Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • Jonesy28
    • By Jonesy28 4th Sep 16, 3:52 PM
    • 2Posts
    • 0Thanks
    In an IVA and require cheap car finance.
    • #1
    • 4th Sep 16, 3:52 PM
    In an IVA and require cheap car finance. 4th Sep 16 at 3:52 PM
    I have been in an IVA for 3 years now and my car which I use for work is off the road and beyond economical repair. I spoke with my IVA supervisor and they have said that I can obtain HP on a car as long as they ok the rate of interest before committing myself and it's affordable. They said that its essential that I get to and from work to pay my contribution, enabling them to allow my to get a car on HP. The problem I have is where can I get cheap enough finance to be accepted. I have been quoted 50%+ !!!128546; Can anyone help???
Page 1
    • Lioness Twinkletoes
    • By Lioness Twinkletoes 4th Sep 16, 5:02 PM
    • 1,262 Posts
    • 4,546 Thanks
    Lioness Twinkletoes
    • #2
    • 4th Sep 16, 5:02 PM
    • #2
    • 4th Sep 16, 5:02 PM
    It's unlikely that you'll get a decent APR as you've demonstrated your inability to pay your debts. Lending to you is high risk and therefore high APR.

    How far away is work? Can you use another form of transport? Bicycle, maybe?
    • UpToMyNeckInIt
    • By UpToMyNeckInIt 5th Sep 16, 8:38 PM
    • 878 Posts
    • 469 Thanks
    • #3
    • 5th Sep 16, 8:38 PM
    • #3
    • 5th Sep 16, 8:38 PM
    Moneybarn are the only big lenders that I am aware of who will lend to IVA customers (with your IP's permission of course).

    I read an account on another IVA forum however, where one customer got a loan at a sensible rate via his local garage, despite being in the IVA, so I guess it is possible.
    • Elfbert
    • By Elfbert 15th Oct 16, 12:48 PM
    • 533 Posts
    • 674 Thanks
    • #4
    • 15th Oct 16, 12:48 PM
    • #4
    • 15th Oct 16, 12:48 PM
    I've no idea exactly how/why it worked, but my partner was in an IVA and went direct to Toyota to 'buy' a new small city car (his old one was large, old and not economical to run at all.) I was ready to sign up to all the finance for him, as I have good credit. However, the Toyota person said they could try it in his name first.

    They accepted him with no question - it was a 0% for 3 years, just over 100 a month, no tax as it was eco friendly. After the 3 yrs you either 'bought' the rest of the car, gave it back, or gave it back and got a new one - so a mix between HO and leasing, I guess. (We actually part-exed it and got another new Toyota after the 3 yrs).

    So perhaps shop around for a small, economical car from the big dealers and see who has 0% offers on, and compare the full cost of a car like this to your current car. You (and your IVA provider) might be pleasantly surprised.

    best of luck to you.
    Mortgage - 68,000 may 2014 45,680.
    • silvdo
    • By silvdo 18th Oct 16, 7:44 PM
    • 63 Posts
    • 148 Thanks
    • #5
    • 18th Oct 16, 7:44 PM
    • #5
    • 18th Oct 16, 7:44 PM
    Im in a simmilar position. But i am a memeber of 2 credit unions. And both have said they would lemd subject to affordability. The first implied that as long as i was honest with my financial situation and could prove i could afford the loan tjen there was a good chance that i could get a loan. I asked about 4k loan. The other cu were more hesitant but did agree that tbey would asess affordability up to 750. Both aprs would be less tjan 20%. So it may be worth seeking out a credit uniom.
    Appologies for any bad spelling in my posts i do my best but they are unavoidable.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

110Posts Today

1,508Users online

Martin's Twitter
  • I've decided my weekend starts here while the sun's glow is still baskable. So I'm signing off. Have a great weeke?

  • No not correct. The big six do, but you can get fixed tariffs guaranteed not to rise and about 25% cheaper. Just tr?

  • Baaaa! Scottish Power has bleated and followed the herd, today announcing it's putting up energy prices by 5.5%. R?

  • Follow Martin