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Self Employed Car Finance

self-employed-car-finance

If you are looking car finance for self-employed people, Quick Car Finance has access to over 48 different tiers of finance to help you purchase the car you are looking for.

Although it can sometimes be harder to get access to finance if you are self-employed, we can assist by checking your budget and providing you with a list of sensible options from car lenders across the market, including:

  • No deposit options
  • Poor credit and CCJs
  • Personal or business purposes
  • PCP, HP and leasing options

To be eligible, you will typically need to have a proof of income – and whilst most lenders require up to 3 years of income, our team will be able to assist if you have less than this on your books. Provided that you have regular, stable income and can afford monthly repayments, you can certainly be eligible for car finance and purchase the car of your dreams.

Can I Get Car Finance if I am Self-Employed?

Yes, absolutely, with over 5.4 million people currently self-employed in the UK, there is no reason why you can’t apply and buy a car through finance.

More and more car lenders have become accustomed to working with people that are self-employed and can offer viable and affordable financial options for them too.

Self-employed people will receive a regular income like anyone else who is employed by an organisation - and provided that the can afford to make a minimum deposit of 10% and keep up with regular monthly car payments, they have just as much chance as anyone to be fully approved.

Can I Purchase a Car for Business Purposes?

Yes, you can purchase a car for work-related purposes through Quick Car Finance and we proudly offer finance options for:

  • Taxi drivers and chauffeurs
  • Couriers
  • Delivery drivers
  • Long haul drivers
  • Builders and contractors
  • Company cars

What is The Eligibility Criteria?

When you are self-employed and looking for car finance, you will need to show a regular salary and for most car finance providers, they require you to at least 3 years’ worth of income.

However, since we work across the whole of the market, we have a number of lenders who are willing to take a view on individuals with 1 or 2 years’ worth of income and you should ideally be in profit in order to help your chances of approval.

You should have a good to fair credit score to access to the best rates for car finance, however, we also have options for those with poor credit and ccj.

Customers will usually need to make a minimum deposit of 10% of the vehicle’s value, although we have no deposit options available and you can also part-exchange your existing vehicle to bring this cost down.

How Can I Boost My Chances of Approval?

  • Have 3 years of accounts (and your business is in profit)
  • Regular and stable income
  • Good-to-fair credit score
  • On the electoral register
  • Can afford monthly repayments

What Kinds of Car Finance Are Available?

Personal contract hire (PCP) – An initial deposit with fixed monthly payments for the term of the car, bike or van agreement. At the end, you have the option to make a balloon payment, giving you the option to own the vehicle outright if you would like to. Or you can give the vehicle back and start a new deal.

Car or van leasing – When you lease a car or van, you are paying a deposit upfront and then making a payment each month for the vehicle, but you do not own it at the end and simply give it back.

Hire purchase – You make an initial deposit (10-20%) and then pay a monthly rate for the vehicle, which you will eventually own outright.

Personal loan – This is an unsecured loan, which is simply transferred to the car dealer directly in order to purchase your new car, bike or van. Your loan is not secured against the vehicle, but failing to keep up with repayments could lead to additional fees and impact your credit rating.

How Can Quick Car Finance help with Self-Employed Drivers?

Quick Car Finance is passionate about helping self-employed find the right car finance for them.

We aim to help people from all works of life and have access to a whole range of car loan providers across the UK, who are willing to offer finance for all kinds of circumstances.

Even if you have less than 3 years of accounts, have poor credit or wish to part-exchange a vehicle – we are here to help.

You can email us directly at info@quickcarfinance.co.uk or apply online today for a free and no obligation quote.