Advice and Tips // 09 June 2016
Trying to get car finance when you’re self-employed can be challenging, with some companies requiring a unique criteria this can make the application process quite confusing. However, getting approved for car finance doesn’t always have to be hard work.
Car finance companies offer you freedom and flexibility to ensure you can buy your dream car without breaking the bank. If you are self-employed there are a few things to remember when it comes to your application process. Today we’re going to look into the key questions self-employed people ask regarding car finance.
Approval of your chosen finance option will come down to your financial situation and your ability to make the monthly payments. Car finance deals give eligible business owners and contract workers a solution to buying a car they want, but with affordable monthly repayments.
This can benefit you hugely, by spreading the cost of a car over a set period of time, you will not need all of the cash straight away and can work out a manageable monthly repayment.
Being self-employed doesn’t mean you won’t be approved by a car finance lender; but it is a good idea to familiarise yourself with any specific criteria that could affect your application, as well as any necessary documents.
You will need to provide proof of income, which normally could be provided with three months worth of wage slips. If you’re self-employed it is a good idea to save up at least three months worth of bank statements to highlight your monthly earnings.
You will also need your address history for the past three years to show that you have resided in the UK for three years prior to starting your application. Lenders are always looking for applicants that are financially stable and will be able to afford their monthly repayments. The longer the business has been generating a good income, the better.
Promoting guaranteed car finance in the UK isn’t legal, at Moneybarn we work hard to offer the best possible finance deals for those who have struggled to get it elsewhere. As long as you are able to make your monthly repayments and have the paperwork to prove this Moneybarn is an option.
Self-employed or not, if you are ready to apply for car finance, our application process is easy and we’re committed to helping our customers find the best finance to suit them. If you have any questions regarding self-employed car finance please feel free to contact us today.