My IVA successfully completed in November 2018 but will remain on my credit files until November 2019 which marks the 6 year point.
My issue is that I have a lease car which I have to return in March 2019 so will need to obtain car finance to purchase a replacement. I know it is possible to obtain finance after an IVA has finished but I would like to know from other people who are or have been in similar situations (purchasing a car before IVA falls off your credit file) as to what kind if APR deals you were offered?
To help improve my credit score, I obtained a couple of credit building credit cards during my IVA which I used to make small purchases and have always made the payments on time and all my utilities are on my credit file with all payments made on time so the only adverse data is my IVA and the defaults relating to the small number of accounts prior to my IVA.
I know I am not going to get high street APR deals but also ideally do not want something horrific like 30% APR.
I have been on several website calculators that claim poor credit score deals can be as little as 18% but I remain skeptical. So from anyone who has purchased a car, please could you let me know what sort of deals you were able to get.
Have no personal experience but have read posts on here form people who used Moneybarn and were offered reasonable rates. Hopefully one of those will come along and enlighten us
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy wrote:Have no personal experience but have read posts on here form people who used Moneybarn and were offered reasonable rates. Hopefully one of those will come along and enlighten us
I know its now an old post. But i brought a car through money barn after completing my IVA. However the APR is high and helps if you have a good deposit to put down to make repayments loser. I couldn't be approved for any car finance which had low APR due to my poor credit history. Only 2 creditors where willing to lend to me, one of who was money barn and i went with them.
Sat Apr 27, 2019 11:51 amgvveeny wrote:
I know its now an old post. But i brought a car through money barn after completing my IVA. However the APR is high and helps if you have a good deposit to put down to make repayments loser. I couldn't be approved for any car finance which had low APR due to my poor credit history. Only 2 creditors where willing to lend to me, one of who was money barn and i went with them.
Thank you gvveeny --- yes, an older post, but it is always good to hear of successes ( even with a higher interest rate).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
)