provide quotes for both HP (Hire Purchase) and PCP (Personal Contract Purchase) options for your chosen car. This allows you to compare the monthly payments, ownership terms, and overall costs to make an informed decision.
  

Choosing between HP and PCP:

We recommend considering your financial goals and how long you plan to keep the car. HP offers ownership at the end, while PCP gives you flexibility at the end of the term.

Here's a breakdown of our financing options to help you decide:

Hire Purchase (HP):

• Traditional ownership: HP offers a straightforward path to car ownership.
• How it works: You make a down payment followed by fixed monthly payments over a set number of years. Once all payments are complete, the car becomes yours.
• Benefits:
  • You own the car outright after the agreement.
  • No mileage restrictions after purchase.
  • Potentially lower overall cost compared to PCP if you plan to keep the car long-term.
• Cons:
  • Higher monthly payments compared to PCP.
  • You are responsible for any maintenance or repairs after purchase.
  • No flexibility at the end of the agreement; you cannot easily upgrade to a new car.

Personal Contract Purchase (PCP):

• Flexibility at the end: PCP offers more options at the end of the agreement.
• How it works: Similar to HP, you make a down payment and monthly payments over a set number of years. But at the end, you have three choices:
  • Return the car: Simply return the car to the dealership with no further obligation.
  • Own the car: Make a final "balloon" payment to own the car outright. This payment can be significant.
  • Trade in and upgrade: Use any remaining value in the car as a deposit on a new PCP deal.
• Benefits:
  • Typically lower monthly payments compared to HP.
  • More flexibility at the end of the agreement.
  • Easier to upgrade to a newer car every few years.
• Cons:
  • You may not own the car at the end of the agreement without making a final balloon payment.
  • Mileage restrictions may apply, which could result in additional fees if exceeded.
  • Potentially higher overall cost compared to HP if you plan to keep the car long-term.

Still unsure? No problem!

Visit our HP and PCP pages to learn more about each finance option.

Stuck on the online application? We've got you covered!

We understand that applying for financing online can sometimes be tricky. If you're facing difficulties completing our application, here are a few ways to get help:

1. Review our application tips:

• Before you begin: Gather all the necessary information like income proof, employment details, and vehicle details (if applicable) to have a smooth application process.
• Double-check your information: Ensure all entered details are accurate and match your official documents to avoid delays.

2. Still facing issues? Contact our support team:

• Email: Reach out to our dedicated support team via email at direct@marshfinance.co.uk. Briefly explain the issue you're facing, and a representative will get back to you as soon as possible.
• Phone: Prefer a personal touch? Call us at 01706 751273 during business hours (mention business hours if available) and our team will be happy to assist you directly.

We can! Browse our car marketplace of over 70,000 cars and filter using over 20 options to find your dream car. 

If you are looking for a more personalised experience, our personalised car search may be for you. Set your criteria, and a member of our team will browse our marketplace to find the car for you. 

Generally, you'll need to be at least 22 years old to apply for financing with Marsh Finance. This aligns with the minimum legal age for entering into credit agreements in the UK.

Exceptions may apply:

We understand that financial experience can be valuable too. If you're under 22 but have a strong financial history, we may consider your application. This could include:

• Previous Hire Purchase (HP) agreement: Demonstrates responsible management of credit.
• Existing mortgage in your name: Shows experience with long-term financial commitments.

If you are not a UK national, don't worry! We require three years of UK address history to apply for car finance. 

The contract durations we offer are between 24 and 60 months. 

Open Banking is a tool that lenders, like Marsh Finance, use to determine whether you can afford your car finance agreement.

Instead of just looking at your credit score, we can now use open banking to see your bank statements. This lets us understand your spending habits and how you manage your money. With this extra info, we can offer loan options that better suit your situation, not just a generic score.

Imagine APR as the yearly cost of borrowing money. It's like a percentage tag, but instead of the price of a shirt, it tells you how much you'll pay in interest each year to borrow money for something like a car. You'll see APR mentioned in loan agreements, so you know exactly what that yearly interest cost will be.

Pre-approval is an important part of the car finance process. It shows that you could be someone eligible for finance, but more needs to be done to get your dream car. At the point of pre-approval, a soft credit check takes place. This doesn't affect your credit score, but going through with finance will mean a hard credit check. Pre-approval isn't a guarantee of a loan, but it's a really important start. If you are looking to get pre-approved for finance, we can help.