Zuto and Moneybarn

John_Warrington

I have went through Zuto to get car loan HP, and was told that the only company that would do the loan was Moneybarn, Which I did except as true I have kept up with the payments as I need a car to get to work, I recently was told by a friend who worked at companies similar that they would get bigger bonus from the companies with the worst interest rates so would push people to them, and that even one independent broker was owned buy one of the fiance companies, any ex zuto or moneybarn people on here who could shed some light, how would you ever find out, and if mis sold would you be eligible for a discounted rate.

[Deleted User]

No. An independent broker won't be owned by them and there are no discounted rates available.

Overpay as much as you can to reduce interest.

John_Warrington

OK great so Zuto have no connection with Moneybarn, thanks

~Brock~

Moneybarn are owned by Provident plc.


Zuto are independantly owned and according to their website deal with 17 different lenders. I therefore doubt that they are financially connected to any one of them.


Their job is to match people to the most suitable lender based upon their credit profile. I doubt that their commission from individual lenders varies that much because those with higher interest rates will be taking on higher risk business, so the risk/reward ratio should be roughly the same I woud have thought.

DCFC79

Is it that bad that your resorting to Moneybarn ?

John_Warrington

lived abroad for 10 years, Zuto explained I had no good credit or bad credit and Moneybarn where the only ones, and after my car failed MOT I needed a car to get to work, I think this is what my friend might have been referring too, but it about electric companies.



"This week Martin Lewis revealed to Britons how comparison website are legally allowed to hide the best deals from their customers in a bid to make money. Comparison sites often make money from their users through commission, paid by utility companies when Britons switch to their tariff through them.In a bid in increase profits the companies are now legally allowed to hide deals that won’t get them a commission, even if these deals are the cheapest, potentially misleading customers."

~Brock~

John_Warrington wrote: »

"This week Martin Lewis revealed to Britons how comparison website are legally allowed to hide the best deals from their customers in a bid to make money. Comparison sites often make money from their users through commission, paid by utility companies when Britons switch to their tariff through them.In a bid in increase profits the companies are now legally allowed to hide deals that won’t get them a commission, even if these deals are the cheapest, potentially misleading customers."

Yes but the above statement is slightly flawed in the context of this subject because Zuto is not a comparison website and Monebarn is not a utility company.

John_Warrington

"Confused owned by Admiral. Yes, that Admiral. They also own elephant, Bell Direct and Diamond, the womens car insurance specialist.

GoCompare are "independent" but have received a £30m loan from esure. If they can't pay esure back in cash, esure become a major shareholder. That's according to the Insurance Times.

Compare the Market is owned by Budget. This one is a bit naughty, as all of the brands quoted are Budget group companies - "

John_Warrington

~Brock~ wrote: »

Yes but the above statement is slightly flawed in the context of this subject because Zuto is not a comparison website and Monebarn is not a utility company.

Yes that's why I asked about Zuto and Moneybarn, I hoped maybe a ex-employee would read and comment. Or if anybody has used Zuto who did you get fiance with.

~Brock~

John_Warrington wrote: »

Yes that's why I asked about Zuto and Moneybarn, I hoped maybe a ex-employee would read and comment. Or if anybody has used Zuto who did you get fiance with.

Not sure but your explanation of your circumstances earlier sounds like a reasonable reason why they couldn't get you placed with a cheaper lender. Once you have paid it off it should contribute to better offers next time around hopefully