Can I get a vehicle loan if I’m self-employed?
You might think that if you’re self-employed it is near-impossible to get vehicle finance. However, this is not the case. Whilst it is true that the finance application process may require you to provide some additional information when you’re self-employed, getting a vehicle on finance is still very much an option with us.
If you’re self-employed, whether running your own business, a contractor, or freelance worker, you’ll need to provide some documentation to prove your identity. We may also need to ask you for documents, for example bank statements with marked up income or payslips, to allow us to complete our affordability checks.
We understand that a car, van or motorbike can be integral to the success of your business. We aim to help provide specialist finance for self-employed people.
Being self-employed with bad credit
Being self-employed can make it harder to get a loan, especially if you have bad credit. Not having a reliable monthly income can 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 vehicle finance for people with bad credit. This means that even if you’ve been rejected by another lender, we may be able to help you to finance your car, van or motorbike. Spreading the cost of a vehicle over a set period of time can give you the flexibility to afford the right vehicle for your situation.
So if you work for yourself and have bad credit, a CCJ, or even an IVA, you may still be able to get finance for a car, van or motorbike with us. For more information on the causes of bad credit and how to improve your credit score, check out our bad credit explained page.
Self-employed car finance
We understand that having a vehicle can be particularly important when you’re self-employed. If you work for yourself and have a poor credit history, or have been turned down by other lenders, we may be able to help.
You can purchase a car that’s valued between £4000 to £25,000. As long as it fits into our car buying criteria, you have a wide choice to be able to find the perfect car that suits your needs. If you already have a car in mind we can provide you with a tailor-made quote today using our car finance calculator, so you can get an idea of repayment amounts.
So if you’re self-employed and looking for car finance you can find out more or apply online today.
Self-employed van finance
We know that having access to a van can be essential for your business. Whether you’re a tradesperson, such as a builder, plumber or electrician, and need a van to carry the tools for work, or you simply require a van to help run and grow your business, we might be able to help.
We aim to help self-employed people with bad credit get vehicle finance.
We can help finance a commercial vehicle or van for you, that’s valued between £4,000 and £25,000. Once your application has been approved you can purchase any van that fits into our buying criteria, the main points being that it needs to be less than 7 years old with a mileage under 125,000. If you already have a van in mind, you can use our van finance calculator to find more specific repayment amounts, or give our sales team a ring on 0330 555 2505.
Check out our van finance page for more information on the process, or start the process today by applying online.
Self-employed motorbike finance
If you’re self-employed and a motorbike suits your everyday needs, we may be able to help finance your motorbike, even if you have bad credit. We can offer loans towards a motorbike that’s valued between £2,500 to £15,000, as long as you can make a £400 initial deposit.
If your finance application is accepted, you can choose from a wide variety of motorcycles, as long as it is from a reputable dealer and fits our motorbike criteria. The main points are that it needs to be less than 6 years old, have a minimum engine size of 125cc, and a total mileage of less than 30,000.
Start your motorbike finance application with us today by applying online.
Will an application affect my credit score?
With some lenders, applying for finance can have a negative impact on your credit score because a full credit check is used. This shows up on your credit history, which means that multiple requests in a short space of time can indicate a difficulty in getting approved for a loan, making lenders potentially less likely to accept your application.
When you apply with us we conduct a ‘soft search’ credit check (also known as a smart search), which has no impact on your credit score. We will only conduct a full credit check if you decide to take out finance with us, once the documents and agreement are generated.