Self Employed Car Finance
- No Deposit
- We help find you the perfect car
- PCP and HP from 8.9% APR
- Free car history and dealer quality check
Getting the right car finance is a vital step for most people when they are buying a car.
However, the process can be more difficult if you can’t prove a stable and consistent source of income. Fortunately, CarMoney is here to help you find self employed car finance deals.rnrnBeing your own boss is a dream for many people. Choosing your own hours, making a living from something you are passionate about – there are many reasons why you would want to be self-employed. Of course, there are unique challenges to running your own business. One of these is the fact that it can be more difficult to get finance.rnrnSome lenders may be put off by the fact that income can vary month to month. While some won’t even consider finance applications if you are self employed, there are other lenders that specialise in offering self employed car finance.rnrnAt CarMoney, we will find you the lenders that are most likely to approve your application, so you don’t waste time when looking for car finance.
Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 18.8%, monthly payment would be £174.22, with a total cost of credit of £2,362.56 and a total amount payable of £9,362.56. CarMoney Limited can introduce you to a limited number of finance providers based on your credit rating and we will receive a commission for such introductions this can either be a % of the amount borrowed or a flat fee. This does not influence the interest rate you’re offered in any way. CarMoney is a broker not a lender.
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Applying for a self employed car loan
Steps to take
There are some steps you will need to take when applying for a self employed car loan. You should make sure you check:rnrnu003cstrongu003eDocumentation and Proof of Income: u003c/strongu003eAs a self-employed individual, you’ll likely be required to provide additional documentation compared to salaried employees. This can include tax returns, bank statements, and possibly a business plan.rnrnu003cstrongu003eCredit History: u003c/strongu003eMaintaining a good credit history is crucial. Lenders will assess your credit score to determine the terms of the finance agreement.rnrnu003cstrongu003eStability and Business Viability: u003c/strongu003eLenders often prefer to finance individuals with stable, profitable businesses. If you’ve been self-employed for a short period or your business is in its infancy, this could affect your eligibility.
Types of car finance
The type of car finance available to you if you are self-employed is basically the same as if you work for someone else. These are:rnrnu003cstrongu003eHire Purchase (HP): u003c/strongu003eHire Purchase is one of the most common forms of car finance. With HP, you may pay a deposit and then make fixed monthly payments over an agreed period. Once the final payment is made, you own the car outright.rnrnu003cstrongu003ePersonal Contract Purchase (PCP): u003c/strongu003ePCP allows you to make lower monthly payments than HP. You will make fixed payments through the term of the agreement. At the end of the term, you have three options: return the car, pay a lump sum to buy it, or use any equity towards a new car.
Our ninjas are here to help
If you are self employed, car finance has additional benefits aside from helping you get your dream car.rnrnIf you are using the car for business purposes, you may be able to claim fuel and maintenance as business expenses.rnrnYou can also use decals or custom paint to advertise your business – potentially winning new clients.rnrnWhile some lenders may refuse to lend to people who are self employed, car finance is completely in reach – and can help you grow your business.rnrnGet a quote or contact CarMoney today.
Frequently Asked Questions
Can I get car finance if I am self-employed?
Self-employed individuals can get car finance, but the process and criteria may be different from those for employed individuals. Self-employed borrowers may also face higher interest rates, as lenders perceive irregular incomes as a higher risk.
Do self-employed individuals get different interest rates compared to employed individuals?
Interest rates for self-employed individuals may vary depending on how lenders perceive the risk involved. Maintaining a good credit score and stable income can help secure more favourable rates.
Is it more difficult to get finance when self-employed?
Securing finance as self-employed can pose challenges since lenders need more information. It is important to be prepared to provide documentation and answer inquiries regarding your business. Patience and shopping around for suitable lenders are crucial in navigating this process successfully.
Can self-employed individuals get car finance?
Yes, self-employed individuals can get car finance. However, lenders may require additional documentation, such as tax returns and business accounts, to assess your income stability.
Self-Employed Specialists
We offer tailored finance solutions for self-employed professionals, supporting your mobility and business growth aspirations.
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We know the unique needs of self-employed people. Trust us for expert advice and finance to help you achieve your business goals.
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CarMoney Ninja Sean
“Great service, Sean Davidson was great and was always trying to help and give me the easiest experience possible. Thank you very much Sean.”
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