The self-employed often have a harder time than anyone else in raising credit or securing a loan.
According to financial lenders, one of the main reasons for this is the inherent challenge of establishing the regularity of income during the repayment period of any loan. Incomes for the self-employed, they argue, are prone to potentially wide fluctuations and seasonal variations.
Because the success of your self-employment in the past may offer some clue to its likely performance in the future, some lenders insist on your providing certified annual accounts in support of your application for a loan.
If you are given a hard time because you are self-employed, however, it is likely to prove even more difficult to secure a loan if you are both self-employed and have a poor credit record.
We Make Life Easier
Of course, we are interested in your income as evidence of you being able to afford loan repayments but we ask to see only three months of your immediately preceding bank statements in order to confirm your status.
That is when we also make a pre-application “soft” check of your likely eligibility for a loan – so that your credit record is not adversely affected by a lender rejecting your application.
Clearly, this is more important than ever if you already have a poor credit record. But even given the combination of your being self-employed and having a bad credit report, all is not lost. We work with a large panel of lenders, many of whom specialise in loans for the self-employed, including those who have a less than perfect credit record.
Three Easy Steps
If you are self-employed – whatever your current credit status – and want a loan for a new or used car, just follow these three simple steps:
Step 1 – decide how much you need to borrow, over a chosen repayment period, and complete an easy online application for your personalised quote;
Step 2 – find the vehicle you want to buy from any recognised dealership in the UK and our own experts confirm that there is no outstanding finance on it;
Step 3 – Apply today for a self-employed vehicle finance
Step 4 – return to the dealer, where you will find that we have already taken care of the necessary paperwork, paid the dealer direct and the vehicle is ready for you to drive away.
Get your car finance today
1. Buy from any reputable dealership.
2. No deposit needed for your new car.
3. No fees. No obligation quote.
Set your car loan budget
Representative example – excellent credit Borrowing 7500 over 4 years with a representative APR of 6.9% and a deposit of £0, the amount payable would be £177 per month, with a total cost of credit of £1,035 and a total amount payable of £8,535.