Slightly off topic I know but here is my Moneybarn Review. I recently and successfully applied for car finance with Moneybarn via a broker.
Seeing as though I am now a customer of Moneybarn I thought I would share my experience.
Why did I choose Moneybarn?
I have bad credit and as a result my options were limited to only specialist lenders who cater for people like myself. Moneybarn are one such lender who looked like they would be able to help me out with finance for a car.
Some bad credit car finance lenders put conditions on your loan such as requiring you to purchase a car from themselves. I wanted to make my own choice so I looked at alternative options.
I approached Moneybarn as a last-ditch attempt having been turned down quite a few times by the mainstream lenders.
Whilst I was approved for car finance from some other bad credit lenders, their interest rates were approaching 50% APR. This was just too much no matter how desperate I was.
The Moneybarn Application
The application was straight forward. I completed the usual details such as name, address, date of birth etc and submitted my proofs. These proofs consisted of my driving license, passport and bank statement along with details of the vehicle I wanted to purchase.
The big benefit of Moneybarn was that I could choose where I wanted to buy the vehicle from and which vehicle I wanted to purchase. I decided on a 2009 Corsa SXI 1.4 from a local dealer.
I did need to pay a deposit which was equal to 5 monthly payments. I had this money available so I was ready to roll. Your old car could also count towards the deposit as well but as I had sold my old scrap car, I just had the cash ready.
Speed of the Car Finance Decision
The decision to lend me the money was very quick. Once I had passed through all my details, within a few hours I was approved for my loan. This was good as it allowed me the peace of mind to put a holding deposit on the vehicle I was going to purchase.
The buying Process
Moneybarn paid the dealer directly, which left only the deposit to pay. On the day I collected the car I paid the deposit and drove away. It was a very easy experience.
Contact with Moneybarn
My contact with Moneybarn has been without issue so far. I needed to change the direct debit date and this was done with minimum of fuss.
Concluding my Moneybarn Review
Overall I would recommend Moneybarn if you have bad credit like myself and need a car. Just remember that the overall cost will be high but if like me you need a good reliable car then they could be a good choice.
Moneybarn were certainly cheaper than some of their competitors and allow you more freedom and choice when it comes to selecting your required car.
However if you are in a lot of debt, then do everything you can to try to by a car outright. I wish I had done this but didn’t. Whilst I have a reliable car, I should really be paying off more of my debt.