Hire Purchase, or HP, is one of the most popular ways to finance a car. Hire Purchase agreements are essentially secured loans; the finance provider lends the money to pay for the vehicle but retains the right to the vehicle.
Finance solutions for brokers
One of the UK’s leading car finance lenders
Marsh Finance Limited are an established Motor Finance lender, and we have served the industry for almost 50 years from our Head Office in Rochdale.
We pride ourselves on our sensible and responsible lending approach and are innovative in offering not only standard Hire Purchase products, but Near-Prime PCP, Intermediary Portfolio management facilities (where partners run their own lending book), and a fully automated proposal system to improve customer and Introducer experience.
The Marsh Automated Underwriting System (MAUS) is industry-leading in that in most cases we aim to obtain all the necessary proofs from the customer within our automated processes, thus ultimately only requiring an invoice from you, the introducer.
With an Automated scorecard offering you instant decisions, alongside an E-Sign and Open Banking process to gather your customer information and identify you, speed is at the forefront of everything we do.
For more information why not get in touch and join out growing list of partners.
We’ve been lending to the public for nearly 50 years.
Fixed commissions model which complies with FCA requirement
Automted underwriting enables assessment of all variables
We’re proud that we are an established, independent family based lender,
Contact our dedicated broker team today to see how we can help you.
Get in touch directly at firstname.lastname@example.org to enquire about working with us.
Our sales managers will be in touch to discuss your application, we will need details like your trading style, company registration and VAT number.
Once your application form is complete, we’ll discuss terms and details of requirements.
We provide shared risk products with motor dealerships and complete outsourcing solutions for both manufacturers and private investors
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) take 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.
Hire Purchase, or HP, is one of the most popular ways to finance a car. Hire Purchase agreements are essentially secured loans; the finance provider lends the money to pay for the vehicle but retains the right to the vehicle. The customer makes regular monthly payments over an agreed term normally between 12 – 60 months. At the end of the term the ownership of the car passes to the customer.
Because Hire Purchase agreements are a form of secured loan in the event that monthly payments are not made finance company has the right to take back the car.
Interest rates for Hire Purchase agreements are set by finance providers and vary depending on a multitude of criteria including the amount being borrowed, the repayment period, the deposit, the creditworthiness of the customer and many other factors.
Personal Contract Purchase or PCP is a popular way to finance a car. PCP agreements estimate the value of the car at the end of the contract. The finance company sets a minimum figure which they guarantee the car will be worth called the ‘guaranteed future value’ (GFV). The GFV, and any initial deposit are deducted from the price of the vehicle and the customer’s monthly payments are calculated on the balance, plus interest on the balance and interest only on the GFV. Customers pay fixed monthly fees over an agreed term normally between 24 – 60 months. Legal ownership is retained by the finance company until the end of the contract when customers can either purchase the vehicle for price agreed at the start of the contract or return it to the finance company.
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.
Want to know more?
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.