Many people who are self-employed will have experienced some issues, at times, in finding car finance.
Why is that the case and much more importantly, what can you do to overcome it if you’ve been affected?
The first message to be clear on is that it may be possible to secure self-employed car finance!
However, you may need some assistance in doing so and that’s where we at CarFinance Plus have extensive experience. So, don’t despair – contact us instead.
It is perhaps worthwhile explaining why this can be an issue for some lenders when considering a car loan for self-employed people.
A typical lender considering a car loan will need to ask several questions of the proposal in front of them, including two that are particularly important:
Lenders have sophisticated methods of establishing these two things. In the case of employees, these methods are typically relatively easily applied. It’s possible, for example, for lenders to consider with employed applicants:
In the case of the self-employed though, such risk-assessment becomes far more difficult or in some cases even impossible.
For that reason, some lenders may decline to car finance for self-employed people. Others may do so but only under multiple restrictions or by applying inflated interest rates etc.
Nobody can absolutely guarantee car loans for self-employed people. A lot will depend upon your exact company status and things such as your credit score.
What is imperative though is to avoid simply making multiple random car loan applications in the hope you’ll get lucky. The reason for that is simple – every time you’re turned down for finance it’ll be noted on your credit history files. Multiple refusals will make your credit score look worse and your challenge in finding self-employed car finance that bit more difficult.
Instead, contact us at CarFinance Plus and allow us to assess your position. We will then be able to establish a loan application route that’s more likely to be successful.
Our joint primary objective will be to fill in as many as possible of those information gaps that can cause concern to potential lenders.
That’s why you’ll typically need:
The more paper evidence you have of your overall personal and business position, then the more your chances of success will be in applying for self-employed car loans.
Why not contact us for a further discussion?