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.