How to get car finance when you’re self-employed


People who are self-employed may worry that
they won’t be able to get car finance. Being self-employed should not stop you
from getting car finance. However, it will be important to prove your income
as part of your finance application. Finance lenders, who we will approach on your behalf,
will require proof of a steady, regular income to make sure you can keep up with your
monthly payments. This usually includes sending us: three month’s bank statements or payslips proof of earnings SA302 document, and your latest tax return. They will also need to see a minimum of
three year’s employment history, three year’s address history, and you’ll need to have been
a UK resident for a minimum of five years. Cash-in-hand cannot be used as a proof of income, and money received must go into a UK bank account
in your name, or your partner’s name. If it’s in your partner’s name, they will also need to be added into the application. You can apply for car finance
on behalf of your business, as long as you have been trading for
a minimum of two years. If you’re struggling to show proof of income,
there are several things you can do, including Building as strong a credit profile as possible,
including making sure that you’re on the electoral roll. Providing as large a deposit as possible. Using a Guarantor or submitting a joint application. All of these things help increase
your chances of getting accepted. So, don’t lose heart if you’re self-employed
and want a car loan – we have helped plenty of self-employed people
finance the car of their dreams, and if you need more advice about
applying for car finance, our Car Credit Specialists are here to help. Why not start your car buying journey now
by applying online at mycarcredit.co.uk?

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