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Car Finance With an IVA

Do you have an IVA, or have you had one in the past? IVA car finance could still be available.

What is an IVA?

An Individual Voluntary Arrangement (IVA) is an agreement that you can make with your creditors to deal with your debt in a manageable way. With an IVA, you state that you will pay back any debts to your creditors over an agreed period of time while retaining more control over your assets than you might with a bankruptcy agreement.

IVA and car finance

While an IVA agreement is not full bankruptcy, it can still present a serious obstacle when it comes to something like getting car finance with an IVA. It will impact your credit history, lower your credit score, and show that you may not have the best control over your finances. This can lead to some lenders deciding not to provide you with car finance options, as IVA car finance lenders can be hard to find.

Can I get car finance with an IVA?

It is challenging to get car finance with an IVA agreement or car finance after IVA, but not impossible. Some lenders will see that you are being financially responsible and rectifying past debts in a clear and manageable way, suggesting that you will be able to pay off a car finance agreement responsibly.

Will my IVA company accept my car finance?

It can be difficult to get approved for car finance if you have an IVA; however, it's not impossible. You'll need permission from the Insolvency Practitioner (IP) for you to be able to borrow more than £500. If you don't get this prior permission and attempt to get car finance anyway, it could result in your IVA failing as you will be in breach of the agreement. 

If I take an IVA will I have to sell my car?

While this is a normal concern for individuals who are contemplating an IVA, it's not the case that you'll be required to sell your car. 

Instead, it will be up to the discretion of the Insolvency Practioner (IP) who will assess the car in each specific case. You should be able to set an amount aside each month that will allow you to maintain the car as well as keep it roadworthy.

How can Autozone help?

Even if you are in an IVA and have previously been rejected for car finance options, Autozone can still help you explore your choices when it comes to buying a car on finance, such as an IVA car hire purchase. 

We can help you calculate the affordability of a vehicle and find a finance deal that will match your repayments. To begin the process, examine your finances to see what you can afford and find a car within your budget - then get in touch with us to discuss further!