Finding affordable car finance can be a stressful thing when you are self-employed. Why? It is all about uncertainty. Sometimes you will encounter financial challenges while purchasing your liked car. In such a case, choosing self-employed car finance from direct lenders like us is better.
At Advanceloanday, we help people with various tailor-made deals for any employment circumstances. With us, anyone can easily find finance. Most importantly, we have personalised financing options for the self-employed, people with temporary jobs, agency workers, retired people, etc.
Being self-employed will add more comfort to your life by making you more independent. At the same time, it won’t stop you when you need a car to get around for work or your family. Along with true freedom, you can quickly find an affordable loan by approaching us.
Car finance deals will be accessible when a company employs you because this will give you a stable salary. Still, self-employed individuals or those with a non-traditional source will choose this option. Before that, conducting thorough research on car models, comparing prices, and reviewing financing options can help self-employed individuals find the best way to buy a car when needed.
Here are the types of individuals who may pick these finances:
Overall, this finance can be a good option for anyone who is self-employed or has a non-traditional source of income but needs a car for personal or business use.
In general, this finance works similarly to traditional finance, but with a few differences to account for the unique circumstances of individuals. Typically, this finance works by providing cash to cover the cost of a vehicle, which is then repaid over a set period. We can assist you during the whole process and facilitate you in finding a deal that suits your needs and budget.
Here are the steps included in self-employed car finance:
Application:
First, you need to apply for this finance by filling out an application with the required information, including your income, credit score, expenses, and other important financial details.
Approval:
Once you complete the application, we will review your application and determine whether you qualify for self-employed car finance. Sometimes we also conduct a soft credit check to assess your creditworthiness, which will not leave any mark on your credit history.
Car selection:
After the approval, you can seek a car that fulfils your needs and budget. We also provide you with a pre-approved loan amount to help you narrow down your options.
Purchase:
Once you have found the dream car you wish to purchase, we will pay for the car on your behalf. You will then make monthly payments over a set period. Typically, the repayment period will range from 1 to 5 years.
Repayment:
To ensure a strong credit score, you need to make regular repayments, usually including principal and interest. Most importantly, the repayment amount will depend on the loan amount and the term.
Do traditional lenders or other forms of credit reject you due to poor credit history? Is not having consistent monthly earnings making your situation tricky to be fixed on repayment schedules? Unemployment potentially brings down your chances of getting loan approval.
In such a case, it is better to approach us to get the loan if you are self-employed. We help self-employed people with bad credit to get cash through our finance.
We generally do not use the restrictive criteria as other traditional lenders. Despite your ample past credit mistakes, you could still get the guaranteed car finance by choosing us. We have some specialised offers for self-employed that surely exceed your expectations.
We look at your repayment ability instead of your credit history, which means we have the best deal for all your circumstances. Of course, we facilitate the same priorities for every client, which means you will get bad credit self-employed car finance with flexible and affordable terms.
Sometimes it may be more challenging to obtain car finance when you are unemployed, as lenders typically require proof of income to assess your ability to make repayments. However, it may still be possible to obtain finance with us if you have other sources of income, such as a pension, benefits, or savings.
It is important to note that our agreements usually come with affordable interest rates, even for jobless people. While offering funds, what we do is focus on your repayment ability. We offer guaranteed car finance for the unemployed with no credit check. Instead, we focus on your income; if you are eligible, we immediately send the money to your account.
There are some potential benefits to securing car finance for the unemployed, such as
The chances of approval for this finance depend on several factors. Before choosing the funds, it is also essential to research the best deals. You can do several things to raise loan approval chances for self-employed car finance to cover expenses:
Check your credit score:
Check your credit score before applying and take steps to improve it, such as paying off outstanding debts or disputing any errors on your credit report. This will let you get easy approval for finance in the future.
Save for a deposit:
Putting down a deposit can demonstrate that you are financially responsible and can afford to make regular payments. A deposit can also lower the amount you need to borrow, making you a more eligible borrower for car finance.
Choose a realistic car:
When selecting a car, find one within your budget that can be realistically repaid over the loan term. Opting for an expensive car you cannot afford can result in your application facing rejection.
Provide accurate information:
Be sure to provide accurate and up-to-date information on your application, including your income, expenses, and employment status. Providing correct or complete information can lead to your application getting approved.
By following these tips, you can quickly improve your chances of approval and find a car finance deal that works for you.
We understand that being self-employed can present unique challenges when securing financing
We specialise in providing personalised car finance for self-employed with a lot of flexible terms and conditions.
As the responsible direct lender, everyone should be able to own a car, regardless of their employment status. Whether you are a sole trader, freelancer, or contractor, we have the expertise to help you get the money you need, even if you have a less-than-perfect credit score.
Our experienced finance specialists will work closely with you to understand your financial situation and tailor a repayment plan that fits your budget. You get the best deal possible with our flexible repayment options and competitive interest rates.
Taken as a whole, we take pride in our transparent and straightforward approach to finance, ensuring that you know all the terms and conditions before signing. We want you to be delighted with your car finance experience and will do everything we can to ensure that happens.
Don't let being self-employed hold you back from owning the car of your dreams. Contact our team today to find out how we can help you get the self-employed car finance you need to cover expenses without the stress and hassle of dealing with traditional lenders.
While having a good credit score helps you to get better chances of being approved for a loan but it's not necessarily a requirement. In general, you will get the best car financing options even with bad credit, but the only thing is you need to approach direct lending services.
The amount you can get this finance will differ on several factors, such as:
To get better deals, it is always recommended to approach the direct lenders who assist you throughout the process. However, work with you to determine the amount you can borrow per your unique financial situation.
Yes, you can still get car finance even if you have just initiated your own business. You need to choose direct lending services because the experts easily understand that many self-employed individuals are just starting. Because of this, professionals provide better deals with flexible repayment options. Remember that you should work with lenders who specialise in financing new businesses.
Usually the car finance application process time will vary depending on the lender. Most importantly, it takes around 24 to 48 hours to decide. In most cases, the lenders will process your application as quickly without asking for too many obligations to follow. Remember, you do not have to pay anything extra.
When applying for car finance, individuals will typically need to share some vital documents. Here is the list of documents required for a car loan for self-employed,
To avail of this finance, having all necessary documents ready is essential.
To secure car finance, follow these below extremely vital tips:
However, it is also a good idea to choose a responsible, reputable lender who has experience working with self-employed individuals.
Yes, car finance is available for self-employed individuals who want to lease a car. Self-employed car lease agreements are typically offered based on your income stability. To get these funds, you must provide business bank statements and tax returns, demonstrating your financial stability and ability to the respective lender. By leasing a car through car finance, you can access a vehicle that suits your business needs without making a significant payment.
As a self-employed business owner, I struggled to find car finance options that suited my needs. With Advanceloanday, I received expert guidance and flexible repayment options, and I could get the car I wanted without any hassle. I highly propose this service to everyone looking for car finance as a self-employed individual.
- Emily Jones, Birmingham, UK
Advanceloanday supported and guided me to get car finance as a freelancer. They took some time to become familiar with my unique financial situation and worked with me to find a repayment plan for my budget. The whole process was so easy and stress-free. I love to utilize these ideal services again in the future.
-James Wilson, London
I had difficulty finding car finance as a self-employed individual until I discovered this service. This service was beneficial and loyal throughout the process. I appreciate their transparent approach to car finance and would recommend them to anyone looking for car finance as a self-employed individual.
- John Smith, Manchester, UK
Representative 49.9% APR
Representative Example: Credit Amount - £7,000 for 12 months at £752.73 per month. Total loan repayment amount of £9032.80. Interest Amount: £2032.80. Interest rate: 49.9% pa (fixed). 49.9% APR Representative..