Finance for a new vehicle during IVA?

Obtaining vehicle finance during an existent IVA is never intimidating. Initially you would need to check with your IVA Supervisor if you are permitted to avail it, or any form of additional credit, under the IVA terms.

If the supervisor gives you a green signal, you may then need to apply for it within the application and make a declaration about your eligibility for the same under the terms of the IVA. This will also appear on any credit check being transacted.

However, your ultimate source of financing will make the final decision as to whether you are a suitable candidate to grant the vehicular finance or not. Further, the type of vehicle you operate will determine if you can avail the commercial finance

In addition to the above, if you are a self-employed individual, you may easily try to hire  vehicle from the vendor, upon which you can pay rentals, as per the agreement.

In case you are not eligible for obtaining a vehicle on finance, you can choose to find a guarantor for you. In that case, your guarantor can stand by you while you apply for the finance, or you can take the vehicle on credit on his behalf, and in turn you pay a fraction of your earnings to your guarantor on monthly basis.

In either case under the IVA proposal, it is always advisable to seek prior permission from your IVA Supervisor before engaging into any such additional credit scheme, to avoid being landed into great troubles at a later stage.

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