Assuming your credit profile is
|Car finance rate||XX% APR|
|Cost of credit||£ XXX|
|Total repayment||£ XX,XX.XX|
|48 monthly payments of||
£ 245 /mo
Representative example - Borrowing £5,500 over 4 years with a representative APR of 19.8%, and a deposit of £0, the amount payable would be £162 per month, with a total cost of credit of £2,282 and a total amount payable of £7,782.
Yes, it is possible, but it’s common for those who are self-employed to find it harder to secure car finance. Carfinanceplus.com are experts in securing car finance for people in all sorts of financial situations. We have a great deal of experience acquiring self-employed car finance, so while it can be more challenging, it is certainly possible.
Below we explain why those who are self-employed, contractors, and even freelancers, often struggle to find willing lenders, and how we can help.
There are two major criteria that a lender is concerned with when considering an application:
Those in full-time employment can often meet these criteria and provide evidence of the following:
It’s far more difficult for a person who is self-employed to provide this evidence, making it difficult for them to secure car finance. This is where Carfinanceplus.com can help.
Below is a list of items that you’ll need to be able to provide to prospective lenders in order to increase the chances of them accepting your application. The key thing to remember is: provide as much information as possible.
Lenders cannot legally guarantee car loans to anyone, especially those who are self-employed; a loan being granted depends on your private and professional financial circumstances.
We recommend that you refrain from submitting too many finance applications at once – each time an application is rejected, it is recorded on your credit profile, making it more difficult to secure a loan going forward.
Applying with Carfinanceplus.com will allow us to assess your situation and advise you on the best course of action to increase the likelihood of you receiving self-employed car finance.
If you have any questions, contact us to find out more.