IVA Van Finance
We’ve helped customers from all walks of life secure IVA van finance, and you could be next…
We understand the frustration of being repeatedly rejected for van finance, especially if you’re currently in or have recently completed an Individual Voluntary Arrangement (IVA). Traditional lenders often dismiss applications from individuals with an IVA, but at We Finance Any Van, we specialise in helping people with challenging financial histories secure the van finance they need.
Whatever your individual circumstances, we have a van finance solution for you.
How It Works
- Easy Application Process: Whether you already have a van in mind or need help finding one, our process is designed to be straightforward and hassle-free.
- Extensive Van Options: Browse over 250,000 makes and models from the comfort of your home using our van search portal.
- Tailored Financial Solutions: We assess your financial situation comprehensively to offer a solution that works best for you, considering your IVA status and any other unique circumstances.
Why Choose Us?
- No Credit Score Impact: We start with a soft credit search, meaning your credit score remains unaffected during the initial stages.
- Specialist Lenders: We work with lenders experienced in bad credit van finance, giving you a better chance of approval.
- Dedicated Support: Our team of industry professionals and a dedicated Account Manager will guide you through the process.
- FCA Authorized Dealers: We only work with dealers who are authorized by the Financial Conduct Authority, ensuring a trustworthy and transparent experience.
- Comprehensive Assistance: From supporting you with the written request to your IVA practitioner to helping you find the perfect van, we’re here every step of the way.
Convenient van finance for a brighter future – your new van is within your reach.
Confused about IVA van finance? We’ll talk you through it…
We strongly believe that everyone should have the opportunity to buy a new van, no matter their personal situation. While an IVA (Individual Voluntary Arrangement) can be a hurdle when trying to secure van finance, it doesn’t mean you’re out of options. Our team of industry specialists is dedicated to helping you find a solution that fits your needs.
We know that the idea of bad credit van loans can feel daunting. You might be hesitant to discuss your financial struggles or unsure about how the process will turn out. Perhaps you’ve faced unhelpful responses in the past? At We Finance Any Van, we’re here to support you, not judge you.
Navigating IVA van finance can feel overwhelming, with endless paperwork and complicated procedures making it hard to know where to begin. But don’t let the fine print scare you away! Our goal is to ensure you feel confident throughout the entire application process.
To help you get started, we’ve created a simple guide to applying for van finance with an IVA, complete with expert tips and advice.
Still feeling unsure? Remember, no question is too small for us! Reach out to our friendly team for guidance today.
If you are currently in an IVA
When applying for van finance with an IVA on your credit record, you’ll need approval from your Insolvency Practitioner. This is necessary for two main reasons:
- Loan amount: If the loan you’re applying for exceeds £500, it will require approval. This is because larger loans can affect your ability to meet your IVA repayment obligations.
- Non-essential utility: In an IVA, essential expenses like housing are prioritized. A van is generally considered non-essential, which can make obtaining finance more challenging.
The primary goal of an IVA is to safeguard your current finances while promoting future financial stability. Taking on new financial obligations can be risky, so your Insolvency Practitioner needs to assess if you’re in a suitable position to apply for additional finance.
As a result, there are a few hurdles to overcome when seeking van finance with an IVA.
Is it easy to get approval?
This largely depends on several factors, such as:
- Your overall financial stability
- The terms outlined in your IVA agreement
- How crucial a new van is to your day-to-day life
A reliable van can make a significant impact on your routine, but with an IVA, you’ll need to demonstrate that you can manage the finance payments. It starts by having a solid understanding of your finances, including your income and outgoings, so you can establish a budget.
Making a case for why a van is essential could strengthen your application. For instance, if you live in a remote area with limited transport options or have a long daily commute for work, a van might be seen as a necessity rather than a luxury.
However, the final decision rests with your Insolvency Practitioner.
What happens after approval?
Once you’ve submitted your application, you’ll need to provide a letter of approval from your Insolvency Practitioner. This document confirms that your financial situation has been carefully reviewed and that taking on van finance is a manageable option for you.
At We Finance Any Van, we can’t guarantee van finance. A letter is essential and will support your application, but having an IVA on your file may still impact your chances.
Applying for van finance after an IVA
You’re more likely to secure van finance after completing your IVA and clearing any outstanding debts. However, there can still be obstacles. Here’s what you should keep in mind:
- Credit report: An IVA remains on your credit report for up to six years from the start date, which can impact your financial history and borrowing options.
- Eligibility check: Lenders will be able to see your IVA details when reviewing your application, even if they perform a soft credit check.
- Interest rates: If you pass the eligibility check, you may still be offered less favourable terms, including higher interest rates due to the perceived risk.
It’s important to note that securing van finance without a credit check isn’t possible, as this would pose risks to both you and the lender. Credit checks are essential for assessing your eligibility.
With this in mind, it’s helpful to understand the potential challenges that come with an IVA and van finance. Being aware of these will prepare you for the outcome of your application and help you explore all available options.
What steps can you take to overcome these challenges?
Set a budget: Having a realistic budget is crucial, especially if you have bad credit. By factoring in the possibility of higher interest rates, you can better manage your finances and show that you’re responsible with money.
Repair your credit score: Improving your credit score can make a big difference. Simple actions like setting reminders for bills or checking your credit report for errors can help you rebuild your score over time.
Choose a specialist lender: Traditional lenders may be hesitant to offer van finance if you have an IVA. However, by working with a specialist lender experienced in bad credit situations, your chances of approval improve significantly.
When you choose We Finance Any Van, you will have access to a specialist lending panel and a team of experts. This means that you’re in the perfect place to apply for van finance.
Your questions answered
What is an IVA?
An Individual Voluntary Agreement (IVA) is a formal, legally binding arrangement between you and your creditors to pay off your debts over a fixed period. It’s a debt solution designed to help you manage your financial obligations without resorting to bankruptcy, which can have more severe long-term consequences.
Here’s how an IVA works:
- Agreement: You work with an insolvency practitioner who will assess your financial situation and propose a repayment plan to your creditors. This plan is based on what you can realistically afford, considering your income and essential expenses.
- Duration: Typically, an IVA lasts around five to six years. During this time, you make regular payments to your insolvency practitioner, who then distributes these payments to your creditors.
- Legal Protection: Once an IVA is approved, your creditors must stop any legal action against you, including attempting to collect the debt outside the terms of the IVA.
- Debt Write-Off: At the end of the IVA period, any remaining debt covered by the agreement is usually written off, giving you a fresh start financially.
However, an IVA is a serious commitment, and it does come with some drawbacks:
- Credit Impact: An IVA stays on your credit report for six years from the date it starts, making it harder to obtain credit, including van finance.
- Asset Considerations: You may be required to release equity from your home or sell other assets as part of the agreement.
Can I get van finance with an IVA on my credit report?
The short answer is yes! Even with an IVA on your credit report, it’s still possible to secure van finance, though you may face a few additional challenges.
Since an IVA is often seen as a sign of financial difficulty, many mainstream lenders may reject your application outright. Fortunately, we work with a panel of specialist lenders experienced in IVA van finance, giving each applicant a fair and thorough review.
Am I more likely to get approved if I’ve cleared my debts?
Yes, completing your IVA shows lenders that you’ve managed your debts responsibly and made efforts to improve your financial health. This can boost your chances when applying for van finance.
However, lenders will still consider both your credit report and credit score during the review process. While your report may show that your debts are settled, the IVA could still impact your credit score, which may lead to higher interest rates or stricter terms.
What if I’m still in an IVA?
Although your chances are higher if you’ve completed your IVA, we can still help you secure van finance while your IVA is ongoing. In this case, you’ll need to discuss your application with your insolvency practitioner, and any loan over £500 will require their written approval. If you’ve struggled to meet your current debt repayment obligations, it may be more difficult to get finance.
With an IVA, there are specific rules for applying for credit, but our knowledgeable team can guide you through the process and help you understand what’s allowed and what’s not.
No matter your financial situation, we’re here to support you every step of the way!
Top tip – Before submitting your application, always complete a thorough review of your finances so you are confident that you can meet the monthly payment deadlines.
Can I apply for joint or guarantor van finance if I have an IVA?
If you’re dealing with a poor credit history or have struggled to secure van finance on your own, joint or guarantor van finance may offer viable alternatives. In both cases, the co-signer should be a family member or close friend with a strong credit score.
Joint Van Finance
Joint finance applications are typically between family members who live in the same household. This arrangement can make it easier to manage repayments, as shared expenses are more straightforward. When applying for joint van finance, the lender will consider the financial backgrounds of both applicants. While your IVA might cause some difficulties, a co-signer with a healthy credit score and stable income can significantly increase your chances of approval.
Guarantor Van Finance
For guarantor van finance, the guarantor takes on financial responsibility if you’re unable to make repayments. This means that if you miss any payments, it will be up to your guarantor to cover them. It’s important for both you and your guarantor to fully understand the commitment involved before entering into the agreement.
Both options provide additional pathways to securing finance despite a difficult credit history, giving you a better shot at purchasing the van you need.
Can I get IVA van finance if I am self-employed?
To be considered for van finance, lenders will assess your employment status and current income. For self-employed individuals with an IVA, this can be challenging as an inconsistent monthly income, paired with a low credit score, may increase the perceived risk.
But don’t worry! We specialize in handling complex cases and are here to help you through the process.
What documents will you need to provide?
We understand that navigating van finance can be tricky, especially when you’re self-employed. That’s why We Finance Any Van is committed to offering a smooth, stress-free experience, regardless of your circumstances.
Our online application process is straightforward, but to boost your chances, you’ll need to provide proof of a stable income. This can include:
- Bank statements
- Tax returns
- Invoices
If physical documents aren’t readily available, you can opt for an open banking assessment. With your consent, this method gives lenders a more detailed view of your finances, helping to determine your eligibility more accurately.
Will an IVA impact my credit score?
An Individual Voluntary Arrangement (IVA) is a formal debt solution that indicates past financial challenges. Once you enter an IVA, it will appear on your credit report, negatively affecting your credit score. The degree of impact depends on your situation and how well you manage the repayment plan. Meeting deadlines as agreed can gradually improve your credit score.
The concern over how finance assessments might further affect your credit often discourages people from applying. At We Finance Any Van, we collaborate with lenders who perform soft credit checks at the initial stage. This allows them to review your credit history without negatively impacting your credit score.
Can I choose any van I want with IVA van finance?
There’s nothing quite like that new van feeling, especially when it’s one you’ve always dreamed of owning. We get it—sleek designs and luxurious interiors are hard to resist. But are they within your budget? At We Finance Any Van, our goal is to provide you with the best possible advice so you can manage your repayments with ease.
If you’ve had financial difficulties or are dealing with debt, it’s crucial to choose a van that fits within your financial limits. Going for a model that’s out of your price range might impact your ability to secure finance. With our expert team by your side, you’ll be able to find a van that’s not only affordable but also reliable and suited to your needs.
Once you’ve been approved for finance and have a clear budget in mind, we offer a wide range of makes and models from verified dealers to explore.
Top tip: Make a list of your priorities—think about maintenance costs, vehicle type, and fuel efficiency. Take your time. The right van is out there waiting for you!
What happens if I miss a payment on my IVA van finance agreement?
The terms of your IVA van finance agreement can vary based on the lender, but typically, missed payments may result in late fees and negatively affect your credit score. In more serious situations, missing payments could even lead to vehicle repossession.
At We Finance Any Van, we know how overwhelming financial difficulties can be, particularly during your repayment period. If you’re having trouble keeping up with your van finance payments, don’t worry. Get in touch with your lender as early as possible. Most lenders are flexible and can offer solutions such as extending your repayment plan or modifying payment deadlines, helping you stay on track without unnecessary stress.
How long after an IVA can you get van finance?
It’s generally easier to secure van finance once your IVA has been removed from your credit file after the six-year period. However, we understand that waiting that long might not be feasible, especially if you need a van urgently.
If your IVA was completed recently, you might face more challenges in getting approval compared to waiting a few years. Lenders often focus on your most recent financial history, so the impact of the IVA will still be apparent.
Don’t let this discourage you from applying. With our support, you could still be eligible for a specialist finance agreement tailored to your situation.
What types of van finance can you apply for with an IVA?
Due to the impact an IVA can have on your credit score, you might face limitations when it comes to choosing van finance options.
Hire Purchase (HP) van finance is often the best choice for those with bad credit. In an HP agreement, you make regular monthly payments to cover the cost of the van.
Why is HP a better option for IVA applicants?
- The fixed payment structure makes budgeting easier.
- It provides a path to van ownership while helping you rebuild your financial stability.
- Lenders might be more accommodating during the approval process.
Check if you qualify for HP van finance with an IVA today.
On the other hand, Personal Contract Purchase (PCP) van finance is typically less suitable for those with poor credit. PCP agreements are more complex and usually require a stronger credit profile.
A practical approach is to first secure approval for an HP agreement. Once you have a history of consistent van payments and an improved credit profile, you can then consider applying for PCP van finance.
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About Us
If you are looking for van finance, you are in the right place!
We have years of experience in van finance, a very extensive lending panel & a team set up to get you the van you want at the best finance rate possible. If you have already found a van and just need the finance – great! If you need help finding a van then we are there for you as well – in fact, we have access to over 100,000 vans.
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