An IVA can feel like a barrier to obtaining car finance or other credit agreements. However,
having an IVA doesn’t have to stop you from getting approved for car finance deals. We run
through exactly what an IVA is and how it can affect your application for car finance below.
What is an IVA?
An Individual Voluntary Agreement (IVA) is a formal agreement between yourself and
creditors to allow you to pay off any debt that you owe. This is done in a way that you can
afford and could be a one-off sum or spread over a period of time.
Can I get Car Finance with an IVA?
While being on an IVA shows that you are able to pay off your debts and can meet
scheduled repayments it can still be hard to get new credit deals, like car finance. We
understand that this doesn’t stop you from needing to drive and you can still apply for car
finance with ChooseMyCar.
We will need to see a letter from your IVA supervisor however to confirm that any new
agreements won’t put you at further risk.
As experts in bad credit car finance for used cars, we are here to help you with getting behind the wheel of a car, even if you have an IVA or a CCJ. Our expert team will help match your repayment plan to what you can afford.