Do you want a new car but are worried you won’t be accepted for finance due to previously being in an IVA?
Formerly being in an IVA doesn’t always mean you will be declined for car finance, but the element of affordability will be key to helping you get approved for finance.
As specialists in providing car finance for those who may have experienced bad credit in the past, we want to help you get back on the road to better credit. We would look at your affordability and your recent history of repaying debt.
If you are in an active IVA we are unable to provide car finance. It could be possible to get car finance if you have previously been in an IVA.
Representative example – Total amount of credit £9,000, annual interest rate 21.75% (fixed), charge for credit £10,092.32 (£9,787.32 interest, £295 admin fee and £10 option to purchase fee), total amount payable £19,092.32. Loan term of 60 monthly instalments, 59 payments of £318.04 and 1 final instalment of £328.04. 40.9% Representative APR – Subject to status and affordability
You can apply for car finance after an IVA, but it might be harder to get approved for credit with the IVA showing up on your credit file.
Once your IVA is completed, you’ll be removed from the Individual Insolvency Register after three months. The IVA will stay on your credit report for six years.
It may be a good idea to speak with your insolvency practitioner regarding timeframes.
If you enter into an IVA, it may be likely that you are able to keep your car on finance, but it may depend on your circumstances and the permission of your Insolvency Practitioner will need to be granted.
You can apply for car finance via our application form online. It takes less than 2 minutes. Once this application is submitted it will be reviewed by our underwriting team and you will be given a decision.
Rest assured that we are specialists in these types of circumstances, and we deal with customers who have been in an IVA on a regular basis. We are on hand to support you through the application process. If you would prefer to speak with one of our experienced agents prior to making an application, then call us on 01925 696 373.
