Self Employed Car Finance

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Getting the right car finance is a vital step for most people when they are buying a car.

However, the process can be more difficult if you can’t prove a stable and consistent source of income. Fortunately, CarMoney is here to help you find self employed car finance deals.

Being your own boss is a dream for many people. Choosing your own hours, making a living from something you are passionate about – there are many reasons why you would want to be self-employed. Of course, there are unique challenges to running your own business. One of these is the fact that it can be more difficult to get finance.

Some lenders may be put off by the fact that income can vary month to month. While some won’t even consider finance applications if you are self employed, there are other lenders that specialise in offering self employed car finance.

At CarMoney, we will find you the lenders that are most likely to approve your application, so you don’t waste time when looking for car finance.

Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 17.9%, monthly payment would be £171.83, with a total cost of credit of £2,247.83 and a total amount payable of £9,247.84. CarMoney Limited can introduce you to a limited number of finance providers based on your credit rating and we will receive a commission for such introductions this can either be a % of the amount borrowed or a flat fee. This does not influence the interest rate you’re offered in any way. CarMoney is a broker not a lender

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Applying for a self employed car loan

Self Employed Car Finance | CarMoney.co.uk

Steps to take

There are some steps you will need to take when applying for a self employed car loan. You should make sure you check:

Documentation and Proof of Income: As a self-employed individual, you’ll likely be required to provide additional documentation compared to salaried employees. This can include tax returns, bank statements, and possibly a business plan.

Credit History: Maintaining a good credit history is crucial. Lenders will assess your credit score to determine the terms of the finance agreement.

Stability and Business Viability: Lenders often prefer to finance individuals with stable, profitable businesses. If you’ve been self-employed for a short period or your business is in its infancy, this could affect your eligibility.

Self Employed Car Finance | CarMoney.co.uk

Types of car finance

The type of car finance available to you if you are self-employed is basically the same as if you work for someone else. These are:

Hire Purchase (HP): Hire Purchase is one of the most common forms of car finance. With HP, you may pay a deposit and then make fixed monthly payments over an agreed period. Once the final payment is made, you own the car outright.

Personal Contract Purchase (PCP): PCP allows you to make lower monthly payments than HP. You will make fixed payments through the term of the agreement. At the end of the term, you have three options: return the car, pay a lump sum to buy it, or use any equity towards a new car.

Self Employed Car Finance | CarMoney.co.uk

Our ninjas are here to help

If you are self employed, car finance has additional benefits aside from helping you get your dream car.

If you are using the car for business purposes, you may be able to claim fuel and maintenance as business expenses.

You can also use decals or custom paint to advertise your business – potentially winning new clients.

While some lenders may refuse to lend to people who are self employed, car finance is completely in reach – and can help you grow your business.

Get a quote or contact CarMoney today.

Frequently Asked Questions

Can I get car finance if I am self-employed?

Self-employed individuals can get car finance, but the process and criteria may be different from those for employed individuals. Self-employed borrowers may also face higher interest rates, as lenders perceive irregular incomes as a higher risk.

Do self-employed individuals get different interest rates compared to employed individuals?

Interest rates for self-employed individuals may vary depending on how lenders perceive the risk involved. Maintaining a good credit score and stable income can help secure more favourable rates.

Is it more difficult to get finance when self-employed?

Securing finance as self-employed can pose challenges since lenders need more information. It is important to be prepared to provide documentation and answer inquiries regarding your business. Patience and shopping around for suitable lenders are crucial in navigating this process successfully.

Can self-employed individuals get car finance?

Yes, self-employed individuals can get car finance. However, lenders may require additional documentation, such as tax returns and business accounts, to assess your income stability.

How it works
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Self-Employed Specialists

We offer tailored finance solutions for self-employed professionals, supporting your mobility and business growth aspirations.

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Drive Your Business, Drive Your Future

We know the unique needs of self-employed people. Trust us for expert advice and finance to help you achieve your business goals.

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We’ll sort all the details and you just decide when to collect your new car… or we can deliver it to you!

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“Alan, who I spoke with on the phone, was amazing! He sorted everything out for me, it was so easy and was able to get my car the very next day. Fantastic!”

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“Excellent professional and courteous service nothing too much trouble James was thoroughly committed to helping me source my car”.

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“Frazer from car money made the experience of getting a car simple and easy. Would definitely recommend to family and friends. Thanks again CarMoney!”

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CarMoney LIMITED is authorised and regulated by the Financial Conduct Authority (FCA) for consumer credit activity and our registration number is 674094. Representative 17.9% APR. Over 18’s only. CarMoney IS A BROKER NOT A LENDER.

REGISTERED ADDRESS: Pioneer House, 2 Renshaw PL, Motherwell, ML1 4UF, Scotland.Company Number: SC467274.

All finance is subject to status and income. Written Quotation on request. CarMoney Limited can introduce you to a limited number of finance providers based on your credit rating and we will receive a commission for such introductions.