The higher the APR the more the car salesperson could earn in commission.
Fill in our MoneyBarn PCP claims checker to determine if you are eligible for a no win no fee claim.
Most common was you can be mis-sold Moneybarn car finance.
Broker receives commission, which is kept a secret.
Unreasonable high interest rates.
Contract are rarely adequately explained.
Customer’s are mis-led with numbers.
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Do You Qualify For a MoneyBarn PCP Claim
Mis sold MoneyBarn car annual Mileage
Do you think your car salesperson who arranged the deal never explained the your annual mileage correctly or gave you less miles than what you drove.
Did you feel pressured by the car salesman
Do you feel like you may have been pressured into a car on finance that you never wanted to enter in the first place?
Moneybarn High APR Intrest rates
Do you think you were overcharged on your Moneybarn PCP APR% interest rate? If your credit score is at the time when purchasing your car ok then you may have been mis-sold due to an incentivized commission structure.
Moneybarn car finance agreement not fully explained
Did you feel like you were rushed when you were going through the car finance agreement details with the car salesperson?
Mis-sold Moneybarn Car finance explained
Moneybarn Dealers and lenders may have a tendency to engage in deceptive practices when it comes to PCP and HP deals.
Before entering into any agreement, lenders have the responsibility to explain their terms in detail to ensure that you fully comprehend what is being offered.
This deal should be customized to your exact needs and managed within your financial constraints.
The following are examples of how a deal
1) Extra costs are deceptive. The addition of extra costs that were not discussed earlier. The lender may manipulate the additional cost figures in a way to make you accept them without realizing it.
2) Mis-sold Moneybarn car finance. The lender may try to sell you a type of car which is too high for your budget or does not fit your requirements.
2) Extra fees are incorrect. The lender may charge you for services that were not explained or agreed to earlier.
3) Information about the vehicle’s owner or other alternatives that would have saved money for the borrower was hidden.
If you believe that Moneybarn has mis-sold car finance to you, then you may be eligible to make a claim.
In order to do so, it is important that you have all the necessary evidence and documents related to your agreement.
How has Moneybarn Car finance been Mis-sold
Recently, the Financial Conduct Authority (FCA) launched an inquiry into improper sales of car loan options in the UK.
After a thorough investigation, it was uncovered that lenders were covertly encouraging brokers and car dealers to charge customers higher interest rates in order for them to receive greater commissions. Customers were unaware of this clandestine practice.
Consequently, customers were unaware that they were paying more in interest than necessary.
With the FCA’s rigorous research, a ban on this activity has been initiated and car dealerships and brokers must now accept responsibility for how they handle their customers.
Therefore, shoppers must be vigilant and make sure they are not being misled when looking to finance a vehicle.
Armed with the right research and questions, consumers can guarantee they secure the best possible deal on their car loan.
In the case of Moneybarn, this may involve an arrangement which rewards the car dealer with an additional commission if they can find someone who is willing to pay higher interest rates than those available in the market.
This means that customers could be paying more in interest without even knowing.
These commissions are often hidden and can lead to the customer paying higher interest rates than they would have otherwise, meaning they end up paying more overall.
It’s essential to be cognizant of these practices prior to signing a car finance agreement, ascertaining that you will not incur any unexpected or exploitative charges.
some car salesmen may not take your credit score into consideration when entering into a car finance agreement.
It is important to ensure that the car salesperson takes your credit score into account as you could be paying a lot more on interest fee’s.
If the salesperson does not take your credit score into consideration and instead offers you a higher APR interest rate than what you would be eligible for with your current credit score, then this could be considered
A recent study from the Financial Conduct Authority uncovered that numerous car dealerships are continuing to hide the presence of commissions provided by their finance brokers.
This is a concerning trend, as it suggests these dishonest dealerships are taking advantage of unsuspecting customers who may not be aware of additional costs associated with financing options.
Unfortunately, the potential for conflicts of interest in the car finance industry has been brought to light with salespeople adjusting rates to increase their commission.
To ensure that consumers are equipped with the best options available, it is essential for increased transparency and clarity throughout this sector.
With the cost of cars rising all the time, it is more important than ever that people are able to make informed choices about their finances.
Only with a clear understanding of all the costs involved can they be sure they are getting value for money.
Example of a mis-sold Moneybarn car finance deal
Here’s an example of how Moneybarn may have taken advantage of Hellen, a woman with a flawless credit score, by charging her an excessively high APR interest rate on her PCP car finance deal.
If Hellen desires to invest in a car and seeks a PCP car finance deal from Moneybarn, this is the ideal option for her.
With her impeccable credit score, Hellen is well-positioned to qualify for a competitive APR interest rate of 3.9%, which will save her significant amounts of money!
However, the shrewd car salesperson capitalizes on Hellen’s indecision by urging her to take out a loan with an exorbitant interest rate of 20%, hypnotizing her with promises of more lavish vehicles or extended repayment terms.
The car salesperson is not providing a comprehensive overview of the loan stipulations and failing to disclose their commission system, which could be encouraging them to suggest higher APR rates.
Consequently, Hellen finds herself with a loan carrying an excessive interest rate that can inflate the overall cost of repayment.
With a loan amount of £22,000 and an interest rate of 20% APR spread out over three years, you can expect to pay totalling £32,000 – that’s an additional total cost of £10,000 in interest fees.
By qualifying for the reduced interest rate of 3.9%, Hellen would have paid £23,300 in total loan costs instead of £32,000, saving £10,000.
Consequently, Hellen should have been disbursing around £647 per month with the advantageous APR interest rate of 3.9%.
With a significantly higher interest rate of 20% APR, Hellen’s monthly payments would be roughly £961 –an additional £300 more per month.
It’s important to note that this is just an example and the actual loan terms can vary depending on the specific situation.
Can I claim Moneybarn Compensation?
If you feel that your car finance agreement was sold to you unfairly, then Moneybarn compensation could be owed to you in amounts possibly reaching thousands of pounds depending on how you were mis-sold or how much your moneybarn agreement was worth..
Look out for signs such as mis-selling or other potential issues and don’t hesitate to file a claim today!
Individuals can file claims if they feel that their finance agreement was founded on false pretences, the repayments are too costly for them to afford, or if they were coerced into entering the contract.
The Financial Ombudsman Service can also compensate you if the lender has gone out of business and is not able to pay you anything.
If you believe that you have been mis-sold Moneybarn car finance, it is important to act quickly in order to maximize your chances of receiving Moneybarn compensation.
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