Where you are introduced to Moneybarn by a 3rd party credit broker or introducer, we will pay a small, fixed fee commission to the 3rd party broker for the introduction and the work associated with the introduction. This commission is not paid by you, it is paid by Moneybarn and does not affect the amount you pay for your finance agreement.
Some motor finance lenders use a Difference in Charges (DiC) commission structure, this means that the amount of commission received by the 3rd party introducer credit broker is linked to the interest rate paid by the customer. The FCA has banned DiC commission models as they give motor finance brokers an incentive to raise customers’ finance costs, this ban came into effect on 28 January 2021. Moneybarn has never operated DiC or discretionary commission models, the commission paid to our brokers and introducers has always been a fixed fee.
If you would like to know the amount of commission which will be paid for your introduction to use, you can ask your introducer for this information prior to entering into the agreement.