Today I will share a review of a company called Moneybarn. They provide car finance for customers with bad credit. I am one such customer who fits that description.
I was seeking Car Finance for a Vauxhall Corsa at the time and had been declined by the mainstream lenders. When you have poor credit your options for getting car finance are more limited and more expensive but it’s not impossible to get approved most of the time.
The application to Moneybarn
I made my application through a broker and the broker came back to advise me that Moneybarn had approved me in principal. Prior to making the application, I had already seen a Vehicle I liked through a local dealer. I provided the Registration Number to allow Moneybarn to assess the application and make their decision.
With Moneybarn you can use any dealer you like, I think the only stipulation is that they have a Consumer Credit License. Apart from that you are good to go. This means you can got a decent dealer and know the car you buy won’t be a lemon.
Moneybarn Decision Time
Even though I made my application through a Broker, the decision came back pretty quickly. I was told that I needed a deposit of just over £1000 and my interest rate was reasonable given my chequered credit history. The payments were well within my budget and affordable.
I was instructed to put a holding deposit down on the car and Moneybarn would take care of the rest.
This was quite straight forward. Moneybarn arranged everything with the dealer so all I needed to do on that day was to collect the car and pay my deposit. After a slight issue at the dealer I drove away in my car. The issue was that the dealer for some reason could not locate the payment from Moneybarn.
I did deal with Moneybarn over the phone a few times. They were OK enough. I did miss one payment and they were very inflexible when it came to making an arrangement, plus they charged me £25 for my payment being late.
In the end I settled the agreement with Moneybarn in full and did save some money due to a reduction in the Interest owed. The settlement process was quite easy too. A week later I received a letter to confirm everything was paid off.
Concluding my Moneybarn Review
If you have a bad credit history, can afford a deposit and know you can make the payments comfortably then you could give Moneybarn a try. However I wish I never did to be honest. Not because of anything bad with Moneybarn but because it could have been money I paid off towards the debt I owe.
If you are in Debt then I would say try to find another solution first as you may regret it later. If you are not in debt and are struggling to get car finance, definitely give Moneybarn a try. You could also try carfinance247 as well who I used recently. That way they can check through all the available options for you so you know you are getting the best possible deal for you. I would also recommend taking a look at my Car Finance for Bad Credit post as well.
Image: Stuart Miles / FreeDigitalPhotos.net