Moneybarn Review [Read Our Experts Opinion]

Jane Wardle

Written by Jane Wardle on

Updated

Moneybarn logo

Overall Rated: 4 / 5

Summary

Moneybarn is a specialized credit broker in UK’ s financial market, providing the car financing deals for the cars valued between £4,000 and £25,000, and for vans between £5,000 and £20,000. The starting interest rate is 32.9% with monthly instalments flexibility of up to 60 months. Some customers find the rates higher than other brokers, but consider it worth taking for, especially in case of bad credit. This is because Moneybarn is more popular for handling bad credit cases for car financing.

The dedicated advisors also provide guidance for finding the right car, along with best financing deals available nationwide. Whether it’s a joint application or a deposit based transaction that lowers the monthly repayment cost, Moneybarn is flexible to offer customized services.

The majority of the customers on feefo.com have given a 4.7 out of 5 rating to their advisors and services. Moneybarn usually pays directly to the dealers, implying that the customer is only left to pay the deposit and drive away. Most of the loans are approved within few hours of the application. The overall cost is higher at Moneybarn but if the customers need a good reliable car, especially when they have a bad credit, then Moneybarn is a great choice.

Trust & Reputation

Rated 4/5

Moneybarn serves as a haven for the car buyers who have been refused car finance elsewhere. The company’s expert advisors help customers make their decision through a range of criteria and provides car finance that suits their budget and requirements. Car financing for the cars valued between 4,000 and £25,000, and van financing between £5,000 and £20,000 can be availed at the monthly earnings over £1,000 (after tax), with the starting interest rate 32.9%.

Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA regulates and imposes the best practice in the motor finance industry for leasing and lending to consumers and businesses. Moneybarn is the trading style of Moneybarn No. 1 Limited and Moneybarn Limited, the companies registered in England and Wales. Both are authorised and regulated by the Financial Conduct Authority (FCA).

Moneybarn is the award winner of many awards, including the Best Specialist Car Finance Provider at the 2017 Car Finance Awards and Feefo Gold Service award 2017. The company has tons of positive reviews on Feefo.com with average customers rated the company as 4/7/5 as of February 2018.

With great reviews and being a helping hand for the bad credit cases, Moneybarn is a well-recognized and helpful car financing broker in the UK.

Expertise & knowledge

Rated 4/5

Moneybarn specializes in dealing with car, motorbike and van financing for up to £25,000 for cars and up to £20,000 for vans. The company is more known for providing bed credit advice and getting such customers the required financing with ease and without any hassle. The company uses a soft credit search which means you’ll get a decision, and it will have no effect on your credit score. The search will only show on your credit file if you take out an agreement with us.

Along with flexible financing deals and terms, Moneybarn also offers car buying consultation and helps you find the best dealers nationwide. They pay directly to the dealers so that customers don’t have to pass through a painful process of paperwork, negotiation, bank transactions etc.

Although the APR starting from 32.9% which sometimes may reach to 50% is considered way higher by some customers than other brokers, Moneybarn’s expert advisors and specialized skills, even for handling bad credit, make it an option worth going for.

Customer Service

Rated 4/5

Moneybarn is certainly cheaper than some of their competitors and allows customers to have more freedom and choice when it comes to selecting their required car. The loan range and instalment ease make the service highly flexible for all kinds of customers looking for car, motorbike or van financing.

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 application is straight forward, requiring usual details such as name, address, date of birth and proofs. These proofs consisted of customer’s driving license and bank statement along with details of the vehicle they want to buy. Once all details are passed, the loan is approved within few hours, enabling peace of mind to the customers.

In terms of communication, customers can approach the advisors or representatives via phone or email or even social media accounts. All the paper work is done by the advisors while payment to the dealers is also paid directly by Moneybarn. Quick and seamless application process, special consideration for bad credit and best financing deals offered by Moneybarn made us rate its customer service as 5/5.

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