When can I get car finance?

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phil866
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by phil866 » Thu Jun 28, 2018 5:33 am
Hi, my IVA was extended due to an emergency payment break, it is due to hit 6 years next month, however I still have 9 payments remaining. Due to a car accident, I should be getting compensation for injury which I hope they will let me keep. If they do, I intend to make a full and final offer of my remaining payments. As I need a new car I want to take out finance shortly afterwards. My question is that as it drops of my file after 6 years, will I be ok to apply after completion (as it's no longer in my credit report) or will I need to wait the 3 months for it to drop off the insolvency register as well, I'm not sure if creditors see this or just the credit report. Does anyone know? Many thanks
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Foggy
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by Foggy » Thu Jun 28, 2018 6:56 am
phil866 wrote:
Hi, my IVA was extended due to an emergency payment break, it is due to hit 6 years next month, however I still have 9 payments remaining. Due to a car accident, I should be getting compensation for injury which I hope they will let me keep. If they do, I intend to make a full and final offer of my remaining payments. As I need a new car I want to take out finance shortly afterwards. My question is that as it drops of my file after 6 years, will I be ok to apply after completion (as it's no longer in my credit report) or will I need to wait the 3 months for it to drop off the insolvency register as well, I'm not sure if creditors see this or just the credit report. Does anyone know? Many thanks


It will not drop off of credit files until you get the completion certificate, so a while yet. Also a lender is able to search the insolvency register and might well do so to discover the IVA.
Also be aware that the new, clean, credit records will themselves raise red flags to potential lenders ..... most of us start small and build up a history. Adverse credit firms will be the most likely to provide finance for a while, but at higher rates.
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