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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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IVA Car Finance

I am in the 2nd year of an IVA and currently in need of car finance.

My IP has given me approval to get finance within a budget of £100 - £200 per month, is this something you can help with?

Posted by T Shipley on

Answer.

Hi Mr. Shipley, the budget that you have isn't a problem at all. We can get you into a good car for £150 to £200 per month - in fact once approved you can choose a car from any dealer in the UK.

As we have access to the vast majority of car loan lenders in the UK we are in the position of dealing with a handful that help people in IVA's get car finance so there's a good chance we can help - especially as you have consent from your IP.

The best thing to do is make an application and we'll try our hardest to get you approved. Once accepted we do provide a no obligation quote too. Kind Regards, Edwin

Posted by on
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Question.

Hello Edwin, I've just come out of an IVA (thank god) and i'm looking to get back on the credit ladder. I'm 36, on the electoral roll and am looking for £5000. Can you help?

Posted by Joe Lewis on

Answer.

Hi Joe, If you've successfully completed your IVA and have some form of credit currently that you're paying on time then we may be able to help as we do have lenders who have helped people who have been in IVA's in the past. The good news is that you're on the electoral roll. Do you have a deposit at all as this would help get you approved. Kind Regards, Edwin

Posted by on

Question.

Can my daughter get car finance with an IVA and she is self employed and gets working tax credit?

Posted by Denise on

Answer.

Hi Denise, there is a slight possibility that we can get your daughter car finance even though she is in an IVA. Some lenders do take tax credits into account when looking at someones income also. The big question - can your daughter prove her income as she is self employed? Kind Regards, Edwin

Posted by on

Question.

She is classed as self employed but gets a salary paid into her bank monthly so it would show on her bank statements. I would be able to help her out if needed but also have poor credit but I do work fulltime

Posted by Denise on

Question.

Hi Edwin, I finished my iva a few months back now. I still have credit in the means of phone contract and still have a visa debit account. I don't have much in the form of deposit however I do have a car that would be available for a trade in, is this an option? Im on a reasonable salary and on the electoral register. Thanks Ryan

Posted by Ryan on

Answer.

Hi Denise, ok - why don't you make a joint application for IVA car finance and we'll see what we can do. I'll look out for the application. Kind Regards, Edwin

Posted by on

Answer.

Hi Ryan, please make an application and we'll see if we can get you approved. The good news is that if we can get you accepted we'll be able to take your part excahnge off you as a deposit. It's also great that you are employed and receive a salary and you are on the electoral register. My only worry is that your credit profile is too weak - but we won't know unless we try. Kind Regards, Edwin

Posted by on

Question.

hi, im into my last 6 months of a 5 yr IVA. im driving a clapped out 13 yr old mini. really need a newer car. i have quite a bit of money left after my bills and also use a sly credit card where i pay off everymonth in full. any advice. need a car for my new baby in feb.

Posted by Stuart on

Answer.

Hi Stuart, thanks for using the Q&A. It is possible to obtain car finance for people who are in an IVA. Are your current credit agreements up to date? Are you on the electoral roll at your current address? Do you have a full UK licence and can you prove your income (payslips & bank stats etc)? It also may help if you can place someone else on the application to make it a joint agreement. Kind Regards, Edwin

Posted by on

Question.

We are due to end an iva in April 2012 we desperately need a new amply car can we get car finance?

Posted by Caine on

Answer.

Hi Caine, if you've got most of your debts up to date and you have a 10%-15% deposit we may well be able to help. Please make an application and we'll see what we can sort out.

Posted by on

Question.

Hi Edwin I recently completed my IVA, am in full time employment with a separate pension. I currently pay £450 a month rental for a vehicle required for work but have been offered purchase of it for £3000.00, but haven't got access to this amount of money. I have 10/15% but could I get the remaining finance on a short term loan? I have DD's for my phone & SKY contracts. Regards David

Posted by David on

Question.

Hi, I'm currently in an IVA and have been for 3 years, I am also serving in the army. I have had problems getting finance in the past due to not being on the electoral roll, and being a member of the armed forces, and also being in an IVA. Is this something that you could help with. I need to buy a new car as my family is about to expand out of my current car and require a 7 seat car. My budget is around £150ish a month.

Posted by Richard on

Answer.

Hi David, we'll certainly try and help and as your IVA has been completed this will give us a greater chance of getting you approved. I look forward to receiving your application.

Posted by on

Question.

Hi there, I have just made my last IVA payment and am looking for a new car before mine goes to the big car park in the sky. I have not yet received my completion certificate but my IVA company have agreed to issue a letter of approval for obtaining credit. My credit report isn't great due to the IVA (two are showing default dates after the IVA commenced which is incorrect) - one star at the moment, but I've been at the same address for 6.5 years, have been with my employer for 11 years, am on the electral roll, have a full UK driving license and passport and have a mortgage which has never missed a payment. I've seen a car at £9000 but currently have no deposit other than my current scrap value car. Would it be possible for me to obtain a loan from you? Thanks

Posted by Rachel on

Answer.

Hi Rachel, we could potentially help and congratulations on the end of your IVA. We have helped ex IVA customers in the past but everyone's circumstances are different. You'd have to apply for us to be able to view your credit history and then hopefully we'd be able to obtain you credit from one of our lenders. If you're looking for £9000 you will have to have at least £500 deposit though. Can you get your hands on this? Kind Regards, Edwin

Posted by on

Question.

Thanks Edwin. I have applied and have been provisionally approved subject to relevant checks, etc. However, is the £9000 even relevant as all your cars are advertised as "per week" so I presume I just have to choose a car that suits my budget rather than borrowing a specific amount? Also, I didn't realise that I couldn't buy a car that I've seen elsewhere, so again, the specific price may not apply. Thanks, Rachel.

Posted by Rachel on

Answer.

Have a good look at the cars and if we don;t have one that suits you we'll get one in to order. The best person to speak to is Alex Hurst on Monday - call 0800 019 7180

Posted by on

Question.

Hi Edwin, I settled my IVA early last year, 3 years in. I need a car for work but I'm not sure anyone will touch me still within the 6 year period? I have a good salary, mortgage, mobile, sky etc all always paid on time. Been at employer over 8 years and same address for 5, on the electoral role. Do you think you can help? Much appreciated.

Posted by Andrew on

Question.

Thanks for your help Edwin.

Posted by Rachel on

Answer.

Hi Andrew, from what you say your credit has drastically improved but, before we could inform you of whether we'd be able to help or not we'd need to see your credit file. We can't do this until you apply and i'm sure you can appreciate that everyone's case is very different when it comes to an IVA. We have helped people obtain IVA car finance in that past that have recently come out of an IVA and as you're in work, have a good salary and have a mortgage (which i assume you're paying every month on time) there's a good chance of gaining an approval but the rates will be high as you're seen as a bigger risk. How much are you looking to borrow? Edwin

Posted by on

Question.

Hi,I completed an IVA about 3 years ago and this is no longer on my credit report. I have managed to get 2 credit cards, one of which is paid off and the other will be paid off in about 3 months. I also have a mobile contact and have not missed a payment on anything since brfore my IVA ended. The credit cards and mobile contact have been taken out in the past 9 months. Am I likely to get finance for a new car of around £10000? Many Thanks.

Posted by David M on

Answer.

Hi David, as long as you've made every financial payment on time for the last 3 years i'm sure we'll be able to get you approved for car finance. Do you have a deposit as some lenders look favourably on this? Don't worry too much if not as we have access to many lending companies. Lastly, are you on the electoral roll at your current address and can you prove your income? If so, we should be fine. I take it you have a full UK licence too. Please make an application and hopefully we'll get you accepted today. Regards, Edwin

Posted by on

Question.

Hi Edwin, Just a quick question i am on an IVA at the moment and am in need of car finance is it posable to get this? also on the guaranteed car finance is that really guaranteed ? thank you :)

Posted by Scott Mckinnell on

Answer.

Hi Scott, thank you for your question. We can't guarantee finance to everyone and as you're currently in an IVA we may find it difficult to get you approved. However, everyone's case is different and we have helped people in IVA's before. Please make an application and we'll see if we can help. Kind Regards, Edwin

Posted by on

Question.

Good evening, last April i completed an IVA agreement and i am thinking about buying another car but i am concerned about getting finance. Is this something you would be able to help me with if i decided to go ahead with buying another car. Thank you, Andy

Posted by Andy on

Answer.

Hi Andy, now that you've completed your IVA we should be able to help depending upon how your current credit accounts are being run. Are all your existing payments up to date or has all your credit been paid off? Do you have a deposit or part exchange and can you prove your income with payslips / bank statements? Lastly, how much are you looking to borrow and what is your monthly budget? Regards, Edwin

Posted by on

Question.

Hi Edwin. All of my credit has been paid off and all my payments for my mobile phone and car insurance etc is all up to date and no payments have been missed. I can provide payslips and bank statements and I am looking at buying a car for around the £5000 mark and my monthly budget would be around the £200 to £250 per month. I can part exchange my current car. Thanks, Andy

Posted by Andy on

Answer.

Thanks for coming back to me Andy. Please apply and we'll see what we can do. It's down to our lenders to be honest but we have helped people out before who have been in IVA's and just come out of IVA's. Every case is different but you tick most boxes. Edwin

Posted by on

Question.

Hi, i used to be in a IVA 5 years ago and wondered what chance i would have in getting approved for car credit. I have had car finance since the IVA but that finished a year ago and it seems harder now to get accepted. I have a visa card which has just been upped again for good payment. Thanks

Posted by Paul Masterman on

Answer.

Hi Paul, as long as your current live credit agreements are in good order there's no reason why some of our lenders wouldn't take a look to see if they could help out. How much finance is required and do you have a deposit or part ex? Are you in full time employment and can you prove your income and lastly are you on the electoral roll? Edwin

Posted by on

Question.

Hi there, We finish an IVA in May 2012 after 5 years of living with-in our means. (Which we should have done originally!) So, we are pretty good with money and budgeting now (Learnt the hard way!!) We are both in good jobs, but in need of a new car for commuting back and too to work. Are we able to get car finance? Nothing expensive, weve researched and for a decent economic one for us is about 3k. How do we go about this? Thanks.

Posted by Phillip on

Answer.

Hi Phillip, thank you for your question. Hopefully we'll be able to get you approved and if so, we'll be able to get you £3000 with no problem at all. All you need to do is apply so that we can asses your credit and then try our best to get you approved at one of our lenders. We can help people who have been in IVA's and who are in IVA's but every circumstance is different. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, I have just completed my last payment of my IVA this month & I'm currently waiting my completion certificate which shows I had an immaculate payment history, with no missed, holiday or reduced payments. I have been in my current employment for 18 months, I was with my previous employer job for 10 years. I have lived at my current address, which I rent privately, for 7 months & my previous address I was at for 3 years. I have had a mobile phone contract for years with no missed payments & utility bills which also show no missed payments. My current car is on it's way out & I'm desperate for a newer one valued at approximately £8000 to £9000, using my car as part ex, but unsure if I could get finance. Would this be something you could help me with Edwin? Kind regards, Emma.

Posted by Emma on

Answer.

Hi Emma, thank you for your detailed question and congratulations on completing your IVA. From what you have said you tick a lot of boxes - you're employed, can prove your income, have a part ex to use as a deposit and you've kept your payments up to date over the last few years. If we can get you approved the £8000 shouldn't be an issue but just a few questions. Are you on the electoral roll at your current address and other than your mobile phone contract do you have any other live credit agreements that you're paying on time? E.g. loans, credit cards, store cards. It's just that our lenders will look for comparable credit when assessing your application. Thanks, Edwin

Posted by on

Question.

Hi Edwin, Thank you for your reply. Yes I am on the electoral role, however I have never tried applying for loans or credit cards throughout the term of my IVA as I had always thought this wasn't allowed until so long after I had completed it, so I therefore don't have any other credit agreements other than my mobile phone contract which shows no missed payments. Kind regards. Emma.

Posted by Emma on

Answer.

Hi Emma, without a deposit realistically we'll be able to get you £5000 maximum if we can get you approved. However, if you can supply a deposit of say £1000 we have a better chance of getting you the £8000 you want. Kind Regards, Edwin

Posted by on

Question.

I am due to complete my iva in May and am needing to buy a car asap. If I was to apply in June would I get credit of roughly £2000? Thanks Kirsty.

Posted by Kirsty on

Answer.

Hi Kirsty, the minimum advance we do is £3500 on finance. The reason for this is to get you into a decent car. Cheap cars tend to have lots of problems and end up costing more in repairs than the car is actually worth. If you complete your IVA in May and apply in June there's a good chance we'll be able to get you approved as long as any current credit is up to date :-) Kind Regards, Edwin

Posted by on

Question.

Hi there, I have just completed an iva and now that i'm back on top of my finances I would like to up grade my car hence needing car finance. Would I be considered for finance if my credit report shows a low score? But because I am debt free I have more than £70k annual income. Would any company be interested in me. Regards mark

Posted by Mark on

Answer.

Hi Mark, yes we should be able to get one of our lenders to help you get approved for car finance. How much do you require and what level of deposit do you have? Lastly, are you on the electoral roll and do you have any current clean credit accounts? Edwin

Posted by on

Question.

My brother is in the 4th year of an IVA and is a Taxi Driver. Taxi Drivers can only have their car for 7 years as a Taxi and his car is coming up to that date. He can get permission from the IVA to get car finance because its his job but would he be able to get finance?

Posted by Sharon on

Answer.

Hi Sharon, apologies for the delayed response. We have companies that help individuals who are in IVA's so hopefully we can get your brother approved but obviously we can't guarantee an acceptance until we see your brothers credit history. A deposit / part exchange always helps. I look forward to receiving the application. Regards, Edwin

Posted by on

Question.

Hi there, I was in an IVA previously which has now been written off as satisfied and completed. I also have the completion certificate to prove completion. I have since then started my own limited company which is doing extremely well, however I need a vehicle and can't get credit because of my history, even though I am debt free now and my credit score is 728. What are my chances of getting vehicle finance with yourselves? I also have a part ex and deposit if need be. Cheers, Carl

Posted by Carl on

Answer.

Hi Carl, the great news is that you have now completed your IVA and a re doing well. The fact that you have a deposit and part ex is also a massive help. We do have lenders who approve people for finance who are still in IVA's as well as those who have recently completed IVA's. I am quietly confident that we can help as long as you're on the electoral roll, can prove your income and can show that your existing credit accounts are up to date. Kind Regards, Edwin

Posted by on

Question.

I have an Experian credit score of 870. But, I still have my IVA recorded after over 6 years due to not receiving my certificate yet. I recently took out a credit card to build me credit rating back up. I need a car under 3 years old and looking for about £10K with a £2K deposit. Whould you be able to help?

Posted by Pb on

Answer.

Hi PB, your credit score seems pretty high so i'm confident we'll be able to get you the £8000 you need. The £2000 deposit is a massive help as it shows commitment on your behalf. Congratulations on finishing your IVA and please apply and we'll match your profile to the most suitable lender. Regards, Edwin

Posted by on

Question.

PB did you get accepted for finance? I'm in the exact same situation.

Posted by Gail on

Question.

What if i'm in an iva and i can provide a 10 percent deposit - can you help me?

Posted by Peter on

Answer.

Hi Peter, we'd love to help and a 10% deposit will certainly help your cause. We can help people who are in IVA's but would you need approval from your creditors first? Regards, Edwin

Posted by on

Question.

I have just paid my last IVA payment and have just got a credit report from Experian which has rated me as 962 - excellent. I am afraid to apply for finance just yet incase it gets declined. I earn in excess of £35k, have a mortgage, been in same house for 9 years and have never missed a mortgage payment, what do you think my chances are? Thanks

Posted by Gail on

Answer.

Hi Gail, from what you have said we'd be able to get you approved with one of our lenders with no issues whatsoever. Do you have a deposit as this will help your cause? Edwin

Posted by on

Question.

Hi, We need to purchse a car for our work and home and have found one for £4300. We have £300 deposit so wanted to take a loan for £4000 preferably over 12 months as I know what my guaranteed income will be. I have a fair credit rating of 750 and have just completed an IVA. We have got the completion letter and just awaiting the certificate. This doesn't seem to be the problem in getting a loan but both me and my husband are self employed childminders and no one seems to be able to give us finance. Are you able to help because we want to put the deposit down for this car we have seen from a dealer.

Posted by Amanda on

Answer.

Hi Amanda, we can certainly try and help. Congratulations for completing your IVA. I bet that's a big weight off your shoulders. We do have a couple of lenders who help self employed people who have had a bad credit history. All that we need to see though is proof of income in the way of bank statements. Please apply when you're ready and we'll try and get you in the car you have seen asap. Regards, Edwin

Posted by on

Question.

Hi - I finished my IVA in February and need a new car. I am employed full time with a salary of £18k a year. I have an old "V" reg VW Polo to part ex. Is finance available?

Posted by Helen on

Answer.

Hi Helen, congratulations on completing your IVA. As you're now employed and have a deposit in your part exchange we have a good chance of getting you approved. Please make an application when you can. Regards, Edwin

Posted by on

Question.

Hi, I have just finished an IVA therefore my credit rating is very low, but was wondering if I could still get accepted for finance as all my money is my own now (I earn £1300/month). If so how how much finance would i roughly get? Thanks

Posted by Claire on

Answer.

Hi Claire, well done on completing your IVA. We can potentially get you approved as long as you're employed and on the electoral roll at your current address. Also do you have any current active credit where payments are up to date? If so this would certainly help. The amount we could get you approved for may depend upon the amount of deposit you have. Would you have any cash deposit or do you have a part exchange to place into the deal? I'd imagine £4000 to £5000 would be realistic but i can't guarantee anything without seeing your credit history. Regards, Edwin

Posted by on

Question.

I am currently in year 3 of an IVA and need a newer car. I am currently coming to the end of paying off the present car finance in September after a 4 year contract. I'm employed full time, have a phone contract, i'm on the electoral roll in the same address for the last 3 years(rented) and my car payments were £188 per month which finishes next month, 6 months early, can you help?

Posted by John Gilbody on

Answer.

Hi John, we'll certainly try and get you approved for a new finance deal. Would you be using your current car as a part exchange and as a deposit once the finance has cleared? If so how much is the car worth approx? We do help people in IVA's but every case is different so we can't guarantee anything. Good luck and please apply when you can :-)

Posted by on

Question.

Hi Edwin, I am currently in an IVA agreement, of which i have never missed a payment, with a couple of months remaining, then it should be all completed. My car has just failed it's MOT, so I need a new one ASAP! I am not on the electoral role currently. I could afford a low deposit of around £300. I earn 26K a year basic salary. I do not have a preference in regards to either finance or lease. Would you be able to help? If so, what would be the maximum amount of finance I could borrow? And how much would it work out monthly, and over what term? Many thanks, Suzie

Posted by Suzie on

Answer.

Hi Suzie, i'd strongly advise to get yourself on the electoral roll before applying. If approved we'd be able to get you approx £5000 over 48 months. Monthly payments would be £175 to £200 roughly depending upon what the lender says. Edwin

Posted by on

Question.

I have just completed my IVA, have lived at my owned house for 10 years, have an annual income over 65k but need a car quickly for my wife who wrote hers off. I have £2500 deposit and looking for finance for the rest. Do you think you could help?

Posted by Chris on

Answer.

Hi Chris, as you have a large income and deposit and stable residential history i'm confident we could get you approved for finance even though you have just completed an IVA. Please apply when you get 5 minutes and provide me with the reference number. Regards, Edwin

Posted by on

Question.

My friend is in the 3rd year of his iva. His car has broken down and is a right off. He needs the money to buy a new car but obviously can't get credit. He was told by one loan provider than if he got permission and go ahead from the iva people then the loan would be granted. This wasn't the case and was turned down. His car is essential for his job and without it he faces the possibility of losing it. So how and where can he get the help that he needs as i have no idea of what to tell him. Many thanks xxx

Posted by Debs on

Answer.

Hi Debs, if your friends IVA company have refused to let him/her get another loan then you have no chance whatsoever of getting finance. You'd have to save the cash up to purchase a car unfortunately. We have some cheap cars ourselves that we could finance on our own to your friend but they aren't new models and your friend would need £300 deposit as a minimum. Would that be an option? Edwin

Posted by on

Question.

Hi, my IVA company have just approved a variation and accepted to not increase my payments and allow me to get credit for a new car im looking at £150-200 per month over 5 years but have been declined a loan by the bank. Where can i get the credit?

Posted by Laura H on

Question.

I paid off an IVA in February 2012. I moved to a new job from my previous employer in August, but the job means travelling a long distance each Monday and Friday. I need a reliable vehicle to support the job and have an existing vehicle with a value of £2-3k to part exchange for a better vehicle around the £6k value. What are the chances of securing the £3-4k I need to buy the vehicle?

Posted by Peter C on

Answer.

Hi Laura, great news on getting the approval from your IVA company. We can help individuals that are in IVA's so please apply with us when you get chance and hopefully we can get you back in a new car asap. Edwin

Posted by on

Answer.

Hi Peter, congratulations on completing your IVA. We'd love to be able to help you out and as you have a decent deposit and aren't after too much money i think we can help. Please apply when you get 2-3 minutes and we'll go from there. Edwin

Posted by on

Question.

I was silly when younger and ended up in lots of debt. I have a few defaults from 2008-2009, and a failed IVA from 2008. I've Been getting back on my feet in the last 2 years and haven't missed any payments on any of my accounts ( gas/electric, 5 mobile contracts with vodafone, council tax, water etc) I also have a credit card (low credit one) which started at a £500 limit, and is now as of this month, up to £2500 limit. (I've got £1000 on it). My current experian score is 611 but should go up a bit as i'll be using less of my revolving credit now my card limit has gone up. My current car is worth about £3500 and I could put down another £1000 deposit if needed. How much could I potentially get? I applied for car credit through MSG about 6-8 months ago and was declined completely. At the time my credit score was about 305 and my credit card had £1000 limit. Thanks

Posted by Andrew Sherrington on

Answer.

Hi Andrew, apologies for the delay in responding. As you have a better credit score now and a healthy £1000 deposit i'm confident we could get you approved for approx £5000. How much do you need? Also is there any finance outstanding on your current car? Regards, Edwin

Posted by on

Question.

There is no finance outstanding on my car, it was never on finance. I've never had car finance before, just personal loans and credit cards. Also I forgot to mention that I'm earning £40k a year and have been for the last 2 years. (I can prove earnings no problems). I was hoping to be able to get something for around the £20k mark including my deposit as I get a car allowance for my work. On top of the £1000 and my car I could also put up to £2k on my credit card if that's any use? Thanks

Posted by Andrew Sherrington on

Answer.

Hi Andrew, with a £4000 to £5000 deposit we could potentially get you the £16,000 that you need. You have a good income which is important too so that you can prove you can meet the payments. Please apply and let me have the reference number asap :-)

Posted by on

Question.

Hi, I'm looking to trade my car in for a new one. I settled my iva 4 years ago but is still going to be on my credit report for another 18 months. I've built my credit rating back up to excellent and the car I have will allow me about £7k deposit. Will I get finance to upgrade??

Posted by Mike on

Answer.

Hi Mike, as your IVA was settled 4 years ago and since then you've had an impeccable credit history i'm more than confident we can get you approved especially since you have such a large deposit. Please make an application when you're ready and let me know the reference number. Have a great evening. Edwin

Posted by on

Question.

Hi, I am currently in my 34th month of an iva, i am on the electoral roll with a mortgage which is up to date. I have seen a car at my local main dealership. My current car has been valued at £3k and looking to finance a further £8k. Any advice would be very much appreciated. Kind Regards.

Posted by Luca Toscano on

Answer.

Hi Luca, as you have an up to date mortgage and a large deposit we may well be able to get you approved. However, as you're still in the IVA do you need permission to get another loan? If you don't need permission please apply when you get 2 minutes. Edwin

Posted by on

Question.

Hi Edwin, I have 3 months to go until the end of my IVA. I have an experian rating at 859, as bank account phone etc all good. I am looking at £5000 deposit, and I have a disposable income of 1100 per month. When my IVA finishes, could you help here please, or would I need to 6 years for it to clear from my profile?

Posted by Steven on

Answer.

Hi Steven, The good news is that we may actually be able to do something for you whislt you are in the IVA. We do deal with most of the lenders on the market and a small number of these will finance people in your situation. However bare in mind that you will not be eligable for the interest rates you see on the highstreet as you are classed as high risk to the lender. To be approved with one of these lenders there is a chance that you will require some form of deposit and will require a letter from your IVA company stating that they are happy for you to take out additional credit. It would be worth putting an application in so we can see if we can place you with one of these lenders. Thank, Edwin

Posted by on

Question.

Hi Edwin, sorry was not clear, would like to look at new car, after IVA finishes, April /May, will have £5000 cash to put down as deposit, and can easily afford around £400 per month, credit rating is 859 upper end of Fair, or would it be better to wait until iVA and defaults have gone in 2014, car should last another year or so, Cheers Steven

Posted by Steven on

Answer.

Hi Steven, Obviously your chances of an approval will increase once the IVA has cleared your credit profile. Once this is the case you may be able to gain an approval with better interest rates than you will now/when you come out of the IVA.Whilst the IVA/defaults are showing up on your credit profile you are still limited to the number of lenders we can put you to. It is entirely up to you whether you wait until it has come off your profile. However, either way I am confident we will be able to help. Please put an application through when you are ready to proceed.Thanks Edwin

Posted by on

Question.

Hi, I am finalising an IVA at the moment - awaiting agreement on a final payment, I have 350pm to spend on a car payment comfortably,I have no deposit and wondered if you would be able to help, my husbands car is going to cost us a lot to get it through its mot, so the paln is for me to get a newer one and he has mine. Thanks

Posted by Sarah on

Answer.

Hi Sarah, The good news is that we do work woth lenders who will finance people who are in an IVA/ recently come out of an IVA. We are limited to the number of lenders we can gain an approval with as you are seen as a higher risk to the lender. You should also expect to pay slightly higher interest rates than those available on the high street. It would definitely help if you had a deposit but if not then we still may be able to do something. You would need to put an application through so we can assess what the best option for you would be. Cheers, Edwin

Posted by on

Question.

Hi, I had a IVA 6 years ago this may and is due to drop off my credit file then. I have been trying to get a car loan but have now been turned down 2 times, I have been accepted once but they have a 38% interest rate. Is it possible for me to get a lower rate I can afford?

Posted by Warren on

Answer.

Hi Warren. You have 2 options, you can apply now and we can try our best to get you approved with one of our lenders. We do deal with a number of lenders who will finance people who are/ have been in an IVA. However you should expect to pay higher interest rates than what you see available on the high street due to your situation as you are seen as high risk to the lender. Alternatively you can wait until the IVA has come off your credit profile.This will then open you up to a range of additional lenders with slightly lower interest rates. However you will need to be showing up to date credit accounts and ideally be registered on the electoral roll. I hope this helps. Edwin

Posted by on

Question.

Hi thanks for your reply, all my creditors accepted a final offer from me within the first year so most are showing as spent on my file. I wish I could wait until may when the iva drops off my file but I needed a car for work,The best rate I found so far now is for £5000 and pay back £177 per month,That is with me putting £3000 deposit. I can not afford £177 per month and was hoping you may know if it is possible for me to get a better deal. I have just sent a app to yourself s jointly with my wife she also was on the IVA at the same time as me. Thanks warren

Posted by Warren Keen on

Answer.

Ok Warren I will have a look into your application now and providing we can get an instant decision back from our lenders we will be in touch shortly. (Occassionally applicants who have been in an IVA will go through to manual underwriters so they can have a closer look at your profile - which can take a little longer). Thanks, Edwin

Posted by on

Question.

Hi, I'm out of a trust deed (scottish IVA) for 2 1/2years. I am struggling to get car finance without a hefty deposit. my car has died and really in need of a vehicle. can you help? David

Posted by David B on

Question.

hi, my iva company have given me permission to get a new car as my ld one broke and i need one for work. I cant seem to find anywhere that will lend to me. Do you have any ideas?thanks

Posted by Sean on

Answer.

Hi David. Here at cf247 we do deal with lenders who will finance customers who are in/been in an IVA/ trust deed. However there is a chance that you will require some form of deposit. You would need to make an application so we can try and place you with one of our lenders. Once we have an approval and you have found a vehicle we will be able to tell you exactly what kind of deposit you will be looking at. If it is too high we can look at different vehicles until we find the right deposit for you. However you should expect to pay no less than £500. I hope this helps. Edwin

Posted by on

Answer.

Hi Sean, the answer is yes! We here at carfinance247 may be able to help you! we deal with most lenders currently on the market including those who will help people currently in an IVA. you will need to expect to pay higher interest rates compared to those you see on the highstreet as you are seen as a higher risk to the lenders. Please make an application so we can try our best to place you with one of our panel of lenders. Thanks, Edwin

Posted by on

Question.

Hi I am self employed sole trader and have 2 years of books unfortunately I am in the 1st year of a iva I would like to finance a used van for around £7000-£8000 I have at least a £1000 deposit and can show invoices to show I can afford the payments what are the chances of getting accepted? Would I need another person to guarentee me? Thanks

Posted by Marc on

Answer.

Hi Marc, I apologise firslty for the delayed reply. Hopefully I can still answer your question for you. The good news is we do deal with most of the lenders currently on the market and manage to secure the majority of our customer an approval. A number of these lenders will lend to people who have previously been in/ are currenlty in an IVA. It is likely that you will require the deposit that you have. Having a guarantor doesn't necessarily guarantee and approval but it usually strengthens an application. Please make an application so we can see what would be the best option for you. Thanks,Edwin

Posted by on

Question.

Hi, My wife and I have just settled our IVA off early, as over the last few years our circumstances have changed considerably. On experian, my wife scores 999 but it appears, understandably that people are wary of the IVA history. My father, with a perfect credit score and never any poor credit history is happy to stand as guarantor, I am really after your opinion as to whether this will help our situation. Between my wife and I we have a joint income of circa 45,000 net per year. Thanks for your help.

Posted by Geoff on

Answer.

Hi Geoff, Thank you for your question. We should be able to help you even in yours and your wifes name alone. With regards to your father acting as a guarantor this would not be possible unless he is living at the same address. We would only be able to do this if you had good credit yourself. All I can suggest is that you put an application through so we can see what the best option for you would be. From what you have told me I am confident we will be able to help as you are clearly showing intent to improve your credit profile through settling your IVA early and your wife especially has a good credit score. The only alternative I can see is that you see if your father would be willing to take the finance out in his own name? I hope this helps, Edwin

Posted by on

Question.

hi im in the first year of iva after getting stung by debt management for seven years which was only supose to last for 5 my car is packing up and i have a dissabled child i do get dla but not high mobilty i get tax credits and carer allowance i was looking at leaseing but would like your advice thanks

Posted by Mandy on

Answer.

Hi Mandy, Thank you for your question. Unfortunately we would not be able to do anything without having someone on the application who is full time employed earning over £800 per month. Is this a possibility? If so please put an application through when you are ready. Thanks Edwin

Posted by on

Question.

Hi, I've recently completed my IVA, Dec '12, would a dealeship likely accept me for finance now? I haven't missed any payments for over two years, and never missed an IVA payments. The total amount paid back was around �15k. If a dealership isn't likely to allow finance, would you be able to source something? I am in full time work and are looking for around �4k in finance, with an additional �1k as deposit part ex on my '97 Audi A3.Any advice would be great as I'm due to test drive the car I'm looking at tomorrow. Thanks

Posted by Martyn on

Answer.

Hi Martyn , The thing about dealers is that they tend to only work with prime finance companies who require you to have very good credit. Unfortunately having completed an IVA last year (this would still show on your credit profile and affect your score) you would fall into the subprime category, thus a dealer would find it very difficult to gain you an approval. However we do deal with a large number of subprime lenders. As long as the dealer is happy to do it we will provide the finance for you and pay the funds directly into the dealers account. When you have test driven the car please put an application through so we can try our best to gain you an approval. Thanks

Posted by on

Question.

Hello, i am currently in an IVA for 2 and a half years. I only have a mobile phone contract. I'm on the electoral role since i bought my house 6 years ago. I have a deposit of £2000 and a car to part exchange. Is it possible for me to obtain car finance as i need something to last me at least 5 years?

Posted by Nigel Griffiths on

Question.

I have just finished my IVA with last payment submitted in March 2013 and now waiting for certificate. I currently have a contract hire car which I will need to return in November 2013. I am looking to purchase a car rather than going on contract hire again. The value of the car I am looking at will be between £8-10k. I can raise £2k for deposit by November and can afford £250-£300 monthly payment. I am on electoral roll, have salary of £31k p/a excluding commissions. I am looking for finance between 36-48 months. Are you able to help?

Posted by Mar on

Answer.

Hi Nigel, apologies for the delayed response. We do indeed help individuals who are in IVA's and as you have a large deposit and a stable residential history i'm confident we could get you approved for car finance as long as you can prove your current income with payslips etc. We may also need to see a letter of authority from your IVA company. Please apply when you feel ready. Kind Regards, Edwin

Posted by on

Answer.

Hi Mar, congratulations on completing your IVA. As you have a good income and can raise a large deposit i'm confident we can get you the £8k - £10k that you need to finance another car when your lease deal comes to an end. Please apply when you are ready to do so and provide me with your reference number so i can look into it straight away. Kind Regards, Edwin

Posted by on

Question.

Hi, I am currently in an IVA with 7 months left until payments are finished. My current car is barely road worthy and is costing more to keep on the road that it is worth. I can get permission from my IVA provider to have further debt I think. I do not have a deposit but could probably save up just a few hundred pounds. However I am not looking for an expensive car- something less than ten years old that is more reliable than my current banger as I have a job I need to be able to get to and two small children to ferry around to childcare etc. I can afford a few hundred a month repayment and from may next year considerably more as the IVA is over and I will have a higher amount of disposable income. Aside from the IVA I have no arrears, CCJs and never missed payments including mortgage. What if any, options are there for someone in my position? Thanks

Posted by Dawn Sword on

Answer.

Hi Dawn, apologies for the delayed response. We do have one lender that can help as you have a clean up to date mortgage which is great news. As you're still in your IVA you would need permission as you suggest but this is usually easy to obtain. A deposit is required (10%) so if you were looking for a £5000 car you'd need £500 approx. Would this be possible? In fact you can use your current car as a part exchange. What is that worth approx? Once approved we provide a no obligation quote and you can choose any car from any dealer. I'm confident we can help when you are ready. have a good evening. Edwin

Posted by on

Question.

My daughter and her partner are in an IVA, the insolvency practitioner say it's OK to get a loan for a balloon payment on car (PCP).

The car is needed by the end of February, but they have been declined on all loan applications. They are desperate as he needs the car to get to work. Where do they turn to?

Posted by David Constable on

Answer.

Hi David, thank you for your question.

We can't guarantee an approval for your daughter and her partner but we do deal with a few lenders that help people in IVA's get car finance. There is a good chance we can help as long as they are employed and have a UK licence - a small deposit may help things along with electoral roll status.

Please get them to make a joint application ASAP and we'll try our utmost to get them approved. Kind Regards, Edwin

Posted by on

Question.

Why don't lenders lend to those on an IVA when we already have car finance and approval from IP?

Posted by A Toggly on

Answer.

Hi A Toggly, thank you for your question.

Your current lender may only help people with good credit history so even though you've made payments on time in the past with them they don't need to offer you finance again if they don't want to.

I understand that this is frustrating however, we do have lenders that help people in IVA's get car finance. Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hi, I have been in an IVA with my partner for 3 years and 7 months it has always been paid on time we've never had any problems since being in the IVA our mortgage and all other bills always paid on time.

I'm looking to get a car on finance I have a £500 deposit and £250 to pay each month towards the car can you help please? Thanks.

Posted by Philip yuille on

Answer.

Hi Philip, thank you for your question.

We do have lenders that help people in IVA's get car finance and as you've made all you repayments on time this will help you gain approval for the finance deal from your practitioner.

We can't guarantee an approval at this stage but as you have a large deposit and a decent monthly budget I'm reasonably confident that we can help you. It also looks good that your mortgage and other commitments are paid on time.

Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

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