If you’re in an IVA or a debt management plan, you might be wondering if you can still get a car loan. The answer is yes, but there are some things you need to know.
Being in an IVA or a debt management plan doesn’t mean you can’t get car finance. It just means that you have to work with lenders who understand your situation and are willing to offer you a deal. At Happy Motor Finance, we have access to a panel of lenders who specialise in providing car finance for people in an IVA or a debt management plan. We can help you find the best option for your budget and circumstances.
One thing you have to be aware of is that having an IVA or a debt management plan can affect your credit score and make you a higher risk for lenders. This means that you may have to pay a higher interest rate than someone with a good credit history. However, this doesn’t mean that you can’t get a reasonable deal. We will work hard to negotiate the best possible rate for you, based on your income, deposit, and vehicle choice.
Yes, you can. Refinancing means that you replace your existing car loan with a new one, usually with better terms and conditions. For example, you may be able to lower your interest rate, reduce your monthly payments, or extend your loan term. This can help you save money and improve your cash flow.
However, refinancing is not always available or advisable. It depends on several factors, such as the current market conditions, the value of your vehicle, and the remaining balance of your loan. You also have to consider the fees and charges involved in refinancing, which may outweigh the benefits.
At Happy Motor Finance, we can help you decide if refinancing is right for you. We can also help you find the best refinancing deal from our panel of lenders. We will keep an eye on the interest rate trends and let you know when it’s a good time to refinance.
Applying for car finance with us is easy and fast. You just have to fill out a simple online form on our website and we will do the rest. We will perform a soft credit check that won’t affect your credit score or leave any footprint on your credit file. We will then match you with the most suitable lender from our panel and get back to you with an offer.
Once you accept the offer, you can choose any car from any reputable dealer in the UK. We will handle all the paperwork and arrange the payment for you. You can then drive away in your new car and enjoy the freedom and convenience it brings.
If you are in an IVA or a debt management plan, there are two more things you need to do before applying for car finance with us:
We can help you with these steps as well. We can advise you on what kind of vehicle to look for and how to get permission from your IVA supervisor or debt management company.
Once we secure lender acceptance, the process moves forward to the exciting phase of selecting a vehicle. You have the option to independently find a vehicle or take advantage of our personalised shopping service, wherein we assist you in finding 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 challenging financial circumstances. 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 comprehensive process of securing the necessary financing.
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.
*Our lenders operate using an initial "soft search" which does not impact your credit score however, if you wish to proceed with the finance offered, the lender may carry out a "hard search" prior to sending you the finance documentation to sign.
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.
Andy RyanAbsolutely outstanding service from Damian at Happy Motor Finance, start to finish 48 hours everything was explained and was an easy process. Highly recommended and cheers Damian much appreciated!
Victoria SumnerAmazing service from Leon and a new car sorted in less than a week.
Peter KilliardI could make this very very long winded but I won’t. I’ll just say that Kirsty and the team gave me the best customer service and buying experience ever. Thank you very much and I’ll be back when it’s time to upgrade.
Barry O'BrienKirsty was very patient, I don’t think I was an easy customer, I can’t remember how many cars I looked at, there was no pressure and Kirsty was extremely helpful and nothing was too much trouble, we eventually got a great deal on my ideal car, Thank you Kirsty
Jack ScoreyLeon was great! Fast responses to questions and always happy to help. Very quick process from start to finish. I would recommend this company to anyone.
Kyle DannIf I could give 6 stars I would, team member Yaz has been the most help from any finance company I’ve tried in getting a new car and helped me out massively. Top man and a top company would massively recommended.
leah wilsonEverything was quick and easy! would 100% recommend to anyone looking to quick finance!
LGA-Extra ZFast and easy service. couldn’t ask for a better service
lizzy smithKirsty was extremely helpful, really helped me understand everything and got me the best deal possible! Also very easy to chat to and get along with! Highly recommend!
