Car Finance for Self-Employed – No Constraint on Employment Status
Car finance for self-employed is the funding option for the car buyers who own their business or have their own way of earning. They do not fall under the category of salaried people who other employers employ. QuickLoansLender offers car finance for self-employed in the UK for new and used cars with no guarantor demand. Borrow funds on simpler terms and conditions because all our deals are easy to repay.
Self Employed Car Finance with its Key Elements
Car finance work on some basic principles that make its basic nature and are necessary to add versatility to the comfort its serves. You need to understand the basic elements of car finance before making a final decision. The features and benefits are applicable in the case of new as well as used car finance self employed people.
All the elements of the car finance are always subject to the individual circumstances of the fund seeker.
We try to make sure that you get only the best possible financial solution according to your conditions.
You need to submit every small detail of your personal finances because that helps us understand your conditions better. This helps you better and more affordable deals.
Calculating the cost in advance on a calculator is the best way to finance a car for self-employed. You can get estimations on the annual and the monthly costs of the vehicle purchase.
Practicable Features and Benefits of Car Finance Self-Employed
The self-employed finance for car purchase serve millions of people all across the UK, and it has to be equipped with necessary features and benefits. For the complete financial comfort of the borrowers, they have to accompany the finance options.
- Online application without documentation – Online application process is faster and more convenient. No filing, no documents, no physical visits to the finance company office. Everything occurs through the internet and saves a lot of your precious time.
- Acceptance to fair credit score and bad credit score – Financial circumstances can be unpredictable and when things are not in control delay in payment of bills and debts happen. The result is drop in credit rating. But if the repaying capacity is good, one can avail funds.
- Approval decision in 10 minutes after application - Everything in the process is destined to save a lot of time in the process of saving time and making things convenient for the self-employed borrowers.
- Fast fund transfer direct in the bank account – Once the applicant gets approved, we transfer funds to the bank account registered with us. It takes only 24 hours in most of the cases and a maximum of 32 hours.
- Payment holiday – We know how the world is working around after the tough pandemic conditions. We offer 3 months of payment holiday, and this is something we were offering since our inception in the industry.
- Easy condition of 6 months of account information – The lending conditions are flexible nowadays, and you can get funds by showing the recent accounts of your earning source. It should not be difficult for anyone, especially with stable finances.
- Guaranteed approval on strong creditworthiness - Yes, it is true. If the fund seeker owns a good credit history, strong current income status, idol income-outgoing ratio, guaranteed car finance can be obtained.
What Makes Vehicle Finance Difficult for Self-Employed?
There are certain and precise reasons behind the struggle of the self-employed people when they try to get funds for any purpose. The nature of earning in self-employment is perhaps such, that has to wrestle with rules set by the regulatory authorities. However, it is also a fact that nowadays, considerable flexibility has been bestowed to offer ease to self-employed borrowers.
- Consistency is important - Consistent income is the biggest factor for the finance companies, and in case of the self-employed people, it is sometimes absent. Despite earning good, if the income is not regular, it is a matter of concern for the fund provider.
- Authentication is difficult - A salaried person can show monthly income through salary slips and agreement with the employer. There is a bank account where he receives the money consistently. This cannot happen in the case of self-employed people.
- The ups and downs of income - The volatile nature of the monthly and annual earning makes it difficult for a lender to take out a satisfying average of the income. To know the repaying capacity, it is necessary to be sure on this aspect.
- Unexpected outgoings - The expenses of a salaried person are imaginable and limited despite some unforeseen financial needs. He has a salary that decides the budget. But in the case of a self-employed, the expenses are never sure. They can be less or huge.
- Prone to economic issues in a nation - In certain circumstances such as the current pandemic scenario, self-employed are in bigger stress. The employed people can work from home while obtaining their monthly salary. However, many of those with the business had to stop working
Note – You should never respond to the offers of car finance for self-employed with no accounts. It is practically not possible for any lender to offer funds without studying the accounts of the rules. It is against the FCA rules.
Can I Get Car Finance if I am Self-Employed with Bad Credit Situation?
Yes, you can buy your car despite poor score with the support of car finance for self-employed with bad credit on certain circumstances. With a poor payment record, you need to make efforts to prove creditworthiness.
- A poor credit borrower must show the accounts of last one year against the condition of 6 months for the good credit score people. It is applicable all across the UK.
- You need to have the money in your bank account equivalent to the three monthly car finance instalments. It is vital to ensure that you have a back-up in case a financial issue occurs.
- The work/business the borrower is doing should be a minimum of 3 years old to prove the stability of the past and also the financial security in the future. Stability brings faster approval.
- All the payments of existing debts and expenses of the business and the personal ones in the last year should be on time, and there should be ample record for that.
Do I Need to Make Bigger Repayments Due to Poor Credit?
If you want to talk about logic, we can say that the repayments will not be too high but not as low as the good credit score people enjoy. Every finance company has to find ways to compensate its risk of lending to a poor credit person, not discrimination. It is part of the complete procedure.
- The lending companies need to follow the rules constructed by the Financial Conduct Authority. These rules do not allow car finance or any funding company act too flexible in case of the poor credit situation.
- With low credit rating and self-employment, you pay a bit bigger instalments because the interest rate cannot be low. However, it is for your benefit. With lower rates, you will borrow a bigger amount, and if you fail to repay the bad credit situation can turn into the worst credit situation.
- It is better if you can present any proof or indicate that your work is growing. For example, – a business person can easily get approval on car finance if he can show any future project from an industry giant. It can help an applicant cover many miles of affordability struggle in a short while.
Criterion to Qualify for Self-Employed Car Finance with QuickLoansLender
QuickLoansLender has no special or complicated criterion because we follow the professional methods set by the industry. You can say we are flexible on the part of interest rate and repayment plans.
- No multiple footprints – We prefer that there should not be multiple search footprints on your credit record when you apply to us. It is not good for your credit score, and also it is against our professional ethics
- Strong repaying capacity – Our first concern encapsulates many other small factors of income-outgoing ration, deposit amount, etc. We are ready to lend you funds irrespective of credit score if you have the capacity to pay the instalments.
- Tax benefits not as repaying capacity – You may have some tax benefits in business, but we do not consider them as income or part of your repayment efficiency. For that purpose, we only depend on the regular earning that can be justified.
Why Choose QuickLoansLender for Self-Employed Vehicle Finance?
We know the reasons how we can help the self-employed car buyers. We want you also to know those reasons and make a final decision at your discretion. Your satisfaction and information are more important for further mutual understanding.
- Lightening speed approval decision
- Immediate fund disbursal to account
- Personalised pricing to offer ease
- Smaller instalment size that is affordable
How Do I apply for Self-Employed Car Finance?
The application process is all about 4 simple steps that are easy to cross because we value the time of our borrowers.
- Visit us online and fill the application form there
- Submit the form and receive an instant decision
- Once approved we do affordability check online
- If you qualify we transfer funds within 24 hours
Note – The application process is subject to customization, and during affordability check, we apply the interest rates according to your personal circumstances. Final fund transfer happens when you give us acceptance on a legal agreement.
Getting car finance when you are self-employed can be tricky, but this is why we are here. QuickLoansLender makes the borrowing a piece of cake for the buyers with a rational approach. We have successfully changed the perception of many of our customers who thought they would face car finance complications as a self-employed. This platform is again ready to serve more people. If you need any help and funds for the car purchase, come to us, and we can surely figure out the best.
What is guaranteed car finance for self employed in the UK?
The guaranteed car finance for self employed is a kind of financial product that allows the borrowers to get the approval through either guarantor’s presence or their income. However, it does subject to mandatory credit check, but in a soft way.
Can a self employed person buy a car?
Yes, if your self-employed income is sufficient to bear the loan repayments, then you can buy your dream car without any hassle. However, you need to have the proof of your self employed income to convince the lender.
Do you need proof of income for car finance?
Yes, you should have the proof of income especially of the last three months to finance a car. If you need some arrangements, then contact the lender as soon as possible.
How do I prove my income if unemployed?
The best way to prove your income for car finance is to show the income receipts of part-time job or any other side income. Suppose, you are getting rental income from your property, you can share the rental agreement to show your income.
Can I self employed car finance with no bank account?
With the private lenders like us, car finance with no bank account is a possibility. However, you need to have the guarantor or a co-signer who possesses an active bank account because we only deal with online.
How long does self employed car finance take to get approved?
At QuickLoansLender, we do this on the same day of loan application submitted by the borrower. Our financial experts have the skills to approve an application, to verify the borrowers’ details and to release the funds on the same business day.