IVA car finance

Being in an IVA doesn’t mean that you cannot get approved for car, van or motorbike finance. Moneybarn is a car finance specialist lender who considers applicants who are in an IVA. Understanding what an IVA is and how one can affect your ability to be approved for finance, are the first steps to consider. Our IVA loans guide is here to help.

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IVA car finance

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

Understanding what an IVA is and how one can affect your ability to be approved for finance, are the first steps to consider. Our IVA loans guide is here to help.

On average our customers rate our service 4.5 out of 5. (March 2021)

What is an IVA?

An individual voluntary agreement (IVA) 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.

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?

If you are currently in an IVA, it can be difficult to take out a new credit agreement, such as car finance. However, it’s not impossible.

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.

Moneybarn has 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 for you by matching the repayment amount and term to suit you. The APR will also be calculated to reflect your credit profile. Contact Moneybarn today or use our car finance calculator to get an idea of what you might be able to afford.

At Moneybarn we offer a Conditional Sale Agreement. This means you have full use and access to the car for the term of the agreement, but Moneybarn is the legal owner. Once all repayments have been paid, you become the legal owner of the vehicle.

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. However, it’s not impossible.

What your loan could look like

I guess it’s all about trust really. When you speak to companies who want your money you don’t feel like they understand. 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.

Can I keep my car on finance on an IVA?

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.

Does an IVA affect your credit rating?

What does Moneybarn need if you are in an IVA?

Moneybarn 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, try our online car finance calculator, contact Moneybarn for assistance or apply for car finance online today.

What does Moneybarn need if you are in an IVA?

Getting car finance after you’ve been refused

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.

A quick guide to car finance from Moneybarn

We use our own criteria when deciding whether to approve someone for car finance or not, after all – you’re more than just a credit score.

Bad credit? No problem.

Even if you’ve suffered with bad credit in the past, that doesn’t matter to us. We use our own unique criteria to decide whether to lend to you or not.

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)

Representative example: £10,248 repayable over 58 months. 57 monthly payments of £326.96. Representative 31.9% APR. Total amount payable is £18,636.72. Subject to affordability and you could risk losing your vehicle if you do not keep up payments.