Car finance with an IVA

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Looking into car finance with an IVA? No worries, Moneyrepublic's got your back! We're experts in helping folks with bad credit rating, including those with IVAs. Our goal is to make it super easy for you to get the wheels you need. With us, you can explore different options like hire purchase or personal contract purchases. We team up with special lenders who understand your situation, so you can relax knowing you're in good hands. Don't let your IVA stop you from hitting the road. Let Moneyrepublic steer you towards the car finance deal you're after!

What is an IVA?

An Individual Voluntary Agreement (IVA) is a formal arrangement between an individual and their creditors to manage debts. It's facilitated by an insolvency practitioner and provides a structured plan for repaying what's owed. IVAs offer a way to avoid bankruptcy by agreeing on affordable monthly payments over a fixed period, usually around five to six years. During this time, interest and charges may be frozen, and any remaining debt after the agreed term is typically written off. IVAs are a helpful debt management tool, providing individuals with a clear path towards financial stability.

Can you get car finance with an IVA on your credit file?

Yes, you can get IVA car finance. However, it's essential to acknowledge the challenges involved in securing car finance. Traditional lenders may be hesitant due to your bad credit history, but specialist lenders, like Moneyrepublic, understand these situations. They're more likely to consider your application and offer tailored solutions to suit your needs. While it may require more effort to secure car finance with an IVA, it's not impossible. Working with specialist lenders increases your chances of success and puts you on the path to driving the car you need.

What car finance options are available to me during my IVA?

Hire Purchase car finance with an IVA

Considering car finance options with an IVA? Hire Purchase (HP) could be the solution for you. With HP, you make fixed monthly payments over an agreed loan term, typically between one to five years. This method offers a structured approach to car ownership, allowing you to spread the cost of the vehicle over time. One of the significant benefits of HP is that once you've made the final payment, the car becomes yours outright. This makes HP a popular choice for individuals with IVAs, as it provides a clear path to car ownership while accommodating their financial circumstances. Specialized lenders like Moneyrepublic are adept at arranging HP car finance agreements tailored to your needs, making the process of applying for IVA car finance smooth and accessible.

Personal Contract Purchase car finance with an IVA

PCP typically offers lower monthly payments compared to other finance options as it's based on the car's depreciation value over the contract term. At the end of the car finance agreement, you have the choice to make a final balloon payment to own the car outright or return it and upgrade to a new model. However, PCP providers often scrutinize credit history, making approval more challenging for those with IVAs. It's advisable to wait until the IVA is discharged before applying for PCP to increase your chances of approval. While PCP can be an attractive option, it's essential to consider your financial circumstances carefully before committing.

IVA car finance eligibility criteria

To qualify for car finance with an IVA, you must meet specific criteria:

  • Age: You must be at least 18 years old.
  • Residency: You should be a resident of the UK.
  • Valid driver's license: You need a valid UK driver's license.
  • Employment: Full-time employment status is typically required.
  • Bankruptcy: You must not have been declared bankrupt.

Will I actually know if I have an IVA?

If you have an IVA, you'll be well aware of it. The process involves actively opting in and working with an Insolvency Practitioner. They'll guide you through the terms and conditions, including any restrictions or limitations on monthly payments and car finance agreements. It's essential to stay informed about your financial commitments during this time to ensure compliance with your IVA terms.

Can I get IVA car finance if I am self-employed?

Yes, self-employed individuals can secure IVA car finance, but expect extra scrutiny. Lenders will evaluate your business's financial health and your capacity to make consistent payments. Having your insolvency practitioner's backing and demonstrating the vehicle's importance in sustaining your income strengthens your case.

Can I apply for joint or guarantor car finance if I have an IVA?

If you're having trouble because of your IVA, joint or guarantor car finance could help. With joint finance, both your and the co-signer's financial backgrounds count. Even if your IVA makes things tricky, a co-signer with a good credit score and steady income boosts your chances. With guarantor finance, someone else agrees to step in if you miss payments. They need to understand what they're signing up for. Usually, they're family or close friends with good credit. Both options give you support and help you get IVA car finance on your own.

Why choose Moneyrepublic for IVA car finance?

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  • Will an IVA impact my credit score?
    Once you're in an IVA, it shows up on your credit report and brings down your credit score. How much it drops depends on how well you stick to the IVA agreement. Making payments on time can help boost your score eventually. But, having an IVA can make it tricky to get car finance and might make your credit score worse. At Moneyrepublic, the lenders we work with start with a soft search credit check. This means they can check your credit history a few times without hurting your score. It's a safer way to explore your car finance options.
  • Can I get car finance with an IVA?
    Getting car finance with an IVA is challenging, but possible . You'll likely need to work with specialist lenders who understand your situation and can offer car finance options that accommodate your financial constraints. Approval often depends on your current financial stability and the insolvency practitioner's consent.
  • Is my car safe in an IVA?
    Your car can be safe in an IVA if it's considered essential for work or family commitments and if the car finance payments are reasonable within your IVA budget. It's important to discuss this with your insolvency practitioner, who can provide guidance based on your specific agreement and financial situation.
  • Does an IVA show on a credit check?
    Yes, an IVA will appear on your credit report and be visible to potential lenders during credit checks. It remains on your credit file for up to six years from the start date, affecting your ability to secure new credit, including car finance, during that time.