IVA car finance

Being in an IVA doesn’t mean that you cannot get approved for car, van or motorbike finance. We’re a specialist car finance lender that considers applicants who are in an IVA.

IVA car finance

Being in an IVA doesn’t mean that you cannot get approved for car, van or motorbike finance. We’re a specialist car finance lender that considers applicants who are in an IVA.

What is an IVA?

An IVA (Individual Voluntary Agreement) is a formal agreement to repay your creditors at an amount you can afford. This can be a one-off payment known as a lump sum IVA or payments can be spread over a longer period which usually lasts five or six years.

An IVA could be a good solution if you’re in debt as you’ll be able to write off any unaffordable debt and start to rebuild your credit score.

Being in an IVA shows that you are committed to resolving historical credit issues, but you may still find it hard to get finance. You may need to use a specialist lender such as Moneybarn, who understands how being in an IVA can impact your credit profile.

Can I get car finance with an IVA?

If you are currently in an IVA, it can be difficult to take out a new credit agreement, such as car finance. You might have been refused car finance by mainstream lenders. In that case, a specialist lender like Moneybarn might be able to help.

We have expert knowledge in providing finance to customers who have bad credit or a poor credit score. Our team will ensure that the new finance agreement is completely affordable by matching the repayment amount and term to suit you. The APR will also be calculated to reflect your credit profile.

What is an IVA?

An IVA could be a good solution if you’re in debt as you’ll be able to write off any unaffordable debt and start to rebuild your credit score.

Can I get car finance with an IVA?

To get car finance with an IVA, you’ll need:

Monthly earnings over £1,000 (after tax)
To be aged between 21 and 70
A full valid UK driving licence
2 consecutive months of payslips or bank statements

We can provide finance as long as the car meets our lending criteria:

Priced between £4,000 – £25,000
Maximum of 120,000 miles on the clock
No older than 15 years at the end of the agreement

To get car finance with an IVA, you’ll need:

Monthly earnings over £1,000 (after tax)
To be aged between 21 and 70
A full valid UK driving licence
2 consecutive months of payslips or bank statements

We can provide finance as long as the car meets our lending criteria:

Priced between £4,000 – £25,000
Maximum of 120,000 miles on the clock
No older than 15 years at the end of the agreement

What your loan could look like

Purchase Price?

Repayment term?

Your credit score is

Summary

Monthly payment: £000.00
Total to repay: £00,000.00
Calculated APR: 00.0%

Representative 31.9% APR

Get a quote

What your loan could look like

Purchase Price?

Repayment term?

Your credit score is

Monthly payment: £000.00
Total to repay: £00,000.00
Calculated APR: 00.0%

Get a quote

Representative 31.9% APR

I guess it’s all about trust really. When you speak to companies who want your money you don’t feel like they understand. I had previously been in an IVA. It feels like Moneybarn are on my side.

Kelly

Can I keep my car on finance on an IVA?

If you are in an IVA you will usually be able to keep your car on finance but it can depend on the circumstances and the permission of your Insolvency Practitioner will need to be obtained. If your vehicle is essential for you to be able to commute to work then it’s extremely likely you’ll be able to keep your vehicle and car finance agreement. If you have a car finance agreement with Moneybarn and you’ve entered into an IVA, contact us to find out more.

Does an IVA affect your credit rating?

An IVA will be recorded on your credit report which will result in a decreased credit score. This may mean it’s difficult to get credit such as loans, a mortgage or finance, as this information will help finance companies decide how likely you are to pay them. An IVA shows you’ve had difficulty repaying debts in the past.

How to apply for car finance with an IVA

We will need to see a letter from your IVA supervisor, to say that entering into a new finance agreement will not put you at further risk.

If you’re unsure you are eligible for IVA car finance, you could start by using our car finance calculator to get an idea of what your agreement might look like, based on how much you are looking to borrow over a time period that suits you. The calculator will show you what your monthly repayments might look like so you can see how it might fit into your personal budget. Or, if you’re ready, you can get a quote today.

Can I keep my car on finance on an IVA?

Does an IVA affect your credit rating?

How to apply for car finance with an IVA

We will need to see a letter from your IVA supervisor, to say that entering into a new finance agreement will not put you at further risk.

When you ask for a quote, we only use a soft credit search on your credit file. This doesn’t affect your credit score. A hard search is only done if you decide to proceed with the loan and contracts are drawn up for you to sign.

Refused car finance

We work to help out people who have been refused car finance elsewhere, looking at a range of criteria and trying to provide bespoke car finance offers to meet their needs wherever possible.

Our application process

We use a soft credit search which means you’ll get a decision, and it will have no effect on your credit score. The search will only show on your credit file if you take out an agreement with us.

How to improve your credit score

Having a CCJ on your credit file can affect your credit score, and make it harder to get approved for finance. We’ve put together a handy guide on some things you could do that may improve your credit score.

For a better road ahead

Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.

Moneybarn is the trading style of Moneybarn No. 1 Limited, a company registered in England and Wales with company number 04496573, and Moneybarn Limited, a company registered in England and Wales with company number 02766324. The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.

Moneybarn’s VAT registration number is 180 5559 52.

Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702781)

Moneybarn No. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)

Moneybarn_Responsible-Lender-of-the-Year_-Credit-Awards

Representative example: £11,015 repayable over 57 months. 56 monthly payments of £354.47. Representative 31.9% APR. Total amount payable is £19,850.32. Subject to affordability and you could risk losing your vehicle if you do not keep up payments.