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Car finance for the self-employed

If you are self-employed and looking for car finance, this is the place for you.

At We Finance Any Car, we know that getting car finance, or any type of finance, when you are self-employed can be tricky. We know that this shouldn’t be the case, so here are some tips to help you out and increase your chances of being approved.

First of all, the main reason self-employed people struggle to get finance is showing their proof of earnings and payslips. So our number one tip is to keep your band end in order so when you apply for car finance, you can show your earnings and have proof that you have a regular income.

Following on from that, lenders usually look for a steady income so that they can be sure you are going to keep up with repayments. Something that goes alongside this is proof of residence. If you can provide this and you have stayed at an address for a substantial period of time, it means you are less of a ‘flight risk and therefore, you are allegedly more likely to keep up with repayments, and they know where to contact you if you don’t.

This is all, of course, worst-case scenario, and it is unlikely that you will fail to keep up with repayments, but these are just the measures that some lenders take.

If you want to increase your chances of approval, there are options of getting a guarantor, registering to vote to provide proof of address, and maybe considering paying yourself a regular wage for a number of months before applying for car finance.

At We Finance Any Car, we are here to help people into the cars of their dreams, and our team of experts will be happy to answer any questions you may have. Apply online or get in touch to find out more.