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Self Employed Van Finance

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How to get van finance if you are self-employed

Are you looking to finance your next van whist being self-employed? We could help you secure the finance you need for that commercial vehicle to keep your business running smoothly.

We understand there are many benefits to being self-employed. You get to manage your own working hours and you get to pick which customers you want to work for, we aim to help self-employed people with bad credit get vehicle finance.

Read the below information on how we could help you secure finance or start the process today by applying online.

49.6% APR Representative – Subject to status and affordability

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Can I get Van Finance if I’m self-employed and have bad credit?

The answer is you could. We are specialists in helping people who have been declined by other lenders because of being self-employed or having previous bad credit.

After the initial review of your application for finance with us we review your individual circumstances. We will take into consideration your current financial circumstances. For example, if you had previous bad credit but are now committing to repayment outstanding debt then we could look at this favourably.

We don’t use the same restrictive criteria as other mainstream lenders. So, even if you have been declined elsewhere for self-employed van finance with bad credit, you could still get the support you need.

Hire Purchase is perfect if you are self-employed and have bad credit or don’t want to pay the full price of a car at the start. It allows you to spread the cost with affordable monthly payments based on your accurate budget. Keeping up with your repayments could help you develop your credit score – and improve your chances of being approved for other lines of credit in the future.

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Why is it more difficult to get Van Finance for the self-employed?

It may be more difficult to secure van finance if you are self-employed because lenders will require you to prove your income and this can be the hurdle for people who are self-employed.

As a self-employed person is your income inconsistent? Are some months better than others? This seems to be the common theme when looking to get a van loan when self-employed.

After initial checks, we choose to review your application on a personal basis because we understand that every situation is different. As a universal rule, however:

  • We’ll ask you for up to three months’ worth of bank statements as proof of your income. We’ll then divide the total figure by three to get an average income and set a credit limit based on those figures.
  • We’ll ask to see three years’ worth of employment history.
  • We’ll ask to see three years’ worth of address history. You must be a UK resident for three years or more to apply for self-employed car finance.

We don’t accept tax returns as proof of income or cash in hand payments. It must go into a UK bank account in your name. We can accept proof of income into a bank account in the name of your spouse or partner, but they’ll need to be added on to the finance application so we can consider this income.

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NO DEPOSIT
REQUIRED

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DEALERS
NATIONWIDE

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What’s the criteria for self-employed Van Finance with Go Car Credit?

To ensure we are providing finance for great quality vans we do have vehicle in place. Take a look at the below criteria to ensure you pick a van that fits in with the requirements:

  • We’re unable to finance VAT for any self-employed van finance. If VAT is payable, we ask you to pay a deposit of 20% to cover the VAT.
  • We will only finance sole traders; we do not provide finance to Limited Companies, Partnerships or LLP’s.
  • Max mileage of 100,000 at the start of a 36-month agreement.
  • Max mileage of 90,000 at the start of a 48-month agreement.
  • The van must be a maximum of 12 years old at end of agreement.
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Why choose Go Car Credit for your Van Finance?

Getting the new van, you need can be tricky if you’re self-employed – especially if you have bad credit. But it doesn’t need to be that way. Here are a few great reasons to see if Go Car Credit can support you getting back on the road to better credit:

  • After initial checks, we review applications on an individual basis and decisions are not based solely on just your credit history we look at your personal financial circumstances.
  • We’re regulated by the Financial Conduct Authority (FCA) – dedicated to providing responsible and affordable lending to consumers who need it.
  • We’re rated ‘Excellent’ by independent customer reviews on Trustpilot. So, you don’t have to just take our word for it!

You can choose your new van from our network of trusted dealerships throughout the UK. If you’ve got any questions about how our van finance process works, feel free to call our friendly team on 01925 696 373.

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How do I apply for Van Finance with Go Car Credit?

Going into a bank to apply for van finance can feel daunting – especially if you’ve already been turned down in the past by other lenders. You might also be asked for piles of extra paperwork just because you’re self-employed. But we’re here to make the whole process quicker, easier and clearer as we understand how important having a van is to your business.

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 van 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!

Here at Go Car Credit we are a direct lender and not a broker, meaning we are lending our own money to people who need it. This means no arrangement or introducer fees you may have when using a broker or comparison site.

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