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 Provident Financial Group, which includes Vanquis Bank and Provident Personal Credit, 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.
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, Feefo’s Platinum Trusted Service Award 2020 and ‘Best Brand’ at the Lending Awards 2020.
Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.
Moneybarn is the trading style of Moneybarn No. 1 Limited, a company registered in England and Wales with company number 04496573, and Moneybarn Limited, a company registered in England and Wales with company number 02766324. The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.
Moneybarn’s VAT registration number is 180 5559 52.
Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702781)
Moneybarn No. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)