Moneybarn is a leading car finance provider in the UK, specializing in helping individuals with poor or bad credit secure car loans. With a focus on flexibility and accessibility, Moneybarn offers tailored finance solutions to those who may struggle to get approval from traditional lenders. By working with a wide range of clients, including those with County Court Judgments (CCJs), Individual Voluntary Arrangements (IVAs), or bankruptcy history, Moneybarn has built a reputation for offering second chances to drivers looking for affordable car finance options.
Pros and Cons of Moneybarn Car Finance
Pros:
Flexible Eligibility Criteria: Moneybarn prioritizes your ability to repay rather than just your credit score, making it easier for those with bad credit to get approved.
Loan Calculator Tool: The online loan calculator allows potential customers to get an idea of their monthly repayments, ensuring transparency.
High Trustpilot Rating: Moneybarn has a solid 4.6/5 rating on Trustpilot, with many customers praising its straightforward process and accommodating policies.
Cons:
High APR for Bad Credit: If your credit score is poor, you could face an APR as high as 48.9%, which can significantly increase the cost of borrowing.
Limited Car Loan Options for Very Poor Credit: While Moneybarn serves people with bad credit, its terms can become more restrictive as credit scores drop, limiting the total loan value or raising APR significantly.
Customer Service Issues: Some customers have reported issues with Moneybarn’s customer service, particularly in cases of vehicle defects, where responses were delayed.
Requirements for Moneybarn Car Finance
To qualify for a loan with Moneybarn, there are several requirements you must meet:
- Income Requirements: Applicants must show a minimum monthly income of £1,000, which can come from a variety of sources including employment, pensions, or benefits.
- Age Limits: The applicant should be between 21 and 75 years old.
- UK Residency: You must be a UK resident with at least three years of address history.
- Credit History: While Moneybarn does cater to those with poor credit, applicants should be aware that having some form of credit history will improve their chances of approval.
Bad Credit Car Finance with Moneybarn
Moneybarn is particularly well-known for its bad credit car finance solutions. It takes a more comprehensive view of applicants, assessing their income stability and ability to repay rather than focusing solely on credit scores. This approach makes it possible for those with CCJs, IVAs, or past bankruptcies to get approved, which would be unlikely with many traditional lenders. However, it’s important to note that the worse your credit score, the higher your interest rate will be. Moneybarn works best for people who have bad credit but a consistent income stream.
How to Get Car Finance with Moneybarn
The process to apply for car finance with Moneybarn is relatively simple:
- Initial Application: Start by using their online calculator to get a rough estimate of what your monthly repayments might look like. This tool allows you to adjust factors like loan duration and vehicle price (ChooseMyCar).
- Submit Application: After using the calculator, you can submit a full application online. Moneybarn will perform a soft credit check at first, so your credit score won’t be affected until you decide to proceed.
- Approval and Car Selection: Once approved, you can visit one of Moneybarn’s partner dealerships to choose your car. If the vehicle fits within the loan parameters, you’ll sign the finance agreement and drive away.
Frequently Asked Questions
1. Can I get car finance with poor credit? Yes, Moneybarn specializes in providing car finance to individuals with poor credit. They focus on your affordability, so even if you’ve had financial difficulties in the past, you may still be eligible.
2. How much will I have to pay in interest with bad credit? If you have bad credit, you can expect an APR of up to 48.9%. This means you’ll pay significantly more over the loan term compared to someone with good credit.
3. What documents do I need to apply? You will need proof of income, proof of UK residency, identification, and your banking details to set up a direct debit for repayments.
4. Can I apply if I’ve had a bankruptcy? Yes, Moneybarn considers applicants who have experienced bankruptcy, as long as you meet their other eligibility criteria (Car Adviser).
5. How long does the approval process take? Moneybarn typically provides a decision within one hour of application submission, allowing for a quick and efficient process (CarMoney).
Moneybarn offers a viable route for individuals with poor credit to get back on the road, although higher interest rates should be carefully considered before committing to any car finance agreement.
