www.iva.co.uk

Are there companies which do car finance for people who are in an IVA.

There is moneybarn and carloans4u.

Don't forget to check with your ip first though.

Hi

I was able to re-finance a 5k balloon payment with VW during my IVA without any problems - I should note that this was planned/written into my proposal and with IP approval. Unusual, but not impossible!

Good luck

T x

I think this is a little different though - I am assuming the OP is asking about new car finance. Other than companies such as moneybarn or carloans4u I think it would be nigh on impossible to get 'normal' finance.

I think Kallis has answered spot on - for any new finance during the IVA moneybarn and carloans4u will be your only options !

Equally before proceeding you must ensure your IP has approved the finance being taken !

All the above advice is good, you will probably be looking at a deposit in excess of £1500 so as long as your IP agrees it may take a bit of planning to achieve.

Regards

IP`s squeeze every penny out of you, so in essence you shouldnt have have any spare cash, so to be able to afford a £1,500 deposit is just reverse logic. Yes, some IP`s can give payment breaks, but in my case would mean a payment break of 6 months!

I am currently in the same position as the OP as in requiring car finance.
Need a car for work, without a car i cant goto work and if i cant goto work, cant repay the IVA...

edit: typo

Hi
You may have spare cash from your share of any overtime and bonus to fund a deposit.
A forum member recently obtained car finance from carloans4u with hardly any deposit
Regards

Well, just asked cl4u about the above and got this reply

Thank you for your enquiry.

Our criteria with customers being in IVA’s you can only go to 1 lender,

The finance company will lend a minimum of £5000 (after the deposit), they only finance vehicles no older than 6 years old (56plate or newer) and the mileage under 70k miles you do need to have between 15-20% deposit either cash, part ex or a combination of the 2 i.e Cash Price £6700, Cash deposit £500, Part ex £700 to finance £5500.

Wonder if a credit union would be a better place to look?

With a credit union you usually have to have a fair amount saved up before they will consider you for a loan.

As with any credit in an IVA, you need to speak to your IP first.

I am seriously considering a credit union,anyone know how safe your money is or how they work?

Not for a car loan,for saving cash in.

Paul

I think they are fairly safe. I suppose the thing to do.is research the one you are thinking of joining and see what their track record is.

we tried carloans 4 u wouldnt say very good communications ! in fact rubbish they never even got back to us and we would have several hoops to jump through ie age of car mileage ,how many cars on forecourt and they wouldnt borrow us the full amount either found them difficult to deal with and due to circumstance went for a different offer of finance .And it wasnt until we were spotted on here and they realised that we had an iva and i supect this spoilt the rate for us

Hi Orange, I used CL4U last year and got really good service. It took an afternoon for them to sort our finance out and for me to go collect my OH car. Very prompt service with good follow up communictaion I thought !

shame we dont all get the same treatment isnt it .glad it worked for you though