I need to change my car for work, but unsure what sort of deals I can currently get.
My IVA was completed in June, but doesn't drop off my credit file until end of April 2011.
I've seen a couple of companies offering car finance to people in an IVA, but they are looking at an APR over 25%. Is there any companies who will offer better terms, or do I have to wait until April to get 'sensible' rates?
I think you will probably have to wait until it drops off unless you use something like Dunctons.
You could always ask someone to take finance out for you and pay them back each month.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thought that might be the case, I've had an offer from someone to put it in their name, but wanted it in mine of possible, that way it improves my credit rating.
Dont expect to get a great rate just because the IVA has dropped off your file though. Its almost like starting out again as an 18 year old with little or no credit history. The last thing you want is to apply and get turned downa dn end up with lots of failed attempts to get credit on file. Make sure you files are all up to scratch,and perhaps try to take out a small amount of credit someone 1st,whether it be a catalogue or something similar. Lenders like to see payment history rather than no history.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
After my IVA finished I saved up my disposable income for the year whilst the IVA & defaults were still shown on my CRF.
When all the bad stuff fell off my CRF I had a nice deposit saved for a new car & then no problem financing the balance at a sensible rate from a main dealer.
Have got a catalogue, cashplus card with creditbuilder and vanquis card (only use for petrol and clear in full), so come may 2011 will have some nice 0000000's
