Moneybarn uses a conditional purchase agreement for the financing of cars, motorcycles and vans. A conditional purchase agreement means that you can fully use the vehicle during the term of the contract and that it will be registered in your name; However, you will not own the vehicle until all refunds have been made. If you have paid for your contract and the vehicle now legally belongs to you, you are free to sell or partially replace your vehicle. That is, if you wish, you can partially replace your car and invest this money in a new vehicle. You may also want to buy a cheaper vehicle directly, or you may need less financing to be able to buy a new car with that money as a deposit. The choice is yours at this point. It is good to know that even when applying, a financial agreement with us is not yet guaranteed. Once Moneybarn has approved a financing application, the next step in the process is to find the right car or van for you. This way we can create an offer for you that shows exactly how much the deal will cost you monthly and in total.
With the purchase of a personal contract (PCP), you pay a deposit followed by refunds, but at the end of the agreement, you have the option to return the car or take possession of it. If you wish to keep the vehicle, you will have to pay the fee for the minimum future value guaranteed. If you decide to return the vehicle, you can use equity as a deposit for your next vehicle. Signing a vehicle financing contract is a big obligation and can seem complex. It`s important to understand exactly how it works to help you decide if it`s the right choice for you. Here are the answers to the most frequently asked questions to our team. If you wish to change or upgrade your vehicle, you must refund the amount of the existing contract before selling or replacing your vehicle. This means that you will not be able to sell or trade in your vehicle until the final amount has been paid. Unfortunately, this means you can`t sell your vehicle to pay for the deal you`re in. It is important to understand the terms and conditions and all costs before signing the financing agreement. One way for you to reduce your monthly repayments is to put a deposit on the car that reduces the total amount of financing you borrow. A car or van depot can help make your financing more affordable and ensure you get a car that really meets your needs.
Zero deposit is when you don`t have a cash deposit or prefer not to make a deposit. Car leasing is a long-term rental of a vehicle. If you decide to rent, you must return the car at the end of the rental period. In a typical lease, you pay a down payment or upfront repayment, followed by fixed repayments over time. Once you have paid the balance of your current contract, we can verify the financing of another vehicle for you. We can offer a lower interest rate to those who meet our credit criteria, so please call us to see if you qualify. If you are satisfied with your offer and the monthly repayments offered, we can prepare your contract. Only at this point do we perform a difficult loan search in your credit report. This only happens when you are absolutely sure that you have found a car that you like and want to make a deal with us. Please note that Moneybarn only offers a conditional purchase agreement for the financing of cars, motorcycles and vans. If you prefer to apply by phone, our direct sales team will be happy to guide you through our application process.
The car you want to finance must not be older than the age limits set by Moneybarn and must not have exceeded the mileage limit. If you can`t find what you`re looking for on our vehicle finder, our direct sales team can help. Tell them what you`re looking for in a new car and they`ll be able to start the search for you. Hire purchase (HP) is when you essentially rent the car from the lender until it has been paid in full. You can then pay a final fee called the call option fee to own the car directly. These costs can vary, but are usually around £100 to £200. You will officially own the vehicle once all refunds have been made and you have paid the purchase option. This is for those whose application has been approved in principle. It simply means that we need a little more information from you before your application can be approved. A member of our direct sales team can advise you exactly on the documents we need to perform an affordability check on your application. At Moneybarn, we offer a “conditional sales contract”, which means that we legally own the vehicle while you reimburse the financing of your vehicle. Once all fees have been paid, the vehicle can be legally transferred to you.
You can choose a vehicle before applying for financing or wait until you have been approved before choosing a car. If you opt for a vehicle, Moneybarn can arrange all necessary payments to the dealer. To apply for Moneybarn car financing, you must provide personal information and details about your finances, including your income and employment status. You may need to submit supporting documents to secure your application. . We will then send you the contracts for signature. We need copies of the documents listed in your application email. Each app is unique and has different requirements, so please discuss with your Moneybarn Direct consultant exactly what you need. Lawrence from Swindon Moneybarn helped me buy my current car and they were extremely adequate and helpful and I would not hesitate to contact them and recommend them to my friends Feefo November 2020 You may have already searched on the websites of car dealers and a vehicle in mind.
We have credit criteria for all vehicles, so please check if your vehicle fits in. We will notify you when we have paid the dealer so that you can enjoy your newly financed vehicle! Now, for fun, watch and test the vehicles. Our direct sales team can allow you to inspect and test any vehicle within your budget directly at the dealership. You can also arrange this yourself with the dealer. What suits you best. Moneybarn is a financing provider specializing in cars, vans and motorcycles. Founded in 1992, the lender focuses in particular on finding financing solutions for people with a poor credit rating who may have struggled to be accepted elsewhere for auto financing. Moneybarn is based in the town of Petersfield in Hampshire and joined Provident Financial, a leading UK provider of personal loans, in 2014. The dealer from whom you buy your car must be FCA registered and meet Moneybarn`s criteria to ensure that it is a reputable and trustworthy dealer. .