IVA Car Finance

  • ✓Secure IVA Car Finance with Motorly
  • ✓Buy From Any Approved Dealer Nationwide

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Rates from 8.9% APR. Representative APR 22.9%

IVA Car Finance Calculator

    £

    Over 4 Years

    Best available rate
    XX% APR
    Total cost of credit
    £XXXXXX
    Total repayment
    £XXXXXX
    XX Monthly Payments of
    £

    Rates from 8.9% APR; the exact rate you will be offered will be based on your circumstances, subject to status

    Representative Example: Borrowing £5,500 over 48 months with a representative APR of 22.9% (Fixed) and a deposit of £0.00 the amount payable would be £169.72 a month, with a total cost of credit of £2,646.56 and a total amount payable of £8146.56

    Can I Get Car Finance While in an IVA?

    Yes, it’s possible to get car finance even if you’re currently in an IVA, although it can be more challenging. However, with Motorly’s expertise and our extensive panel of lenders, your chances of approval are significantly improved. We work with lenders who understand the impact an IVA has on your credit score and are willing to offer finance to those in similar situations.

    Keep reading to learn how Motorly can help you secure car finance during an IVA. Our team is dedicated to finding solutions that work for you, no matter your financial history

    Why Choose Motorly for Your IVA Car Finance?

    Having a reliable car is essential in today’s world, especially when managing an IVA. At Motorly, we’re committed to treating every customer fairly and helping them secure affordable car finance, regardless of their credit history. While many lenders may refuse applications from those in an IVA, we partner with lenders who see your IVA as a sign of your commitment to repaying debts and resolving past credit issues.

    How to Apply for Car Finance While in an IVA

    The first step is to obtain a letter of approval from your insolvency practitioner (IP). This letter should confirm that your application for car finance is approved and that the new agreement is affordable within your current financial plan.

    Next, you’ll need to find a lender who is willing to work with individuals in an IVA. Many lenders might not accept these applications, but Motorly has an extensive panel of lenders, including specialists in IVA car finance. We’re here to help you find the right deal.

    Frequently Asked Questions (FAQs)

    What types of cars can I finance while in an IVA?

    When you’re in an IVA, your options for car finance might be more limited, but you can still finance a wide range of vehicles. Typically, lenders who offer IVA car finance will allow you to choose from a selection of reliable used cars. These vehicles are often sourced from approved dealers to ensure they meet quality standards. The key is to choose a car that fits within your budget, as your insolvency practitioner (IP) will need to approve the purchase based on its affordability.

    Will getting car finance affect my IVA payments?

    Obtaining car finance while in an IVA will not directly affect your IVA payments, provided that the new finance agreement is affordable. Your insolvency practitioner (IP) will review the terms of the car finance to ensure that it doesn’t impact your ability to maintain your IVA payments. If the finance is deemed affordable and your IP approves, you can proceed without it negatively affecting your IVA. However, it’s crucial to stay within the budget outlined by your IP to avoid any financial strain.

    Can I refinance my car loan if I am already in an IVA?

    Refinancing a car loan while you’re in an IVA is possible, but it depends on several factors, including your current financial situation and the terms of your IVA. You would need approval from your insolvency practitioner (IP) before refinancing. The new terms must be affordable and beneficial, such as reducing your monthly payments or lowering your interest rate. Refinancing might be a good option if it helps you better manage your finances without compromising your IVA agreement.

    Applying With Us Only Takes a Couple Of Minutes & Will Not Affect Your Credit Score

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    Rates from 8.9% APR. Representative APR 22.9%

    *Rates from 8.9% APR. Representative APR 22.9%. Representative Example: Borrowing £5,000 over 48 months with a representative APR of 22.9% (Fixed) and a deposit of £0.00 the amount payable would be £169.72 a month, with a total cost of credit of £2,646.56 and a total amount payable of £8146.5