From controlling your schedule to choosing which work to take on (or refuse), there’s a lot to like about being self-employed. As with mortgages and other lines of credit, however, getting self-employed car finance can be a little trickier. But we’re here to tell you that it is possible – thanks to Go Car Credit!
You could choose from a wide range of quality used cars from any of our approved dealers throughout the UK – even if you’ve had a CCJ or have defaulted on repayments in the past. We’re not a third-party provider or finance broker either, which means you’ll deal with only us throughout. Find everything you need to know about vehicle loans for the self-employed with poor credit below.
Representative example – Total amount of credit £9,700, annual interest rate 18.25% (fixed), charge for credit £9,156 (£8,851 interest, £295 admin fee and £10 option to purchase fee), total amount payable £18,856. Loan term of 60 monthly instalments, 59 payments of £314.10 and 1 final instalment of £324.10. 34.6% Representative APR – Subject to status and affordability
The short answer is yes!
With the help of several factors such as advances in technology that make it possible to work anywhere and anytime, self-employment has never been more popular. As of the first quarter of 2024, the number of self-employed jobs in the UK was approximately 4.29 million. This is an increase from the previous quarters in 2023, which saw numbers around 4.06 million to 4.24 million, according to official data from the Office for National Statistics.
Yet it does bring its challenges – including getting a firm grip on your finances. Buying a car while self-employed can be harder to secure and many traditional lenders can make it more difficult to get the financial support you need due to even stricter criteria. Here at Go Car Credit, we don’t believe your career choices should deny you the chance to get behind the wheel of your dream car – or a vehicle which could become crucial to your line of work.
The process of getting a new car should be exciting – not daunting. We’re here to make your life simple and find a car finance solution that works around you and your situation.
At a basic level, every lender will review a finance application to judge whether the borrower will have the means to stick to their repayment schedule. This responsible approach is a regulatory obligation set out by the Financial Conduct Authority and it’s designed to help protect people – and lenders – from running into serious financial difficulty.
To help make their decision, lenders need as much relevant information about you as possible to show that you can be reliable. When you’re in full-time employment, you can easily provide evidence of your monthly income, contract of employment and how long you’ve been there.
But it’s not as simple to do this for self-employed car finance.
We want to make things that bit easier. We’ll only ask for up to three months’ worth of bank statements and use the average monthly income figure to set your credit limit.
Not having a reliable monthly income can make it more difficult to stick to repayment schedules, potentially bringing down your credit score and making lenders even more cautious.
It doesn’t have to be like that, however. You could still get self-employed car finance with Go Car Credit, however – and it could even help improve your credit score!
We don’t use the same restrictive criteria as other mainstream lenders. So, even if you have been declined elsewhere for self-employed car finance, you could still get the support you need.
Hire Purchase is ideal if you don’t want to pay the full price of a car upfront. This lets you spread the cost with affordable monthly payments based on your realistic budget. And the best part? Keeping up with your repayments could help you build your credit score – and boost your chances of being approved for other lines of credit in the future.
If you fall behind on repayments on any other existing credit agreements, however, it’s a good idea to try to get them back up to date quickly to improve your chances of being accepted.
We prefer to review your application on an individual basis because we appreciate that every situation is different. As a general rule, however:
Getting the new car you need can be difficult if you’re self-employed – especially if you have very poor credit. But it doesn’t need to be that way. Here are four good reasons to see if Go Car Credit can help you get back on the open road.
You can choose your new car from our network of trusted dealerships throughout the UK including Portsmouth, Newcastle, Leeds, Manchester and Glasgow. If you’ve got any questions about how our finance process works, feel free to call our friendly team on 01925 696 373.
Going into a bank to apply for car finance can feel daunting – especially if you’ve already been turned down in the past. You might also be asked for reams of extra paperwork just because you’re self-employed. But we’re here to make the whole process quicker, easier and clearer.
Simply fill out our short online application form with a few personal details to get started. We’ll review your application and give you a decision as quickly as possible. After that, we’ll ask you for details about your car of choice and request an online signature. Don’t forget – there’s no charge to apply and no obligation to go ahead if you change your mind!
While we’ll still consider your application for self-employed car finance, it’s a good idea to do your best to improve your credit first. Thankfully – as well as checking the handy money management tips we share regularly in our guides section – there are some simple steps you can take that could make a big difference.
