IVAs and car finance

Being in an IVA doesn’t mean that you cannot get approved for car or van finance.

Being in an IVA

If you are currently in an IVA it can make it 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 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.

What do we need?

Moneybarn will need to see a letter from your Insolvency Practitioner, to say that entering into a new finance agreement will not put you at risk of harming your credit profile further.

What is an IVA?

An IVA stands for Individual Voluntary Agreement, and it is an agreement that you will pay all your debts to your creditors. Typically, the money will be paid to a insolvency practitioner, who then divides the money between creditors.

The difference between an IVA and bankruptcy means that you will have more control of your assets in an IVA, whereas they are typically sold in a bankruptcy.

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