www.iva.co.uk

hi all

i have finished paying into my IVA and awaiting my completion certificate but have been told it could take a few months due to ppi claims and HMRC refunds etc.
my question is my car has just died and will cost to much to repair i dont have money lyeing around to be able to repaire it. what are my options with applying for finance for a car even though i dont have my completion certificate yet??

thanks

Hi Tracey,

You could try either Moneybarn or Carloans4u - they are usually good for car loans with people who have a less than a perfect credit record.

Thank you Kallis i will try them!!1

Money barn used to be known as Dunctons and we had a car loan through them......they were very amenable but the interest rates were very very high .....what others paid £150 a month for, those in our situation were being asked to pay £250 a month...be prepared to have to barter and really hold your ground with them....we did and they came up with a better deal ....

ok thank you luluj i will try first thing monday morning.

Hi luluj,

I am with Moneybarn (previously Duncton). 2 and a half years ago I took out a 4 year lease with them. My IP would not let take a loan but were happy for me to lease. I am paying £220 per month on a small 1.2 engine car (now 08 plate). It has suited my needs and been reliable don't get me wrong but now I have finished my IVA I am tempted to see if I can get a car loan. It is always in the back of my mind that it is not my car. I am sure I will have no problem with Moneybarn as I have paid ever single payment since Sept 09 on time (noticed they have updated my credit file with this which I am pleased about). For £250 a month how much were they will to lend you if you don't mind me asking? Not desparate to change cars but may consider in the next few months. Tracey let us know how you get on as I will be very interested.

Hope you get sorted Tracey - let us know how you get on.

I contacted CL4U (Car Loans 4 U) to seek finance for a car. I will stipulate this was only 2 months after receiving my completion certificate, but my credit files had been updated and showed no defaults or IVA. Anyway I managed to get a fixed rate loan for a 2007 plate car. I am paying £194.00 per month over 4 years. The car I purchased was for £7,300.00 and is financed via Barclays Partner Finance (I was shocked when I heard that Barclays Partner Finance had agreed the loan, as Barclays were one of my creditors in terms of credit cards), but I was led to believe that they are a sister company and not directly linked. Please also note that CL4U will pay the money direct to your dealer, so you need to have a car in mind and will need the registration number, it also has to be less than 5 years old. They have a lot of main dealerships on their books and you can view cars on their website also. Thought I would share my expereience as it may help.

Hi Kaykay, thanks for that very useful to know.

All useful information to share, Ill be hoping to update my car when IVA has finished as it's getting a bit tired now. x

Thanks all, yes i have a car in mind that ive seen... why would the car need to be at least 5 years old???
i will speak to them and get back to you all!!

I think it's less than 5 years old to be eligible.

I want a new car,and may want one even more when the mot on the golf gets done week after next!!!! If it passes then its gets kept another year!!!If it fails it probably gets kept another year!!!! HAhahaha.

Paul