Buying a car post IVA

Cody

Dear Forum;

I had a lump sum IVA approved April 2012 and I had it completed in Aug 2012. I have now lived two years without acquiring any new debt!, and I am still alive, and still happy, actually, am much happier.

My car however is unhappy, a cambelt failed and ruined the engine, so I need a new engine! The car is older though and possibly not worth fixing, so maybe opportunity for a new car.

So, question is, has anyone experience on obtaining car finance post IVA, or is this something I can only hope to achieve in 6...now 5 years time. I have checked my credit rating and it does say 'good', all be it with many defaults.

...re-reading my post, it might sound contradictory that I celebrate being debt free...and then ask about getting finance for a car. I suppose I feel that a car purchase is a) essential due to location and kids but importantly b) the car becomes an asset or security for the car loan...debatable however, i know.

Anyhow, if anyone has positive experience in obtaining finance for a car post IVA, I would love to hear.

many thanks

Cody

UpToMyNeckInIt

There are companies such as 'Moneybarn' that specialise in providing car finance specifically for us 'undesireables'. I hear that their customer service is great. Expect near credit-card APR though, and you may require a big deposit.

There are also a plethora of sub-prime lenders who may be able to offer you a loan: Amigo Loans, Ocean Finance etc.

The sensible thing would be to maybe get a v. cheap run-around and make do for another 5 Years: To get a half-decent rate of interst on any car finance, you should really wait for your defaults etc. to clear.

However, I understand that running an older can be a false-economy, so the choice is yours.

hope this helps.

adyj73

I picked up a Rover 75 with 39k on the clock for £450 and it runs great. Spent 45 quid on two part worn tyres for last MOT

I feel people who buy new cars are the ones being conned ;-)

techno1029

i started looking into this. I finished my IVA early in March. I was turned down by one lender mainly because i did not want to borrow the amount they were offering. I only needed, and can comfortably afford a loan for about £2500-£3000. I did not want to spend more than £100 per month. The lender who declined me was offering £6500!!!! I have been there before and am not going back into loans i cant afford. I am still looking though. Good Luck.