Self-employed car finance

If you’re self-employed, it might make it difficult to get a car on finance. We consider applications from those who are self-employed, even if you have bad credit.

Self-employed car finance

If you’re self-employed, it might make it difficult to get a car on finance. We consider applications from those who are self-employed, even if you have bad credit.

Can I get car finance if I'm self-employed?

You might think that if you’re self-employed, car finance isn’t possible. Some lenders might not accept you if you are self-employed, because your income might change every month, compared to someone who is employed. At Moneybarn, we understand that having a car can be very important when you’re self-employed, which is why we accept applications for car finance if you are self-employed.

When you make an application, you’ll need to provide some personal details about you and your financial situation. If you wish to enter into an agreement, you would then need to provide proof of identification (usually a driving licence) and 2 consecutive months of payslips (this applies to contractors only), tax returns or CIS vouchers.

Further documents might be needed as part of our affordability checks, but if that is the case, then our team will guide you through that process.

We aim to provide specialist finance for self-employed people that meet the following criteria:

Can I get car finance if I'm self-employed?

You might think that if you’re self-employed, car finance isn’t possible. Some lenders might not accept you if you are self-employed, because your income might change every month, compared to someone who is employed. At Moneybarn, we understand that having a car can be very important when you’re self-employed, which is why we accept applications for car finance if you are self-employed.

When you make an application, you’ll need to provide some personal details about you and your financial situation. If you wish to enter into an agreement, you would then need to provide proof of identification (usually a driving licence) and 2 consecutive months of payslips (this applies to contractors only), tax returns or CIS vouchers.

Further documents might be needed as part of our affordability checks, but if that is the case, then our team will guide you through that process.

We aim to provide specialist finance for self-employed people that meet the following criteria:

  • Monthly earnings over £1,300 (before tax)
  • Aged between 20 and 75
  • A full valid UK driving licence
  • Tax returns or CIS vouchers
  • 2 consecutive months of payslips (this applies to contractors only)

Our lending criteria for the car is that it must be:

  • Priced between £4,000-£35,000
  • The car can have a mileage up to 120,000 at the start of the agreement (depending on your loan offer)
  • No more than 15 years old by the end of the agreement (depending on your loan offer)
  • Monthly earnings over £1,300 (before tax)
  • Aged between 20 and 75
  • A full valid UK driving licence
  • Tax returns or CIS vouchers
  • 2 consecutive months of payslips (this applies to contractors only)

Our lending criteria for the car is that it must be:

  • Priced between £4,000-£35,000
  • The car can have a mileage up to 120,000 at the start of the agreement (depending on your loan offer)
  • No more than 15 years old by the end of the agreement (depending on your loan offer)

Car finance for self-employed with bad credit

Being self-employed can make it harder to get a car loan, especially if you have bad credit. Not having a reliable monthly income can sometimes make it harder to make payments on time which can impact your credit score, and lenders are often cautious about offering finance to someone without the assurance of a regular income.

We specialise in providing car finance for people with bad credit, even if you’re self-employed. This means that even if you’ve been rejected for finance by another lender, we may be able to help you get a car on finance. Spreading the cost of a car over a set period of time can give you the flexibility to afford the right car for your situation.

So if you’re looking for car finance when self-employed with bad credit, or you have a CCJ, or an IVA, we could help. Apply today and we can guide you through the process.

Car finance for self-employed with bad credit

Being self-employed can make it harder to get a car loan, especially if you have bad credit. Not having a reliable monthly income can sometimes make it harder to make payments on time which can impact your credit score, and lenders are often cautious about offering finance to someone without the assurance of a regular income.

We specialise in providing car finance for people with bad credit, even if you’re self-employed. This means that even if you’ve been rejected for finance by another lender, we may be able to help you get a car on finance. Spreading the cost of a car over a set period of time can give you the flexibility to afford the right car for your situation.

So if you’re looking for car finance when self-employed with bad credit, or you have a CCJ, or an IVA, we could help. Apply today and we can guide you through the process.

What your finance could look like

Summary

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Representative 30.5% APR

What your finance could look like

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Representative 30.5% APR

Guaranteed car finance for self-employed

Unfortunately, no lender can offer guaranteed car finance for self-employed people. Your eligibility for car finance depends on lots of personal factors, such as credit score and affordability. Everyone is different, that’s why no legitimate lender will offer guaranteed car finance for the self-employed.

A lender must run the appropriate affordability and credit checks. Once they have done these checks, they can tell you whether you can get car finance. We only use a soft credit check when you apply, which won’t affect your credit score. Once you decide that you would like to enter into an agreement with us, a hard credit check will be done which will affect your credit score.

Other lenders may conduct a hard credit check when you initially apply for a car loan, so it’s important to understand the difference between a soft and hard credit check

What is the best way to finance a car when self-employed?

There are several types of car finance available: such as Hire Purchase (HP), Personal Contract Purchase (PCP), and Conditional Sale (CS). Self-employed people can apply for them just like anyone else, but they might have to provide extra documents as part of the application process.

It’s hard to say what the best way to buy a car is if you’re self-employed. Everyone’s eligibility for car finance is different, and everyone’s choice of car is different. We offer Conditional Sale finance, which is where you pay fixed monthly payments over a set term, and when you’ve made your final payment you automatically own the car. Find out more in our guide to CS finance.

It’s also important to consider what you might use the car for, as we only can offer finance for cars being used to commute to work, or to get around on the day-to-day. Unfortunately, we do not accept those looking to use the car as a taxi, or to hire out.

There’s also lots of different makes and models of car to choose from, that’s why we’ve written a guide to the different car brands so you can make an informed decision.

Being self-employed with bad credit

We specialise in helping those who have been refused elsewhere. Since 1992, we’ve helped people across the UK get car finance with poor credit. Whether you’re looking for a new or used car on finance while being self-employed, we could help you.

If you already have a car in mind, try using our car finance calculator. Put in the amount you’re looking to borrow and it will give you an idea of what your agreement might look like. Or, if you’re ready, you can apply today.

We understand that just because you have bad credit, it doesn’t change the need to have a reliable car to get around. Having bad credit can make it more difficult to get a car loan. This is because your credit score is one of the many factors that a lender uses to decide whether to offer you finance. Thankfully, there are some ways you can improve your credit score.

Guaranteed car finance for self-employed

Unfortunately, no lender can offer guaranteed car finance for self-employed people. Your eligibility for car finance depends on lots of personal factors, such as credit score and affordability. Everyone is different, that’s why no legitimate lender will offer guaranteed car finance for the self-employed.

A lender must run the appropriate affordability and credit checks. Once they have done these checks, they can tell you whether you can get car finance. We only use a soft credit check when you apply, which won’t affect your credit score. Once you decide that you would like to enter into an agreement with us, a hard credit check will be done which will affect your credit score.

Other lenders may conduct a hard credit check when you initially apply for a car loan, so it’s important to understand the difference between a soft and hard credit check

What is the best way to finance a car when self-employed?

There are several types of car finance available: such as Hire Purchase (HP), Personal Contract Purchase (PCP), and Conditional Sale (CS). Self-employed people can apply for them just like anyone else, but they might have to provide extra documents as part of the application process.

It’s hard to say what the best way to buy a car is if you’re self-employed. Everyone’s eligibility for car finance is different, and everyone’s choice of car is different. We offer Conditional Sale finance, which is where you pay fixed monthly payments over a set term, and when you’ve made your final payment you automatically own the car. Find out more in our guide to CS finance.

It’s also important to consider what you might use the car for, as we only can offer finance for cars being used to commute to work, or to get around on the day-to-day. Unfortunately, we do not accept those looking to use the car as a taxi, or to hire out.

There’s also lots of different makes and models of car to choose from, that’s why we’ve written a guide to the different car brands so you can make an informed decision.

Being self-employed with bad credit

We specialise in helping those who have been refused elsewhere. Since 1992, we’ve helped people across the UK get car finance with poor credit. Whether you’re looking for a new or used car on finance while being self-employed, we could help you.

If you already have a car in mind, try using our car finance calculator. Put in the amount you’re looking to borrow and it will give you an idea of what your agreement might look like. Or, if you’re ready, you can apply today.

We understand that just because you have bad credit, it doesn’t change the need to have a reliable car to get around. Having bad credit can make it more difficult to get a car loan. This is because your credit score is one of the many factors that a lender uses to decide whether to offer you finance. Thankfully, there are some ways you can improve your credit score.

How do I improve a bad credit score?

How do I improve a bad credit score?

Register for the electoral roll

If you aren't on the electoral roll, you will find it harder to get finance. Being registered helps lenders confirm your identity, and can increase your credit score.

Using your credit card wisely

Make regular payments on time, and avoid late or missed payments as they will negatively affect your score. Keep your credit utilisation under 30% if possible.

Check for errors on your report

Wrong information appearing on your credit report might impact your credit score. Make sure all your information is up to date and correct so that your credit file is right.

Avoid moving home often

If you move address regularly you might find it harder to get finance as it could impact your credit score.

Register for the electoral roll

If you aren't on the electoral roll, you will find it harder to get finance. Being registered helps lenders confirm your identity, and can increase your credit score.

Using your credit card wisely

Make regular payments on time, and avoid late or missed payments as they will negatively affect your score. Keep your credit utilisation under 30% if possible.

Check for errors on your report

Wrong information appearing on your credit report might impact your credit score. Make sure all your information is up to date and correct so that your credit file is right.

Avoid moving home often

If you move address regularly you might find it harder to get finance as it could impact your credit score.

FAQs for self-employed car finance

Getting a car loan is dependent on lots of different factors. No one can guarantee you a car loan when you are self-employed, whether you have been self-employed for a long time or are newly self-employed. Nor can any legitimate lender guarantee you car finance with no accounts.

If you have a monthly income over £1,300 (before tax), and can provide 2 consecutive months of payslips (this applies to contractors only), tax returns or CIS vouchers, we may be able to help. When you make an application, we will ask for some personal details about your financial situation.

You might need to provide additional documents as part of our affordability checks. If this is the case, our team will be able to help you.

When you are self-employed; whether running your own business, a contractor, or a freelancer; your income might change each month. Some lenders might not offer finance to self-employed people because they do not have a consistent income.

It could be even tougher to get a car loan when you’re self-employed with bad credit. A lender might see someone with bad credit as being higher risk, because they might have missed payments in the past. We’re a specialist lender who can help self-employed people with bad credit. Apply today and we can guide you through the process.

To be eligible to get a car loan with us, you must meet our lending criteria:

  • Monthly earnings over £1,300 (before tax)
  • Aged between 20 and 75
  • A full valid UK driving licence
  • 2 consecutive months of payslips, tax returns or CIS vouchers

If you already have a car in mind, make sure it fits within our lending criteria:

  • Priced between £4,000-£35,000
  • The car can have a mileage up to 120,000 at the start of the agreement (depending on your loan offer)
  • No more than 15 years old by the end of the agreement (depending on your loan offer)

Don’t worry if you haven’t thought of a car yet. We can help find the right one for you. Apply today and you could join the thousands of people we help with car finance every month.

FAQs for self-employed car finance

Getting a car loan is dependent on lots of different factors. No one can guarantee you a car loan when you are self-employed, whether you have been self-employed for a long time or are newly self-employed. Nor can any legitimate lender guarantee you car finance with no accounts.

If you have a monthly income over £1,300 (before tax), and can provide 2 consecutive months of payslips (this applies to contractors only), tax returns or CIS vouchers, we may be able to help. When you make an application, we will ask for some personal details about your financial situation.

You might need to provide additional documents as part of our affordability checks. If this is the case, our team will be able to help you.

When you are self-employed; whether running your own business, a contractor, or a freelancer; your income might change each month. Some lenders might not offer finance to self-employed people because they do not have a consistent income.

It could be even tougher to get a car loan when you’re self-employed with bad credit. A lender might see someone with bad credit as being higher risk, because they might have missed payments in the past. We’re a specialist lender who can help self-employed people with bad credit. Apply today and we can guide you through the process.

To be eligible to get a car loan with us, you must meet our lending criteria:

  • Monthly earnings over £1,300 (before tax)
  • Aged between 20 and 75
  • A full valid UK driving licence
  • 2 consecutive months of payslips, tax returns or CIS vouchers

If you already have a car in mind, make sure it fits within our lending criteria:

  • Priced between £4,000-£35,000
  • The car can have a mileage up to 120,000 at the start of the agreement (depending on your loan offer)
  • No more than 15 years old by the end of the agreement (depending on your loan offer)

Don’t worry if you haven’t thought of a car yet. We can help find the right one for you. Apply today and you could join the thousands of people we help with car finance every month.

How it works

We’ve supported thousands of people with car finance for many years. Find out how car finance works with Moneybarn.

Car brands we can finance

Finding the right make and model can be tricky. That’s why we’ve made a series of guides showing some of the most popular brands we finance.

Car finance explained

Our guide explains how car finance works and the different types of car finance available, so you can choose the option that’s right for you.