Can I get car finance once my IVA completes

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james411
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by james411 » Tue Nov 13, 2018 10:18 am
IVA finishing in DEC 18: Am I allowed to get car finance for a small motor.thanks
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kallis3
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by kallis3 » Tue Nov 13, 2018 10:23 am
Wait until you have your completion letter and have dropped off the Insolvency Register and check your credit files otherwise you may find it difficult to get credit
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Foggy
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by Foggy » Tue Nov 13, 2018 11:02 am
In any event you will need to wait until you get your completion certificate then you have two choices: Wait until your credit file clears (6th anniversary of the start of the IVA -- all being well) when you can apply for "normal rate" finance. Or, go ahead with the shot credit file and apply to adverse credit lenders. However you will be paying a high interest rate, and some of these lenders are less than scrupulous !
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MerlinL14
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by MerlinL14 » Tue Nov 13, 2018 3:17 pm
I have seen several adverts on the web from car dealers offering finance to low income, bad credit and those in an IVA. The caveat is the APR is scary high and the repayments over 5 years cost the car out at nearly double it's advertised price. Just be careful and don't make a bad decision on the back of need.
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Lisa Thomas
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by Lisa Thomas » Tue Nov 13, 2018 4:12 pm
You might find this quick video I made about cleaning up your credit record useful:

https://youtu.be/PV4RzUY4BRM
Noddle, Clearscore and Totally Money are also free credit agencies to consider using:

https://www.noddle.co.uk/
https://www.clearscore.com/
https://www.totallymoney.com/
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