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IVA car finance

Being in an IVA doesn’t mean that you can’t get approved for car finance. We’re a specialist car finance lender that considers people who are in an IVA.

Get a quote

IVA car finance

Being in an IVA doesn’t mean that you can’t get approved for car finance. We’re a specialist car finance lender that considers people who are in an IVA.

Get a quote

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From start until my car was ...

From start until my car was ready Moneybarn acted very quickly. Moneyb...

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Excellent communication thro...

Excellent communication throughout the entire process

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Very efficient and professio...

Very efficient and professional

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Very good they helped me loa...

Very good they helped me loads very good customer service

Harry, 13 hours ago

Showing our 4 & 5 star reviews

Excellent

4.5 out of five star rating on Trustpilot

Based on 12,375 reviews

5 out of five star rating on Trustpilot

Verified

From start until my car was ...

From start until my car was ready Moneybarn acted very quickly. Moneyb...

Peter Brown Manor Grange Care Home, Edinburgh, 9 hours ago

5 out of five star rating on Trustpilot

Verified

Excellent communication thro...

Excellent communication throughout the entire process

Raymond Fenton, 10 hours ago

5 out of five star rating on Trustpilot

Verified

Very efficient and professio...

Very efficient and professional

Jane belfield, 12 hours ago

5 out of five star rating on Trustpilot

Verified

Very good they helped me loa...

Very good they helped me loads very good customer service

Harry, 13 hours ago

Showing our 4 & 5 star reviews

What is an IVA?

An IVA (Individual Voluntary Agreement) is a formal agreement to repay your creditors at a rate 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 like five or six years. An IVA lets you write off any unaffordable debt and start to rebuild your credit score.

Being in an IVA shows that you are committed to improving your credit, but you may find it hard to get car finance with an IVA. You may need to use a car finance company that accepts IVAs, like Moneybarn. We’re a lender that has helped thousands of people up and down the UK, including IVA customers, get car finance.

Can I get car finance with an IVA?

You can apply for car finance after an IVA, but it might be more difficult to get approved. This is because a lender might see it as higher risk to lend to you if you’ve missed payments in the past.

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’re experts in providing finance to customers who have bad credit. 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 (Individual Voluntary Agreement) is a formal agreement to repay your creditors at a rate 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 like five or six years. An IVA lets you write off any unaffordable debt and start to rebuild your credit score.

Being in an IVA shows that you are committed to improving your credit, but you may find it hard to get car finance with an IVA. You may need to use a car finance company that accepts IVAs, like Moneybarn. We’re a lender that has helped thousands of people up and down the UK, including IVA customers, get car finance.

Can I get car finance with an IVA?

You can apply for car finance after an IVA, but it might be more difficult to get approved. This is because a lender might see it as higher risk to lend to you if you’ve missed payments in the past.

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’re experts in providing finance to customers who have bad credit. 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.

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

  • Monthly earnings over £1,000 (after tax)
  • To be aged between 20 and 75
  • A full valid UK driving licence
  • 2 consecutive months of payslips

We can finance cars that meet our lending criteria:

  • Priced between £4,000-£35,000
  • Maximum of 100,000 miles on the clock
  • No older than 13 years at the end of the agreement

If you don’t have a car in mind right now, don’t worry. We can guide you through the process of finding the right car. Apply today and see if we could help.

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

  • Monthly earnings over £1,000 (after tax)
  • To be aged between 20 and 75
  • A full valid UK driving licence
  • 2 consecutive months of payslips

We can finance cars that meet our lending criteria:

  • Priced between £4,000-£35,000
  • Maximum of 100,000 miles on the clock
  • No older than 13 years at the end of the agreement

If you don’t have a car in mind right now, don’t worry. We can guide you through the process of finding the right car. Apply today and see if we could help.

IVA car finance calculator

Summary

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

Representative 30.5% APR

Get a quote

IVA car finance calculator

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

Get a quote

Representative 30.5% 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.

Kelly driving
Kelly driving

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.

How long after an IVA can I get car finance?

An IVA will remain on your credit file for six years from the date it was approved, so it may be easier to get approved after it is removed.

If you’ve recently entered into an IVA, you will have to get car finance approved by your insolvency practitioner. This is because you can only take out up to £500 without their written approval.

Can I get car finance when in an IVA?

Because you need the written approval of your insolvency practitioner, you might be worried that this stops you from getting car finance when in an IVA. There are some things you could do that might improve your chances of getting approved.

The main factors your insolvency practitioner will look at are whether you can afford the car finance, and how essential it is for your day to day life.

To prove it is affordable, you could create a budget of all the costs involved in owning a car. It’s important that you don’t forget about all the costs involved, like fuel, MOTs and servicing. We’ve written a guide that shows you the types of costs when buying a car.

You could also try our car finance calculator. It will give you an idea of what your finance might look like and how much your monthly repayments might be. You could then use this to see how it might fit into your personal budget.

How to apply for car finance with an IVA

We will need to see a letter from your IVA supervisor, that says entering into a new finance agreement will not put you at further risk. Our team will then be happy to discuss your options.

Some car finance companies use a hard credit check when you apply for IVA car finance. If you apply with us, we use a soft credit check which does not affect your credit score. A hard check is only done if you decide to enter into an agreement with us, and contracts are drawn up to sign.

We use a Conditional Sale agreement for our car finance. This means that we pay the dealership for you, and you make monthly repayments. Our agreements last between 36 and 60 months, and once you’ve made the final repayment, you’ll fully own the car.

How long after an IVA can I get car finance?

An IVA will remain on your credit file for six years from the date it was approved, so it may be easier to get approved after it is removed.

If you’ve recently entered into an IVA, you will have to get car finance approved by your insolvency practitioner. This is because you can only take out up to £500 without their written approval.

Can I get car finance when in an IVA?

Because you need the written approval of your insolvency practitioner, you might be worried that this stops you from getting car finance when in an IVA. There are some things you could do that might improve your chances of getting approved.

The main factors your insolvency practitioner will look at are whether you can afford the car finance, and how essential it is for your day to day life.

To prove it is affordable, you could create a budget of all the costs involved in owning a car. It’s important that you don’t forget about all the costs involved, like fuel, MOTs and servicing. We’ve written a guide that shows you the types of costs when buying a car.

You could also try our car finance calculator. It will give you an idea of what your finance might look like and how much your monthly repayments might be. You could then use this to see how it might fit into your personal budget.

How to apply for car finance with an IVA

We will need to see a letter from your IVA supervisor, that says entering into a new finance agreement will not put you at further risk. Our team will then be happy to discuss your options.

Some car finance companies use a hard credit check when you apply for IVA car finance. If you apply with us, we use a soft credit check which does not affect your credit score. A hard check is only done if you decide to enter into an agreement with us, and contracts are drawn up to sign.

We use a Conditional Sale agreement for our car finance. This means that we pay the dealership for you, and you make monthly repayments. Our agreements last between 36 and 60 months, and once you’ve made the final repayment, you’ll fully own the car.

Get a quote today
Get a quote today

Does an IVA affect your credit score?

An IVA will be recorded on your credit file which will impact your credit score. This may mean it’s difficult to get credit such as loans, a mortgage, or car finance.

This will show on your credit file for six years from the date the IVA was approved.

If you’re looking to improve your credit score while in an IVA, we’ve written a series of guides to help:

Can I get guaranteed car finance with an IVA?

If you’re in an IVA, it might seem impossible to get car finance. You may have heard of car finance companies claiming to guarantee car finance to people in an IVA. This doesn’t exist.

Think about it like this. Everyone is different. We all have different incomes, credit scores, and circumstances. There is no such thing as guaranteed car finance with an IVA, because a responsible lender looks at lots of different factors to make sure they only offer car finance to people who can afford it.

You should be wary of anyone claiming to offer this. For more information, please see our guide that explains why guaranteed car finance is a myth.

Can I keep my car on finance on an IVA?

If you are in an IVA or are about to enter into an IVA, you will usually be able to keep your car on finance. It depends on your circumstances and you will need to get permission from your insolvency practitioner. If your car is essential to commute to work then it’s very likely you’ll be able to keep the car and keep paying off the car finance agreement.

If you are a Moneybarn customer and have recently entered into an IVA, please contact us and we can discuss your options.

Does an IVA affect your credit score?

An IVA will be recorded on your credit file which will impact your credit score. This may mean it’s difficult to get credit such as loans, a mortgage, or car finance.

This will show on your credit file for six years from the date the IVA was approved.

If you’re looking to improve your credit score while in an IVA, we’ve written a series of guides to help:

Can I get guaranteed car finance with an IVA?

If you’re in an IVA, it might seem impossible to get car finance. You may have heard of car finance companies claiming to guarantee car finance to people in an IVA. This doesn’t exist.

Think about it like this. Everyone is different. We all have different incomes, credit scores, and circumstances. There is no such thing as guaranteed car finance with an IVA, because a responsible lender looks at lots of different factors to make sure they only offer car finance to people who can afford it.

You should be wary of anyone claiming to offer this. For more information, please see our guide that explains why guaranteed car finance is a myth.

Can I keep my car on finance on an IVA?

If you are in an IVA or are about to enter into an IVA, you will usually be able to keep your car on finance. It depends on your circumstances and you will need to get permission from your insolvency practitioner. If your car is essential to commute to work then it’s very likely you’ll be able to keep the car and keep paying off the car finance agreement.

If you are a Moneybarn customer and have recently entered into an IVA, please contact us and we can discuss your options.

Refused car finance

We help people who have been refused by mainstream lenders. Even if you have an IVA, we could help get the car finance you need.

Refused car finance

Our application process

We have over 30 years of experience helping people up and down the UK get the vehicle they need. Learn more about our application process here.

Our application process

How does car finance work?

Getting a new car can be a stressful time. With lots of different types of car finance available, we’ve written a guide that answers the most common questions.

How does car finance work

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)

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© Copyright 2023 Moneybarn Limited
© Copyright 2023 Moneybarn Limited

Representative example: Total amount of credit £10,448. Repayable over 58 months, 57 monthly payments of £326.58. Representative 30.5% APR (fixed). Deposit of £916.61. Total charge for credit £8,167.06. Total amount payable £19,531.67. Subject to status and affordability. You could risk losing your vehicle if you do not keep up payments.