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I'm currently in my 4th year of an IVA. Can you get me car finance with bad credit?

I'm currently in my 4th year of an IVA & have been given permission to obtain car credit by the IP to get replacement vehicle.

But i'm finding it hard understandably to obtain finance as i'm currently paying for another hire purchase agreement. Can i get another agreement in my name?

Asked by Ian Dowd

Hi Ian, this is a tricky situation. We could potentially get you a car loan as we have lenders who help people with bad credit however, i have a feeling that for us to get you approved you may well need to settle your current hire purchase agreement.

Do you need 2 cars in your name? We could settle the HP off on your current car if you part exchanged it but i'm not sure whether your creditors would accept this. However, you may want to confirm as this may well be possible.

We could certainly try and get you approved for a 2nd car as long as you can prove your income. Once approved we provide a no obligation quote and you can choose a car from any dealer. Please apply when you're ready. Kind Regards, Rachel

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 58 People

5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9% APR: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

Rates may differ as they are dependent on individual circumstances. Subject to status.

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