By Clicking 'Submit Application' below you are agreeing to our Privacy Policy, Terms & Conditions and agree for Quick Car Finance to share your details with our Lenders or Credit Brokers who will contact you directly to provide a loan comparison calculation via SMS, Telephone and Email. To enable our Lenders or Credit Brokers to provide you with the quote they will need to undertake a soft search, this will not affect your credit score. Automotive Online Ltd can introduce you to a limited number of finance providers depending on your credit rating and affordability. Commission is a fixed payment or percent, but can vary by lender. Further information on request. All finance is subject to status and income. Written quotations are available on request.
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Representative APR of 21.9% APR
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Having an IVA on your credit record may affect your credit score and make it more challenging to obtain car finance. Some lenders may consider you a higher risk borrower and may charge higher interest rates or request a larger deposit. However, some car finance providers specialize in offering finance to people with adverse credit histories, including those with IVAs. These lenders may have different criteria for approval and may be more flexible in their lending decisions.
If you have an Individual Voluntary Arrangement (IVA), it may be more difficult to obtain car finance, but it is still possible. An IVA is a formal agreement between you and your creditors to pay back your debts over a fixed period, usually five to six years. It is a legally binding agreement, and failure to adhere to its terms can lead to severe consequences. If you have an IVA and are looking for car finance, it is essential to shop around and compare different lenders' offers. You may want to work with a specialist car finance broker who can help you find lenders who are more likely to approve your application. It's also a good idea to ensure that you can afford the loan repayments before committing to a car finance agreement.
GET A QUOTEYou must get written permission from your insolvency practitioner (IP) if you want to take out more than £500 worth of credit during your IVA.
Completion or permission letter from Insolvency practitioner
Documentation outling your IVA
Identification and address verification
You might need to show 'Proof of income', such as payslips, bank statements or tax returns. This will help the lender determine whether you can afford the monthly repayments on the finance. However, you will always need to provide a completion letter or permission letter from their insolvency practitioner.
You will need to provide information about your IVA, including the amount of debt you owe and how much you are repaying each month. The lenders will use this to assess your credit worthiness and determine whether they are willing to lend to you.
You also need to provide identification and proof of address, such as passport and utility bill. This helps the lender verify your identify and ensure that they are lending to the correct person.
Yes it is possible to get car finance with an IVA, but it may be more challenging than if you had a good credit score. Having an IVA means that you have previously had financial difficulties and this can make some lenders view you as a higher risk borrower.
However, some specialist car finance providers, are willing to lend to individuals with an IVA. These providers understand that having an IVA doesn't necessarily mean that someone is unable to manage their finances effectively now and may be willing to take a more holistic view of your financial situation.
If you're lucky enough to have completed your IVA, not only will our lenders take this into consideration but it will also be listed as “completed” on your credit profile. Typically an IVA will remain on your credit profile for around 6 years, starting from the day it was issued. However the lender will be able to see if you have struggled to make repayments in the past. Then once having completed your IVA a lender will also consider your income too when deciding to lend to you and at what rate.
GET A QUOTEI have never done car finance before so didn't know what to expect. I dealt with Ollie, he was brilliant. He always sound so cheery and happy. He wasn't pushy, but he kept in regular contact by phone or text. Whenever I phoned up he always knew it was me (which was a lovely personal touch). He was very informative and helpful.Would definitely recommend this company.... and Ollie
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