Can I Get Van Finance With an IVA?

Can I Get Van Finance With an IVA?

You may still be considered for van finance if an Individual Voluntary Arrangement (IVA) forms part of your financial history or current circumstances. There is no universal lender rule that makes every application with an IVA automatically accepted or declined.

Van finance applications are subject to lender criteria, credit checks, affordability and approval. The lender looks at the overall application rather than relying on one piece of information alone.

What does an IVA mean for a van finance application?

An IVA is a formal debt arrangement. For a finance application, the important point is that a lender may take the IVA and the financial circumstances around it into account when assessing risk and affordability.

An IVA is different from a default, County Court Judgment or bankruptcy. Those circumstances should not be treated as interchangeable, even though each may form part of a customer's wider credit history.

What may the lender consider?

Depending on the lender and application, the assessment may include:

• your wider credit profile and repayment history;

• your current income;

• regular household or business commitments;

• existing borrowing and other payments;

• whether the proposed van payment appears affordable;

• the amount being financed;

• the vehicle being financed;

• whether the information and documents supplied are complete and consistent.

The existence of an IVA does not allow anyone to predict the outcome on its own.

Is there a set waiting period after an IVA?

No universal waiting period applies across all van finance lenders. We would not state that an IVA must have been completed for a particular number of months or years before an application can be considered.

Lender criteria vary, and the customer's current circumstances and full application still need to be assessed.

Is there a minimum credit score if I have an IVA?

There is no single minimum credit score that Van Finance Company can quote as a guarantee of acceptance. Lenders use their own criteria and consider more than a consumer credit score.

A higher or lower score should not be presented as a guaranteed approval or decline where an IVA is involved.

What if my IVA is still active?

An active IVA may contain restrictions on obtaining further credit. Before entering into a new finance agreement, check the terms of your IVA and obtain any consent required under those terms.

This is not debt advice. Van Finance Company does not advise customers on changing or managing an IVA. Where an IVA is still active, the position cannot be treated purely as a lender-assessment question because the terms of the IVA may also need to be considered.

What should I prepare before applying?

Provide accurate information about your current circumstances and respond to any document requests from the lender. Depending on your application, this may include identification, proof of address, income evidence or bank statements.

It is also useful to choose a van and proposed finance amount that fit your current budget. That does not guarantee approval, but it gives the lender an accurate application to assess.

This page explains the van finance application process only. It does not advise you on changing, ending or managing an IVA.

Who makes the decision?

Van Finance Company is a finance broker and may introduce applications to a panel of UK lenders. The lender makes the final decision and determines any rate, deposit, term or payment offered.

Customers with previous credit difficulties may be considered, but no finance outcome can be guaranteed.

Final answer

An IVA can be relevant to a van finance decision, but there is no universal rule, waiting period or score that determines the result. If your IVA is still active, you should also check its terms and obtain any consent required before entering into a new finance agreement. Subject to that, the practical approach is to provide complete information and let the lender assess your present circumstances, affordability and wider credit profile.

When you are ready, you can view available vans and request a personalised finance quotation.

Next step

View available vans and request a personalised finance quotation when you are ready.