Car loan after IVA

[polar]

HI all,

My IVA is due to drop of my credit file at the end of December along with the defaults associated with it.

Does anyone now the best Loan companies to apply for a car loan as it has been 6 years since my iva and need a new car.

I will be applying for a loan in January so my credit file should look healthy.

Duncton cars does not have the right car and the APR is V high.

Any ideas

[kallis3]

Hi Polar,

Nice to see you.

I know Duncton are high, but at least you know you are guaranteed a car with them.

As long as your IVA and any defaults have dropped off your credit record, I would think that you could apply to anyone.

Hopefully one of the experts can advise about that.

[marky b]

I dont know how much your looking to spend but there are some blinding deals on new cars at the moment.
Most dealers will do you a great deal, maybe not fords, and you should be able to negotiate a discount to match the scrappage allowance if you dont use a part ex.
they want to sell you a motor more than you want to buy one.

[kallis3]

The problem is getting the finance, not finding a good deal or the right car.

[marky b]

but like i said they will get you the finance if they can.

[kallis3]

Depends - a lot of companies won't touch you if you still have defaults etc.

Polar needs to check out a few firms, but of course the problem is that the more firms you use to try and get finance, the more this shows up on your record and doesn't look good.

[orchid5]

Polar i can't answer your question but would just like to say well done on getting to the end of your IVA and beginning your life again. Good luck and i hope you find someone who isn't anti IVA.

[polar]

I will only apply for a loan when my IVA and defaults have dropped of my file.
So hopefully I shouldn't have a problem. I am keeping an eye on all 3 credit file companies, so I will know when my defaults drop of my account

[kallis3]

I hope you manage to sort a new car out.

Let us know how you get on as it will be useful for other posters who may be in a similar position.

[Max]

I stand to be corrected here but Lombard ( ?did have) has a reputation for giving people a second chance.

[kallis3]

I don't know about that Max, but I have to admit that they were excellent with me when I couldn't pay the credit card. I told them I was seeking advice and I didn't hear a word from them afterwards.

[Max]

I read it in MoneyMail many moons ago.

[kallis3]

Hopefully they are still as sympathetic

[iamsobad]

I would suggest that once you are clear apply for one of the high interest credit cards and pay off each month in full and if you can get a small 6 month interest free again if you can Beds or something similar within 12 months your history will be fine thats according to Martin the guru

[kallis3]

If you have a mortgage/bank account/mobile phone contract, that all helps to build up your credit record again.

If you are referring to the site I think you are iamsobad - a lot of the information he gives out is not good.