If you’re in an Individual Voluntary Arrangement (IVA) or a debt management plan, you might be wondering if getting a car loan is possible. The answer is yes, but there are a few important things you need to know.
Being in an IVA or a debt management plan doesn’t prevent you from getting car finance. However, it does mean you need to work with lenders who understand your situation. At Happy Motor Finance, we have a panel of lenders who specialise in providing car finance for individuals in IVAs or debt management plans. We can help you find the best option tailored to your budget and circumstances.
An IVA or a debt management plan can impact your credit score, making you a higher risk for lenders. This typically results in higher interest rates compared to those with good credit histories. However, we are committed to negotiating the best possible rate for you based on your income, deposit, and vehicle choice.
Yes, refinancing your car loan is an option after completing your IVA or debt management plan. Refinancing can help you secure better terms, such as lower interest rates, reduced monthly payments, or an extended loan term. This can save you money and improve your cash flow.
However, refinancing depends on several factors, including current market conditions, the value of your vehicle, and the remaining balance of your loan. It’s also important to consider any fees and charges involved in refinancing, which may outweigh the benefits.
At Happy Motor Finance, we can help you determine if refinancing is right for you and find the best deal from our panel of lenders. We monitor interest rate trends and will advise you on the optimal time to refinance.
Applying for car finance with us is easy and quick:
Once you accept the offer, you can choose any car from any reputable dealer in the UK. We handle all the paperwork and arrange the payment for you, so you can drive away in your new car.
We can assist you with these steps by advising you on suitable vehicles and helping you get the necessary permissions.
Once we secure lender acceptance, you can either find a vehicle independently or use our personalised shopping service. We help you find the perfect car, van, or motorbike based on your specific requirements.
IVAs have become increasingly common in the UK, providing a vital solution for individuals facing financial difficulties. The path toward financial recovery is attainable, and you can soon be back on the road to stability. Happy Motor Finance is dedicated to expertly guiding you through the process of securing the necessary financing.
For more details, check our finance calculator and see what works best for you.
The above rates and monthly payments are an example only. The actual rate you will be offered by lenders could be lower or higher depending on your circumstances
Representative example: borrowing £6,500 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £166.07 per month, with a total cost of credit of £3,464.37 and a total amount payable of £9,964.37.
*After completing the application, lenders will perform a "soft search" that will not affect your credit score. Should you get an offer of finance and wish to proceed, the lender will then perform a "hard search" of your credit file. Finance acceptance is not guaranteed, please click the following link for more information: Initial Disclosure Document
Amazing experience from start to finish, the people there don’t push you into anything. The checks are really good, they not only check out the car but who you are buying it from. Thanks to Matthew and Leon for all their support in helping me choose the right car for me.
They were extremely helpful and did everything they could to get me finance even with a bad credit rating. Couldn’t recommend these guys enough. Leon talked me through it every step of the way, the company are lucky to have you😊
Very helpful team Leon walked me through the whole process and didn’t push. He also gave brilliant advise and set up warranty package that gave me peace of mind.
I've just picked up my new car, absolutely love it, Alan was amazing I told him everything I was looking for in a car and within minutes he found my dream car, Alan kept in contact with me through the whole experience, checking I was still happy with everything, I would highly recommend Happy motors finance and have already done so with friends. THANK YOU SO MUCH! 😊
Cannot praise this company highly enough. Dealt with Alan, who pulled out all the stops and exceeded my expectations. Everything went so smoothly. Alan also made sure I was given all the details needed and communication was excellent. Keep up the good work guys.
