Compare Moneybarn Car Finance Options UK

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Who Are Moneybarn?

Moneybarn is in the UK. The company helps people who want to get finance for a car, van, or motorbike. They work with those who have a poor or limited credit history. Moneybarn is regulated by the Financial Conduct Authority (FCA). They help applicants who have not got help from other places because of low credit scores, defaults, or CCJs.

Moneybarn has already helped almost 400,000 UK customers. It is one of the best known names in the UK for non-prime car finance. With Moneybarn, you use something called a Conditional Sale agreement. This means you will have the car as your own once you pay the last payment. When you apply, Moneybarn will look at your ability to pay, not just your credit score.

Moneybarn is a part of the Provident Financial Group. They offer fair loans and are known for their customer service, which has won several awards. Moneybarn was named Sub-Prime Lender of the Year in 2023. A lot of people say they are open about what they do and help their customers feel supported. Moneybarn gives people more choices with flexible terms and lets more people get the vehicles they need. This helps those who want to rebuild their finances.

What Car Finance Does Moneybarn Offer?

Moneybarn mostly gives Conditional Sale finance deals. These are easy-to-understand products where you:

  • Pay a deposit
  • Spread the rest of the cost over the same monthly payments
  • Have the car as yours when all payments are done

You can not give the vehicle back or change it for a new one while you are still in the middle of your contract. This is not like PCP (Personal Contract Purchase) agreements, which let you do that.

Finance Type Features
Conditional Sale Fixed monthly payments, vehicle ownership at end
Motorbike Finance Same terms applied to motorcycle purchases
Van Finance For business or private use, with similar terms

Can I Get Approved With Poor Credit?

Moneybarn helps people who have poor credit or not much credit history to get car finance. The team looks at each person’s case on its own. They check your info by looking at:

  • Credit history
  • Current financial situation
  • Affordability of the loan

They do not use just automated credit scores to decide. This means your chances of approval get better if you have had CCJs, defaults, or missed payments before.

Can I Get Approved With Poor Credit

Typical Eligibility Criteria

You may be eligible for Moneybarn car finance if:

  • You are 21 or older
  • You have a UK address and a full driving licence
  • You have a regular income
  • The vehicle comes from an approved dealer
  • You can show proof of your income and ID

Applicants who have bad credit need to pass checks that look at if they can afford the payments. They must also agree to make regular payments for the whole term.

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Example Car Finance Quote

Example Purchase Details
Purchase price £10,500
Term length 50 months
Estimated monthly payment £356.30
Total repayable £17,458.70
Representative APR (variable) 30.7%
Loan type Conditional Sale

The figures shown are just for illustrative purposes. The actual APR you get will depend on your credit profile and the vehicle.

Moneybarn Finance Calculator

Moneybarn Finance Calculator

Moneybarn has a real-time auto loan calculator. This calculator looks at:

  • Purchase price
  • Loan term
  • Credit rating (like poor, fair, or good)
  • Deposit amount
  • Monthly payment amount

Using a car loan calculator is a good idea to:

  • Make sure you check if you can afford it before you apply.
  • Change the loan amount or the length of the loan to get a better interest rate.
  • It is good to know what it will cost to borrow the money.
  • Look at different vehicle options from several dealerships.

Pros and Cons of Moneybarn Car Finance

Pros Cons
Accepts poor credit and non-standard credit histories Higher APR compared to mainstream lenders
FCA-regulated lender with clear contract terms No balloon payment options like PCP
Simple Conditional Sale structure (you own the car) Limited to approved vehicles and dealers
No early settlement penalties (check contract for details) Vehicle condition requirements may apply

Application Process and How It Works

Moneybarn makes the car finance process simple:

  1. You can apply online or through a partner broker.
  2. Send in the needed papers like your ID and proof of income.
  3. There will be checks on your credit and if you can pay.
  4. Pick your car from an approved dealer.
  5. Look over the contract and sign it.
  6. After your application is approved, you can drive away.

They give help over the phone and let you get to your account online. You can use this to handle your payments.

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Soft search car loans, also known as no impact credit search car finance or pre-approval soft search car loans, allow you to check your eligibility for vehicle finance without affecting your credit score.

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What Vehicles Can You Finance?

You can finance:

  • Used cars from approved dealerships
  • Vans for personal use or light work use
  • Motorbikes
  • Vehicles from private sellers (if approved first)

Most cars, trucks, and other vehicles need to follow age, mileage, and condition rules.

Can I Refinance or End Early?

Yes. You can:

  • You can make early payments and not have to pay any fees.
  • When you pay the full balance before the final date, you get to own the car completely.
  • You can ask for help if your financial situation changes.

If you find it hard to keep up with repayments, Moneybarn has a team who can help. They give you support and find solutions that fit your needs.

Key Terms to Know

  • APR (Annual Percentage Rate): This is the full cost of a car loan, which includes fees.
  • Loan term: This is the number of months you have to pay back the car loan.
  • Credit score: This number will affect the interest rate and your eligibility for the car loan.
  • Conditional Sale: This type of finance has a set loan term and at the end, the car will be yours.
  • Car loan calculator: You can use this calculator to see what the repayments might be.
  • Upfront deposit: This is the money you pay at the beginning to make the car loan smaller.
Key Terms to Know about Moneybarn Car Finance

What Credit Score Do You Need for Moneybarn Car Finance?

Moneybarn is one of the few UK car finance companies that helps people who have poor credit or limited credit history. They also work with those who have CCJs or past defaults. There is no set minimum credit score that you need. Every application gets looked at on its own. The company checks your full financial situation before making a decision.

If you have not been able to get car finance from other lenders, Moneybarn might be a more flexible choice for you.

Key things to know:

  • No set minimum credit score – They do not have a fixed credit score you need. They look at if you can afford it, not just your credit file.
  • Soft search first – They will do a soft check on your credit first, so your credit score does not drop unless you take the offer.
  • Suitable for:
    • County Court Judgments (CCJs)
    • Missed payments
    • Defaults
    • DMPs and IVAs (this depends on your status)
  • Better credit scores accepted – They will take on applicants with good credit scores, but the interest rates are best for those with lower scores.

Even if you have been turned down by high street lenders or your credit rating is low, you can still get Moneybarn car finance. They look at your income, how stable your life is, and your history of paying money back. So, if you show that you can make payments, there is still a way for you to get a car. It is not just about the score. They look at other things to help people that the other lenders might say no to.

Can You Improve Your Credit Before Applying for Car Finance?

Yes — if you work to improve your credit profile before you apply, you can lower your interest rate and make your chances of approval better. This is very important when you want to get a car loan with a higher amount or a longer term.

Here are 3 practical steps you can take:

  • Register on the electoral roll – Lenders use this to check your name and where you live. This helps to make your credit score better.
  • Reduce your credit card utilisation below 30% – Use only a small part of your credit card limit. A lower balance shows the lenders that you use your money well.
  • Avoid multiple hard credit searches in a short period – If you have too many checks on your credit, it can bring the score down. Lenders also may see you as a risk.

Even a small boost in your credit score can help when you apply with lenders like Moneybarn. This is true, especially if your financial situation is not strong. A better credit score can make it easier for you to get what you want from lenders. Your credit score and financial situation are important, so take steps to improve them if you can. This will give you a better chance with most lenders.

What Repayment Terms and Loan Types Are Available?

Moneybarn offers fixed-term car finance for people who want steady monthly payments and to own their car when the loan ends. They give you a Conditional Sale agreement. This is a simple borrowing plan for drivers who like to keep the car after all payments are made.

Key details about Moneybarn finance terms:

  • Loan term options: The loan term can be from 36 to 60 months. That means you pay over 3 to 5 years.
  • Monthly payment: You will have a fixed monthly payment. The amount stays the same for the whole time.
  • Loan type: The loan type is called Conditional Sale. You get to own the car after making all the payments.
  • No mileage restrictions – You can drive as much as you want. There are no mileage limits like there are with PCP or leasing.
  • No final balloon payment – You do not make a big last payment. The car is fully paid off by the end of the loan term.
  • No early return option – The deal is made so that you keep the car and do not hand it back early.

What affects your loan?

  • Interest rate (APR): The interest rate depends on your credit score, the kind of car you pick, and your full financial situation.
  • Loan amount: The loan can cover the full purchase price after you pay a deposit.
  • Used car focus: Most loans like this are made for a used car. You also get flexible vehicle options when you go through approved dealerships.

Optional extras like GAP insurance, warranty cover, or roadside assistance may be to get at the dealership. This will depend on the terms of your own offer. Moneybarn does not give these extras straight to you, but the dealership can add them to the finance package if you ask for it.

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What Should You Know Before Submitting a Car Finance Application?

Getting car finance is a big step, especially if you had trouble with credit before. To get better chances of approval and keep from getting any extra costs, it helps to prepare before you apply.

1. Review Your Full Credit Report First

Before you go to apply, make sure you check your credit report from all the UK credit reference agencies.

  • Experian
  • Equifax
  • TransUnion

Check that every detail is right, like your financial situation, open credit accounts, and payment history. A small mistake, like an old address or closed account, can hurt your eligibility.

Even if you do not have a good credit score, looking over your report helps you know where you stand. This way, you can see what is there and what you might need to work on for your credit score. It is a good idea to check now and then. A good credit score is important for your money plans and your future.

2. Understand the Loan Structure and Payment Impact

Use a car loan calculator to estimate:

  • The total monthly payment amount you will have to pay.
  • The whole cost of borrowing the money.
  • How the deposit and interest rate can change your payments.
  • The full loan amount and there could be some extra fees.

These tools help you see a simple breakdown using your real budget. If you feel your money is tight, a longer loan term can lower what you pay each month. But it will make the total amount you pay back higher in the end.

3. Consider Your Credit Strength

Your credit score has an impact on your annual percentage rate (APR) and your chances of approval. When you apply for a loan or a credit card, the lender will check what your score is. A good score can help you get a lower APR. It will also make it easy have your request approved. If your score is low, you might get a higher annual percentage rate. There is also a chance the request will not be approved.

  • A higher credit score can help you get better offers. Moneybarn is made for people who are not in the prime group.
  • If you have good credit, you should look at what other companies are offering. You might get lower rates with other lenders.
  • If your credit score is going up, it may be better to wait some months before you apply. Lenders like to see the score go up.
What Should You Know Before Submitting a Car Finance Application

4. Make Sure the Vehicle Suits Your Needs

Think long-term before selecting a car:

  • Is it reliable, and will it work well for your daily mileage?
  • Are the maintenance and insurance costs low enough to fit your budget?
  • Will it meet all your needs during the full loan term?

Since Conditional Sale agreements do not let you swap your vehicle early, it is important to pick a car that will fit your way of life for the whole time you have the contract. Think about how this car will meet your needs now and later, so you do not feel stuck with it.

Correct as of 30 July 2025

FAQs About Moneybarn Car Finance

There is no set minimum needed. They look at your credit history and see if you can pay back, not just your score.

Usually, you need to make a deposit. But some approved brokers can help if you want a low deposit or even a zero-deposit plan. This will depend on your credit.

Yes. They are one of the UK’s top companies for people who have poor credit or CCJs.

Sometimes, you can get approved. It will depend on the vehicle you want, the seller, and if you meet all the needed rules.

Yes. With Conditional Sale, you get full legal ownership of the car when the contract is over.

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Page last updated on: 31/07/2025

Page reviewed by: Andrea Troy

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