New car loan comparison website
Motor finance price comparison website Fairmoney.com has launched.
The website was founded by financial entrepreneur Roger Gewolb.
It currently features a number of lenders, who operate from the prime sector into the subprime sector.
The site operates by assessing a consumer’s credit profile, then ranking applicable lenders by the rates they charge.
While the website will receive a commission from lenders, it insists rankings will be influenced solely by the percentage rate charged to consumers. In addition, lenders cannot pay more in order to increase their product visibility.
FairMoney uses the comparison website Multi Agency Decision Engine (MADE) from technical partners Pancredit/Equiniti, to enable real time updating of the latest loans available.
“Part of being fair is to deal with the whole market including vulnerable borrowers who are paying more than they need because of a lack of clear information on different options available to them. It is a challenge to the PCW industry to do the right thing by the consumer,” said Gewolb.