Representative example: borrowing £7,000 over 5 years with a representative APR of 21.9%, the annual interest rate of 21.9% (Fixed) and a deposit of £0.00, the monthly would be £178.52, with a total cost of credit of £3711.20 and a total amount payable of £10,711.20. Rates may differ as they are dependent on individual circumstances'. Rates from 9.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status. Quick Car Finance are a broker not a lender.
No matter what your employment status is, we are here to help
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Increase your chance of ownership
Whilist it can be more difficult to secure car finance when you’re self employed, it’s not impossible! Quick Car Finance work with a wide variety of lenders including those that helps self-employed people to get the vehicle they want.
- Check you credit score regularly You can check your credit score as often as you like on all 3 of the UK credit reference agencies.
- Prepare proof of income When you’re self-employed you may not have payslips to prove your monthly income. You'll need to supply 3 months of bank statements so the lenders get a good understanding of your earnings.
- Consider open banking This gives lenders a valuable insight into your financial history and provides them with a fuller picture of your ability to pay back car finance.
What documents do I need to get car finance as self-employed?
- Proof of income Tax returns or bank statements are acceptable proof.
- Address history Most lenders usually require three years of address history.
- Proof of identity Passport or driving license
Self employed people need cars too
It's not just employed people who need car finance in order to get the vehicle of their dreams. Whether you need to commute to your office, visit clients or go on business trips, our team experts will be on the hunt to find you the best self-employed car finance deal available from anywhere in the UK
Self-employed car finance can be beneficial in many ways
- Self employed car finance can offer greater flexibility than traditional car loans. This is because lenders who offer self-employed car finance tend to be more understanding of the challenges that comes with self-employment, such as irregular income and varying tax returns. As a result, they may be more willing to work with you to find a loan that suits your specific circumstances.
- Tax advantages
- Depending on your circumstances, self-employed car finance can offer tax advantages. For example, you may be able to claim back the interest on your car loan as a business expense, which could reduce your tax bill.
- With self-employed car finance, you will own the car outright from the outset, This can be beneficial if you need the car for business purposes, as you will be able to use it as you see fit without any restrictions.
- Credit History
- If you have poor credit history, self-employed car finance may be a viable option. Some lenders may be more willing to lend to self-employed people with poor credit than traditional lenders, as they take a more holistic view of your financial situation
- If you need a car for your business, self-employed car finance can be seen as an investment in your business. This is because a reliable car can help you to expand your business and increase your profits, which can in turn help you to repay the loan.
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Self Employed Car Finance FAQs
- Can I get a car on finance if I'm self-employed?
Yes, it is possible to finance a car through your business. This is commonly done through a business car loan or a business car lease. It's important to note that the availability of business car finance options and the specific terms may vary depending on your business structure (e.g., sole proprietorship, partnership, limited company) and the lender's policies. When financing a car through your business, you'll typically need to provide financial documentation for the business, such as profit and loss statements, bank statements, and potentially business tax returns. Additionally, the car may need to be registered in the name of the business.
- Can you put car finance through your business?
Yes, being self-employed can potentially impact your credit score, but it's important to understand how: Income Reporting: When you're self-employed, your income may be less predictable or consistent compared to traditional employment. Lenders may consider this when assessing your creditworthiness. Verification of Income: Lenders may require additional documentation to verify your income, such as tax returns, business financial statements, or bank statements. In some cases, this process may be more detailed than for salaried employees. Impact on Creditworthiness: The effect on your credit score will depend on how well you manage your finances and meet your financial obligations. Timely payments on loans, credit cards, and other debts will have a positive impact on your credit score, regardless of employment status.
- Can you get finance without payslips?
Yes, it is possible to get finance without payslips, especially if you're self-employed or have alternative sources of income. However, not having payslips may make the application process more complex, as lenders typically use payslips to verify income for traditional employees. If you don't have payslips, you may need to provide alternative documentation to demonstrate your income and financial stability. This could include: Bank Statements: Providing several months' worth of bank statements can show a steady income flow. Tax Returns: For self-employed individuals, tax returns can be a crucial document to verify income. Business Financial Statements: If you own a business, providing financial statements can help prove your income. Other Sources of Income: If you have income from sources other than traditional employment, such as rental income, investments, or freelance work, you should disclose and document these. Proof of Benefits or Pension: If applicable, documentation of government benefits or pension income can be used to support your application. Letter from an Accountant or Financial Advisor: A professional letter attesting to your income and financial stability may also be accepted. It's important to note that not all lenders may accept alternative income documentation, and they may have specific requirements. If you're applying for finance without payslips, it's advisable to discuss your situation with the lender or seek advice from a financial advisor who can help guide you through the application process.