Getting Credit/HP for Car Loan

mrd-1965

Hi All,
I have an IVA against my name only for over 3 years. Our joint incomes [mine + wife] are in the yearly review process so all bills payments etc are taken from the same pot and the IVA payment is made up of both incomes.
I am lucky enough to get a great payrise. I have notified the handlers and all the additional payments have been squared away with agreed additional funding to get a replacement car as ours is beyond repair [age related]. Our review has £300 for Hire Purchase. we had stated it would be in her name.

My wife has an excellent credit rating per Experian however she was declined for car finance. We are not sure what to do next to get a car loan? We have funding approved its just we dont want to approach multiple car dealers as multiple refusals is not good.

Has anyone else been in this position or can anyone offer advice on where/what we can do as we are now without a car?

Di_B

I used a company in 2008 (with a bad credit history).

I secured a loan, and purchased a brand new car with Ford on a 58 plate.
3 years later I had paid off the loan. I still have the car! :-D

Yes, it was at 19.9%, but I knew that.

The positives about this company is that it is a broker and will therefore search for the best loan to fit you plus they will transfer the loan to any car dealership providing you with a lot of choice.

I was personally happy with their service and would recommend them for people with poor credit (although your wife doesn't have bad credit, it sounds as if being attached to you financially by a joint account has become a problem)

Link is:
https://www.acceptcarcredit.com/

Trust me - I don't usually big up high APR companies! This one, if you have to use one, is a good one though. (Note loan is secured on car)

UpToMyNeckInIt

Hi Mrd,

Great suggestion from Di B there. Another company worth enquiring with is 'Moneybarn' (WARNING: 30+%APR is not unheard of). However, it is either this type of thing or the 'buy an old banger and make do' sort of advice that seems to be the norm.

However, I came across a customer account on another forum, where they approached a smaller local finance company, via a small/local/independent car dealership, and got finance, despite their recent IVA, at very sensible APR. Have a look:

http://www.iva.co.uk/forum/topic.asp?whichpage=0.6&TOPIC_ID=57155#538083

The issue your Wife may have is that, even though the IVA is in your name only, her 'financial association' with you (via any joint bank account, mortgage or tenancy agreement) will adversely affect her ability to get credit.

Good luck.