In Uncertain Times: A Helping Hand For ‘Non Prime’ Drivers

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A new alternative to simply credit scoring consumers will help the growing number of drivers who have been marginalised by banks fund their next car. moneybarn look at more than just a credit score for those looking for bad credit car finance.

"...we are able and willing to responsibly lend to customers who are currently marginalised by high street lenders.”

Shamus Hodgson, Director of Sales and Marketing

moneybarn, the UK’s leading specialist car funder today announced the launch of a new car finance product focused on providing no- nonsense ‘prime’ levels of service, affordability and flexibility for the growing number of British consumers who are now viewed as ‘non prime’ by UK financial institutions. There are increasing numbers of people looking for bad credit car finance - a sign of more and more being turned away by high street and dealer forecourt lenders.

moneybarn, previously known as Duncton plc, have been trusted for nearly 20 years to finance cars for consumers with unusual or ‘non conforming’ circumstances, and with the introduction of a unique decision making process now have more freedom to responsibly lend to customers who are no longer accepted by prime lenders. More than just a credit score, this takes into account a further four variables - the trade value of the car, levels of customer debt, income and address stability and affordability over the duration of the agreement. This approach is both responsible and inclusive to those consumers looking for what is known as bad credit car finance

Global credit information provider, Equifax revealed this year that 1 in 3 consumers who applied for a credit card in the last 12 months were refused credit because they had a poor credit rating * and according to Credit Action, more than 100,000 people will be declared insolvent or bankrupt and over half a million Consumer County Court Judgements (CCJs) will be issued in the UK this year alone. **

Set against this economic climate, the need for all families to have access to reliable and affordable transport is greater than ever. Often constrained by their own failures pre-credit crunch, banks have had no choice but to tighten their lending criteria and squeeze out consumers with less than perfect credit histories. Peter Minter, moneybarn’s Managing Director for the past 8 years describes the problem faced by consumers when rejected by their banks or prime car finance companies,

“The alternative to high street banks can be either be unscrupulous lenders and extortionate rates, or the prospect of being forced into unsuitable cars with tied car and finance agreements where the consumer pays dramatically over the odds for both their car and the finance product. By allowing our customers the freedom to choose a car from the dealer of their choice and still offering competitive rates, we offer an ethical and responsible alternative.”

As the actual lender, moneybarn is able to consider each applicant, view every case on its merits and tailor competitive funding to fit as Shamus Hodgson, Commercial Director at moneybarn describes,

“There are a growing number of British consumers who are finding themselves outside of the mainstream finance world, in no small part brought on by the economic circumstances of the past three years. Unlike banks who are tied to rigid credit scoring, we take a wider view of personal circumstances and remain very much an asset based lender – this means we are able and willing to responsibly lend to customers who are currently marginalised by high street lenders.”

*Equifax Credit Card Survey – 2680 respondents in total - January 2011 (http://www.equifax.co.uk)
** Credit Action Debt Statistics - June 2011 (http://www.creditaction.org.uk)

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Adrian Leaman
moneybarn
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Shamus Hodgson
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