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AutoMoney Reviews [Read Our Expert Opinion]

Jane Wardle

Written by Jane Wardle on

Updated

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Overall Rated: 4.5 / 5

Summary

AutoMoney consists of a team of professionals who specialise in logbook loans. Loans are secured through a ‘bill of sale’. Generally, it is recommended that the vehicle be less than eight years of age. However, depending on the make and the overall value of the vehicle, some cars which are older may be approved.

Logbook loans from Auto Money are similar to that of a home mortgage in that you are using your vehicle (asset) as collateral on the loan. As such, similar requirements are needed to obtain a logbook loan through Auto Money. For a loan, you will need to have a car that is free of finance as well as documentation proving ownership of the car.

AutoMoney loans range from £500 to £5,000 with loan durations ranging from 18 to 36 months. The APR is currently fixed at 349.9%, and payments are scheduled on a weekly basis. Borrowers are strongly advised to talk to a representative to ensure that they can make repayments.

Trust & Reputation

Rated 4.4/5

The reputation and the knowledge of the Auto Money employees are rather high. Reviews have shown that the company focuses on a friendly workplace and demands its employees perform to the highest standards. As a member of the CCTA, Auto Money must adhere to specific standards and a higher level of lending than those which are not. Additionally, as the company is solely based upon logbook loans, it requires not only the borrower but the company to have informed and responsible approved loans. Therefore, Auto Money takes each potential loan seriously, going over the details of the loan with the potential borrower, to ensure that they are making the best option for their individual financial needs.

Expertise & knowledge

Rated 4.6/5

Auto Money is a division of Mobile Money, a company with over 19 years of experience and an impeccable reputation. Building off of the reputation of Mobile Money, Auto Money has branched out from their parent company and established a high reputation for itself. There are no hidden fees and costs with the loans. Once set, the APR of your loan will not change. This helps to minimise the risk of defaulting on the loan, as some competitors have balloons, fees, and service charges which make the loan repayment process cumbersome. The ample years of experience shine through with the customer reviews, the service, and the return business. Primarily, the service and the experience is based upon the trust that the company has gained, not only through the confidence that the clients have for the company but also with the assurance that the company has for its clients. When you secure an Auto Money logbook loan, they let you drive and operate the vehicle for the duration of the loan.

Customer Service

Rated 4.5/5

It is understandable that questions and concerns will arise with loans. AutoMoney makes the process of customer service stress-free. With a knowledgeable staff, several physical locations, online contact forms, and FAQ pages, information is quickly relayed.

In disputes, the company works closely with the individuals to meet a resolution beneficial for both parties. While the company cannot waive and write off the loans, they have been known to work closely with borrowers to establish payments which are manageable. Generally, the lower payments involve extending the duration of the loan. Keep in mind that if the loan is already in default, there may be a minimum payment due.

The customer service rating of Auto Money is in the high 4 to 5 stars, depending upon the review site that you choose to use for the company summary. Furthermore, the employee ranking of the site is in the 78 to 80% approval margin, meaning that not only are customers satisfied with the service, but those who work for the company are happy with what Auto Money has to offer the public.

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