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

Petersfield, West Susex, UK (PRWEB) August 08, 2011

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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Finance – Economical Categories

Scientific works in the theories of finances and credit, according to the specification of the research object, are characterized to be many-sided and many-leveled. This latest first appears to be a part of value of main industrial funds, later it is moved to the cost price of a ready product (that is to the value too) and after its realization, and it is set the depression fund.

This latest is very actual, relatively to the process of privatization and the transition to privacy and is periodically used in practice in different countries, for example, Great Britain and France. One of the potential “hidden” fees when buying or leasing a car is a markup that dealers can add to your interest rate, even when you have a good credit score.

Say the normal interest rate from the finance company used by the dealer is 6.0%.A common question from automotive consumers is, “Can I negotiate my interest rate?” In most cases you can try to negotiate the markup, but not the base rate, which is set by the finance company based on your FICO score. The finance company or bank can find problems in the customer’s credit history/score or debt-to-income data that makes them flag the application as high risk.

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They can then ask the dealer to inform the customer that the application was not approved, or that additional money is required, or that a co-signer is needed in order to re-submit the application for approval. First repair you credit score. Repairing credit score requires little effort, helps you repay your debt and retain your credit report. Online car finance companies can get you car finance loan even if your credit score is lower than required. Your car finance loan can get approved in minutes. And why not drive the best car, when you have access to the best car finance plans.

Car financing is a transparent route that leads you to become a car owner. Car finance loans are usually short term loans ranging from 36 to 72 months. There was a time in the old days when going to the bank was the only way to get outside capital for your business. These days with the explosion of raising equity investment, many of the guidelines for running a company have been revolutionized. One option increasing in popularity among software vendors is to establish a customized finance program that provides no-hassle financing solutions for your prospective clients.

Improved cash flow management – With software financing, your customers can conserve capital for reinvesting in their business and improve budgeting accuracy through fixed monthly payments. nother benefit is that as software needs are being discussed in the sales process, the finance specialist can work with the chief financial officer or accountant to determine which financing option and payment plan best suits business needs and cash flow.

The thrift institutions were later on replaced by mortgage finance bankers. These people are the ones who originate the mortgage finance product and offer these to investors. The 1990s brought on the arrival of mortgage brokers who are savvy freelance mortgage finance agents who originate loans for several lenders and sell these to several clients, from enterprising investors to homebuyers.

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