Car Loans For Self Employed
If you are self employed and require a loan to buy a new or used car then our finance experts can help. We understand that it can often be more difficult to obtain a loan when self employed and therefore we fully undertstand the needs of the lenders and will work with you to ensure your car loan is successful.
This provider is our Expert’s Choice in its category as it won tops marks for the following.
- EXPERTISE & KNOWLEDGE
- CUSTOMER SERVICE
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£1,000 - £250,000
1 - 7 years
Vehicle Finance Broker
Lender Website URL
Homeowners & Tenants
Finance for cars, motorbikes, vans and motorhomes. We make the process hassle-free & provide the customers with a helping hand throughout. Our aim is to get the best possible finance deal, whilst providing an efficient service of the highest quality.
Borrowing £7,500 over 4 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83. Rates may differ as they are dependent on individual circumstances. Subject to status.
Is getting a loan more difficult when you're self employed?
Getting a loan when self employed either as a company director or a sole trader can be more challenging.
Often, the lenders proof of income requirements are more indepth such as the requirement for HMRC SA302 forms and further backround checks on your business and it's profitability. If you are looking to take out a larger homeowner loan for example, often it is an advantage to use a broker who can help you collate the neccessary forms and requirements to the lender needs.
Will I pay a higher interest rate on my loan?
No, there is no reason why you wont be eligable for the best rates while self employed. This is assuming you have a good credit rating and no history or missed payments or issues that may be present on your credit report. If you are in doubt then it is quite simple to sign up to one of the many free credit reporting agencies to further undertstand your credit report.
Can I get a loan without proof of accounts?
No. Lenders will need proof of your income to ensure that you can afford the loan repayments. These may either be in the form of SA302 documents from HMRC or you business accounts. Some lenders may also ask for details of your accountant so that they can verify any income claims.
Can I get a loan if self employed with bad credit?
Yes. There are lenders who will consider applicants with a lower credit score or a history of bad credit. Each lender will have their own requirements. If you are unsure they a loan broker can help place your application with the right type of lender who is more likely to accept your loan application.
Can I get a self employed loan with no credit checks?
No. All lenders will require you to have a credit check to ensure your credit worthiness and suitability. However there are a range of lenders who accept those with bad credit and who are self employed.
I am a pensioner and self employed, can I still get a loan?
Yes. There are a range of lenders who accept applications from pensioners who are both self employed and over the ages of 60, 56, 70 and 75 and beyond.
Can I get a self employed loan for my business?
Yes. There are many lenders who offer loans for business purposes. This may be for sole traders or directors who wish to take out a loan for their limited (LTD) company.
Can I get a loan while working part time?
If you are self employed and working reduced or part time hours then this will not effect your ability to get a loan assuming your income needs are enough to cover the loan repayments. The lender will access the affordability of the loan while taking onto consideration your earning ability and expenses.
Can I get a loan without a credit check?
No. All unsecured lenders require a credit check to check your creditworthiness. They will also check your file to see if you have any other outstanding credit issues, missed payments or CCJ's.
Can I take out a buy-to-let secured loan while working self employed?
Yes. There are many second charge lenders who are willing to offer secured loans on buy to let property. If you are self employed and require a secured loan on your BTL then this should not be a problem as long as you can provide adequate proof of income.