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Car financing while on IVA
This discussion was created from comments split from: High car loan interest rate.
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I have an IVA , my problem is that my car was stolen and although Insurance has settled the remaining finance, I have now no car !! I cannot find a loan to finance a new car (which I NEED to get to and fro from work). Where can I find a car loan at a sensible rate??0
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This might be better as a new thread but, as we are here, I might as well share my thoughts. You need to buy whatever older car you can that does not need finance. Was there any equity in the insurance payment above settling the finance? Use that to buy the new car.baldbiker said:I have an IVA , my problem is that my car was stolen and although Insurance has settled the remaining finance, I have now no car !! I cannot find a loan to finance a new car (which I NEED to get to and fro from work). Where can I find a car loan at a sensible rate??1 -
I have split this query out into its own threadI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
You need to speak to your IP about this, further credit is not possible as you are insolvent.
Speak to your IP.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Buy one for say £1000 but I can't see you getting finance.0
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Ok look at the OP's username then tell me why he needs a car?
Another inexperienced poster.0 -
You could ask the IP for a payment break for 2 or 3 months, use that money to buy yourself a cheap runabout until your IVA finishes then try and get yourself more finance - there is no such thing as a sensible rate loan for a car while you are in an IVA - you are not suppose to take on any credit unless the IP allows it, even if you could get accepted for a loan the rate will be miles away from reasonable.baldbiker said:I have an IVA , my problem is that my car was stolen and although Insurance has settled the remaining finance, I have now no car !! I cannot find a loan to finance a new car (which I NEED to get to and fro from work). Where can I find a car loan at a sensible rate??0
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