A Barnstorming Month For Moneybarn And Non Prime Car Sales

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As the Finance and Leasing Association publish figures showing a 8% increase in car finance lending in August, moneybarn, the UK’s leading bad credit car funder, have announced a ninth consecutive record month of lending in the non-prime sector.

bad credit car, guaranteed car finance, poor credit car finance

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As one of the few non-prime car finance companies with an appetite to lend in the current climate, we’re seizing the opportunity and welcoming onboard more new customers than at any time in our nineteen year history.

Recently released figures from the Finance and Leasing Association (FLA) showed that their members lent £928 million for consumers to finance new and used cars in August, up 8% on last year. However, across the whole of the consumer finance sector, the total amount of new finance was down by 2%.*

In contrast to these modest increases, moneybarn, the UK’s leading specialist bad credit car finance company today announced their ninth consecutive record month of lending and a 300% year on year increase in new customers. The most popular car for moneybarn customers in November was the BMW 3 Series, accounting for nearly 10% of all cars funded.

moneybarn provide finance through intermediaries and direct to consumers via the moneybarn.com website and October 2011 was a record month for both channels as Peter Minter, moneybarn’s Managing Director explains,

“We work with a select group of finance brokers who have all performed incredibly well over the last twelve months. Whether they are internet focused or brokers who have relationships with car dealerships, there’s been strong growth across the business.

As one of the few non-prime car finance companies with an appetite to lend in the current climate, we’re seizing the opportunity and welcoming onboard more new customers than at any time in our nineteen year history.”

Earlier this year moneybarn published figures on the most popular cars for people with bad credit with the Vauxhall Astra topping the list. In October, the most popular car for moneybarn customers was the BMW 3 Series, with the Ford Focus and Vauxhall Astra appearing second and third respectively.

*http://www.fla.org.uk/media/201011_consumer_august

About moneybarn
moneybarn creates more opportunities for more consumers to finance the purchase of cars with a responsible, ethical and inclusive approach to car finance. With over 20 years experience of working with customers with unusual and non conforming backgrounds who may have experienced difficulties obtaining credit elsewhere, moneybarn is the UK’s leading poor credit car finance company. More information can be found at http://www.moneybarn.com

About The Finance and Leasing Association
The Finance and Leasing Association is the leading trade association for the asset, consumer and motor finance sectors in the UK. In 2010, FLA members provided £72.0 billion of new finance to UK businesses and households, of which £19.0 billion supported the purchase of new and used cars, including more than half of private new car registrations in 2010. More information can be found at http://www.fla.org.uk

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Adrian Leaman

Shamus Hodgson
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