Previous PostHow to look after your cars tyres
Many self-employed people find it a struggle to get car finance from mainstream banks and lenders due to issues proving their income especially if they have bad credit too. We hope to help you secure finance for your next car and answer any questions you may have about the process if you are self-employed.
- Go Car Credit are bad credit car finance specialists and here is how we review your application and a list of documents you will need to provide or criteria you need to prove.
- You need to be able to prove your income by providing us with three months bank statements.
- Unfortunately, we cannot accept tax returns, they must be bank statements.
- We need to see three years worth of your employment history, whether you have been self-employed for three years or in other employment.
- We require that you have been a resident in the UK for at least three years and will need three years of address history for you to prove this.
- When you apply for car finance and meet our criteria we will set a credit limit based on calculating your average provable income over the last three months by adding them together into a total income and dividing it by three.
Your provable income cannot include any cash in hand payments, it needs to go into your own named UK bank account. We also cannot accept any type of income that goes into a partners account unless they are added as a joint applicant when you apply for bad credit car finance with us.
You can greatly improve your chances of your application for car finance being approved by demonstrating stability in address and employment history.
Make sure you are on the electoral role to help prove your address history. If you can offer a deposit this may contribute to an approval decision, if you can get a partner to make a joint application with you this may increase chances of your car finance application being successful as the income will likely be increased.
Go Car Credit have provided car finance for many self-employed customers with bad credit and we welcome you to apply today with us, there is no deposit required and you can by from any of our approved dealers.
For more information about how to get a car loan with poor credit please visit our bad credit car finance page to see how we can help you secure your next vehicle purchase.