How To Get Car Finance When You Are Self Employed – Is It A Mission Impossible?
Being self-employed comes with plenty of benefits. You get to be your own boss, set your own hours, decide when you take vacation time and avoid the risk of having a nasty boss breathing down your neck every day. Being self-employed can also be very advantageous from a profit point of view. If you have a good business or service that provides well for the target market you could find yourself having a very healthy bottom line indeed!
All that being said, having a self-employed status comes with its own challenges as well. In fact, one challenge that you may be facing right now is that of securing car finance. It can often seem like the moment you utter the words ‘I’m self-employed’ the shutters come down with a bang! Is this really the case for all car finance? Is it impossible to get car finance if you are self-employed? Let’s take a look.
Will It Be Impossible To Get Car Finance If I Am Self-Employed? Why not ask the team at https://dnfinance.co.uk
Absolutely not! While it may close a few doors, it most certainly will not close all of them. Plenty of car finance options are available to people who are self-employed, however, you do need to know what is going to be expected of you to have a successful experience.
What Information Do You Need If You Want To Get Car Finance When You Are Self-Employed?
Initially, you will likely need to provide the same information that anyone would have to give if they were applying for car finance. This includes basic details such as your address, credit history and so forth.
On the self-employed front, there are various details and information that you will almost certainly need to be able to provide. These may include your income over a number of years, your accounts and perhaps details on the type of self-employed work you carry out.
What Happens If I Have Just Started My Own Business?
If you have just become self-employed in the very recent past and do not have a full year’s accounts you may find it a little more challenging to get car finance. This certainly does not mean that it is impossible, however, in general, providers of car finance need to feel assured that your self-employed status is a successful one. If possible, it may be worth your while waiting until you have one year of accounts before you apply for car finance. This may also help you to secure a better lending rate.
Indeed, we know that being self-employed has plenty of perks and we hope that you are enjoying them all. However, we are also aware that it can pose a number of challenges. If you get turned down by one car finance provider do not despair. There are plenty of providers who are happy to consider applications from people who are self-employed and provided the information you have is accurate and reasonable there is every chance that you will be just as entitled to car finance as everyone else is!