Here’s our handy guide with everything you need to know when it comes to financing a brand new car with insurance included* for first time drivers!
Some people may think that as a first time car buyer, financing a car is impossible - we’re here to tell you that’s not the case. Not only is it possible, we actually think getting a brand new car as a first car is a great idea - and here’s why!
Safety is key
Brand new cars are statistically safer on the roads than older cars, and they also come with plenty of safety and driver convenience technology which will help new drivers on the road who may be a bit nervous behind the wheel to begin with.
Drive a familiar car
A lot of young drivers choose to get a car similar to the one they learned to drive in, which more often than not, is a newer car. If you’re used to a newer car, then buying a newer car will help you when you pass and don’t have your instructor next to you anymore.
Lower up-front costs
Weighing up the costs of new vs used cars can be confusing - and yes, whilst second hand cars are cheaper to buy, they’re also more likely to have mechanical issues which can cost you much more in the long run. If you opt for a brand new car with Marmalade, you won’t have to pay for an MOT for 3 years and we’ll cover the first years Tax and Insurance for you!
Step 1 - Build your perfect car
Once you've checked out the wide range of young driver friendly cars we have on offer - choose the one that's best for you. We'll show you the price of the base model as a default, but you can customise this before we show you your final quote.
Step 2 - View your payment options
We'll show you your monthly price based on a £500 deposit. Our handy calculator also allows you to update the price by changing your deposit contribution, the length of time you choose to finance your car, and the finance type (HP or PCP - we’ll talk a bit more about that below!)
Step 3 - Fill in your details
Once you're happy with the price, and if you'd like to proceed, go ahead and complete the form. We've listed all the information you'll need to have to hand this article (we're helpful like that!). If you're aged 18 or over, you'll need to apply in you're own name. If you're 17 a parent or guardian should apply instead.
Step 4 - We'll be in touch
We'll get in touch with you within 48 working hours to let you know if you've been approved. We'll then talk you through the next steps - like paying your deposit and discussing the delivery time of your brand new car!
Before jumping into the financing decision, there are some things to consider first. Getting a car on finance is a big commitment, and even though it’s a brilliant way to help young drivers like yourself get on the road, we want to make sure you know exactly what you’re in for. Here’s some of our top tips and things to consider before financing a car...
Can you afford it?
Work out your monthly income and outgoings to ensure you will have the funds every month to pay for your car. Don’t forget, your finance plan will likely be 3-4 years long, so you need to make sure that not only can you afford it now but there’s no immediate change to your income that might mean you can’t afford it in the future.
Find a guarantor
Getting car finance for 18 year olds without a guarantor can be tricky. The lender needs to know you'll be able to pay on time every month, and without a credit score this can be hard to prove. If you’re 17 or 18 and looking to get car finance, we recommend you add a guarantor on your car finance application. A guarantor is someone who agrees to pay your finance if you don’t pay for it - it’s usually a parent or close relative, but can also be a close friend.
Car finance for 17 year olds
Many ask if you can get car finance at 17 years old and unfortunately, the answer is no - but wait, we can still help! By law, you have to be over 18 to take out a loan, which is why we can’t finance cars to 17 year olds. However, if you’re 17 and you’re wanting to finance a car, you can ask a parent, close relative or friend to finance it for you. The car, and insurance would still be yours - but the finance would be associated with them.
So, you’re ready and raring to go to apply for finance. You’ll be pleased to know it’s quick and easy to do online – and to make it even easier, because we’re nice like that – we’ve listed some of the information you will need to have to hand before you get started. Here are the things you might not know off the top of your head (because we’re hoping you know your name and date of birth without having to find some documents to help!):
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