Moneybarn Review | www.moneybarn.com

Moneybarn

Last Update: June 9th, 2016

About…
Address: The New Barn, Bedford Road, Petersfield, GU32 3LJ.
Branding: Moneybarn. AKA: Money Barn.
FCA Licence: 351917.
From: Provident Financial Plc.
Launched: 2011 (1992 as Duncton Group).
Memberships: FLA.
Related: GLO, Provident, Satsuma Loans, Vanquis.
Website: www.moneybarn.com.

Product Details…
Bad Credit Moneybarn Finance Available?: Yes.
Financed Vehicles: Cars.
Manage: No Moneybarn login at www.moneybarn.com.
Opening Hours: Monday to Friday (8am/5.30pm).
Products: Conditional sale.
Sums: £4000 to £25,000 (new and returning).
Terms: 24 to 48 months.

The Pricing…
19.9% to 46.3% APR.

Notes: The 3 interest tiers are 19.9%, 30.8% and 46.3%. You can find your own dealer, but the vehicle must be less than 7 years old and Northern Ireland coverage is not possible. The applicant must also be at least 21 years old. The minimum lend for self-employed applicants is £5000.

Noteworthy…
– Amounts: £25k is a sizeable potential sum considering the subprime target audience.
– Eligibility: Arrears, CCJs and discharged bankruptcy is all considered as are self-employed applicants. There are very few poor credit specialists in motor financing that makes this company a great solution for anyone with a low score. A deposit is only required in the highest risk tier.
– Experience: This is a relatively newly formed brand, but they have been trading as Duncton since 1992. Their new owner dates back to 1880.
– Ownership: The acquisition from Provident Financial Plc brings this firm into one of the UK’s leading financial groups. This deal went through for £120 million. There is now valued expertise supporting this company, although there is little previous experience in this particular industry. The big challenge moving forward is really that the owner has so many varied projects running today and it is the doorstep brand and Satsuma that are receiving the big ad spends.
– Profile: Headed as the UK’s largest provider of subprime car finance. This isn’t likely to change with the backing of Provident. The current user base here sits at 33,000. From data studied, their main subprime rival based on popularity looks to be First Response.

Updates…
– Deposit was set at £500. This is now £400 that covers the 46.3% tier only.
– Opening time for customer service was 9am and so they have stripped this back an hour.
– Pricing has took on a few changes. On a past check the range was 25.3% to 39.3%. This has now changed as 19.9%, to 46.3%.

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