Moneybarn expands into the near-prime market

Bill Scotney, Commercial Director, Wednesday, 06 January 2021
Updated: Tuesday, 7 March 2023

Established in 1992, Moneybarn has been a leader in the sub-prime market for many years. Supporting thousands of people each month with their vehicle finance needs. And from 6 January 2021, they’ll be expanding into the near-prime market.

Moneybarn is part of the Vanquis Banking Group, which includes Vanquis, and all companies operate in the sub-prime market. Their focus is to lend responsibly with products that help put people on a path to a better everyday life.

With the product expansion, the Group will now be able to offer vehicle finance in the near-prime sector whilst continuing to trade in the sub-prime market. They still remain dedicated to serving customers who may struggle to find finance elsewhere, and this product expansion will allow them to support a wider customer base onto a better road ahead.

The near-prime product will offer APRs from 15.9% depending on personal circumstances and will give applicants an instant accept or decline. This means they will know within seconds if they have the vehicle finance they want.  

several people in their new cars

With many lenders forced to close or lend less during the UK lockdown, Moneybarn were able to remain open. Between March and November 2020 around 40% of customers supported were classified as keyworkers, which is one reason they continued to trade. It was also extremely important to Moneybarn that they continued to support introducer partners and dealers through a difficult period for their businesses. They adapted quickly to the new necessary way of working in order to continue trading and support their partners.

When public transport was no longer a viable option for commuting or getting around there was an increased need for vehicle finance across the UK. During the UK lockdown Moneybarn recorded its highest number of new customers ever recorded in a single month.

Moneybarn has won many awards for its service and approach to lending. Most recently they were awarded ‘Non-Prime Lender of the Year’ at the Motor Finance Europe Awards 2020, and ‘Best Brand’ at the Lending Awards 2020.

Bill Scotney, Commercial Director
Bringing you the latest news from Moneybarn regarding product development.