If you’re in an IVA, you may still be able to get car finance. We’ll need a short letter from your IVA practitioner to say it’s approved. The letter will also set out the most you can pay each month and how long the finance can run.
If your IVA is finished, you may also be considered for car finance with lenders who understand that life doesn’t always go to plan.
At Go Car Credit, we work with people who’ve had financial difficulties in the past, including IVAs. While we can’t guarantee approval, we’ll look at your individual circumstances and see if we may be able to help.
Step 1: Calculate your monthly repayments
Step 2: Apply and track your application online, in real time (No login or app needed!)
Representative example – Total amount of credit £10,000, annual interest rate 18.25% (fixed), charge for credit £9,430 (£9,125 interest, £295 admin fee and £10 option to purchase fee), total amount payable £19,430. Loan term of 60 monthly instalments, 59 payments of £323.67 and 1 final instalment of £333.47. 36.1% Representative APR – Subject to status and affordability
An IVA (Individual Voluntary Arrangement) is a formal agreement to repay debts over time. It’s usually managed by an Insolvency Practitioner and often lasts around five or six years. During that time, you’ll make affordable monthly payments toward your debts.
Your IVA will appear on your credit report for six years and stay on the Insolvency Register until three months after it ends. This can make borrowing more difficult, but not impossible, especially with the right lender.
Yes, once your IVA is complete, you could apply for car finance. Some lenders may still say no, but others like Go Car Credit take a more flexible view. We look at your affordability today, not just your credit history.
If you’ve shown that you’re managing your money well and can afford the repayments, there’s a chance we might be able to offer car finance to help you get back on the road.
Many people who’ve had an IVA also have a low credit score. That’s perfectly normal. But having bad credit doesn’t mean you won’t be considered. We specialise in car finance bad credit applications, so we understand how to assess things properly.
We’ll look at your income, regular expenses, and how you’ve managed credit since your IVA. If it seems like a car loan would be affordable and responsible, we may be able to help.
If you’re in an IVA, talk to your Insolvency Practitioner before applying for any finance. If you need a car for work or daily life, they may agree to you taking out car finance. We would then need a letter from them to confirm this. The letter will also show the most you can pay each month and how long the finance can last.
We’re a direct lender, which means we handle everything in-house. No brokers, no third parties, just a straightforward process with a team that understands financial setbacks.
In a recent survey of our applicants, 20% said they chose us because they had bad credit and felt we understood their situation. You can read more about why customers choose us.
If you’re not sure whether you might qualify, our car finance eligibility page explains what we look at when reviewing applications. It includes details about income, credit history, and what could affect your chances.
Our car finance application starts with a soft credit search, so there’s no impact on your credit score. A hard search would only happen later if you choose to go ahead with the finance.
If we think we might be able to help, we’ll guide you through the next steps. Our team will manually review your application and may contact you if we need more details. If approved, you could choose a car from a trusted dealership and finalise your agreement with our support.
To see the full process from start to finish, visit our approval process page.
If you’ve had an IVA, here are a few things that may improve your chances when applying for car finance:
If you already have a car on finance before entering an IVA, you may be allowed to keep it. This depends on how essential the car is and whether your repayments are affordable. Your Insolvency Practitioner would need to approve it. Every situation is different, so it’s worth having that conversation early on.
If you’re unsure where to start, MoneyHelper is a free and impartial service that offers advice on debt, credit, and managing your finances.
For official guidance on how IVAs work, what they affect, and how long they stay on your record, visit the GOV.UK IVA page.
If you in an IVA and you’re looking for a way to get back on the road, we’re here to see if we could help. Our application process is quick, and we’ll always treat you fairly and respectfully.
