IVA Car Finance

Our specialist IVA lenders are more interested in your credit future than your pre-IVA credit past and would be happy to consider an application from you.

Check your eligibility now. You’ll get an online decision within minutes – without impacting your credit score.

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Creditplus Representative example: borrowing £7,500 over 48 months with a representative APR of 18.9%, an annual interest rate of 18.9% (Fixed) and a deposit of £0.00, the amount payable would be £223.86 per calendar month, with a total cost of credit of £3,245.06 and a total amount payable of £10,745.06. 

1. Apply online

Simply tell us a little bit about yourself and how much you would like to borrow by completing our short online application form.

2. Get a quick decision

If the lender approves your application and if you wish to proceed. We will work with your Insolvency Practitoner (IP) in order to obtain a final sign off.

3. Fast payout

Once the lender has completed their final checks and we have obtained approval from your IP, we’ll pay the dealer so all you have to do is pick up your car.

IVA, CCJ & DRO applications welcome

Titanic Finance was set up with the goal of providing access to Car Finance for anyone with a less than perfect credit history, due to a CCJ, DRO, or an IVA. Having a poor credit history doesn’t mean you can’t borrow money to buy the car you need, but it may limit your choice of lenders.

We recognise that if you’re in an IVA or recently completed an IVA, you’re addressing or have addressed your financial problems and are working towards a more sustainable financial future.

We work closely with specialist lenders who can provide car finance for those currently in an IVA and those who have successfully completed an IVA, even if you have a poor credit rating. The application process is straightforward and hassle-free.

What finance options are available to someone in a IVA?

Hire Purchase (HP)

Hire purchase (HP) is one of the most common ways to purchase a car. With an HP deal, you are often required to pay monthly payments to repay the balance of the price of the car plus interest over a period of time. It is a cost-effective way of financing a car if you wish to own it outright at the end of the agreement.

Personal Contract Purchase (PCP)

Personal Contract Purchase (PCP) usually requires you to make an initial deposit.

What makes PCP that bit different is that monthly payments are usually at a lower cost, however, when you get to the end of your agreement, there is a final payment, referred to as a balloon payment that must be made if you wish to keep the car.

Once your agreement is finished, you’ll have three options;

  1. Purchase the car by paying the final balloon payment
  2. Hand the car back
  3. Part exchange for a new car

Before signing up to any finance agreement be sure to research all your options to ensure you get the best deal for you.

Can you get car finance while in an IVA?

One common question that we often receive from clients in an IVA is whether or not they can purchase a car on finance or can they take out finance to address a balloon payment when a PCP agreement ends.

In the UK each year, over a million cars are being bought on finance. However, individuals in an IVA can find accessing affordable finance to be a difficult problem, due to problems and limits accessing credit. However, finding a finance package to suit you is not impossible and we work with specialist lenders.

Applying for Car finance during an IVA

If you’re in an IVA you will need permission from your Insolvency Practitioner (IP) to obtain car finance.

You will need to justify to your IP why you require a finance deal on a car; perhaps public transport is costing too much each month and a car on finance would be the cheaper option, some people may require a car to commute to and from work in order to make a living or maybe you require a car to get the children safely to school. Your IP will decide whether or not this request is reasonable based on your circumstances and they will take into consideration your income and expenditure to ascertain whether or not committing to a car finance loan is manageable given your budget.

Being in an IVA will normally limit the number of car finance lenders willing to consider an application. However, we work with a specialist panel lenders who are willing to consider applications from individuals who are currently in or have previously been in an IVA.

Let’s get you on the road

We specialise in helping people get vehicle finance. All types of credit profiles considered. 
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Frequently asked questions

Our experts have the answers

Why come to Titanic Finance for vehicle finance?

We promise to make financing your next vehicle straightforward and hassle-free. To that end, we have partnered with one of the UK’s biggest car finance brokers (Creditplus). Creditplus share our vision and set of core values. Like ourselves, they are passionate about matching people to a finance package that’s right for them.

We have a large panel of lenders who provide finance options for an array of individuals. From those self-employed to individuals with poor or less than perfect credit histories.

Am I eligible for Car Finance?

You can check your eligibility in a matter of minutes by completing our eligibility checker. Don’t worry there is no impact on your credit rating. All that we ask is that you meet our minimum criteria.

  • Be in full-time employment
  • Have a full UK driving license
  • Be over 18 years of age
  • Earn over £1,000 per month
  • Have 3 years UK address history

Is a deposit required?

A deposit isn’t always required and we have zero deposit options available. If you don’t have the spare cash, you can always part-exchange your old vehicle towards the deposit for your next car.

Can I get car finance if I have a poor credit history?

Having a poor credit history doesn’t mean you can’t borrow money to buy the car you need, but it may mean some lenders won’t approve you.

We work with a handpicked panel of specialist lenders who are more interested in your credit future than your credit past. Our friendly team will help you find affordable finance that suits your individual circumstances.

Latest News and updates

PCP car finance

PCP Car Finance

Personal contract purchase (PCP) is the most popular way of financing a car. It’s often…

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Don’t just take our word for it
client reviews of our partner

I recently used these guys to sort out my car finance. The whole experience was easy and positive throughout. I was kept informed through every step of the process and it was made very easy for me.
David Higgins
Manchester
They searched high and low to find me the car that I wanted with the options I wanted at the right price. They were helpful and kept me informed the entire time. Great service, Very
Lauren Meeks
Southampton