Car Finance Car Finance Calculator How It Works Help & Advice Contact Us Sign In Self Employed Car Finance My monthly budget is £ Get a quote No impact on your credit score Rates from 7.9% APR. Representative APR 20.7% 4.6 out of 5 Rates from 7.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status. Representative example: borrowing £6,500 over 5 years with a representative APR of 20.7%, an annual interest rate of 20.7% (Fixed) and a deposit of £0.00, the amount payable would be £168.48 per month, with a total cost of credit of £3,608.67 and a total amount payable of £10,108.67. We look to find the best rate from our panel of lenders and will offer you the best deal that you’re eligible for. We don’t charge a fee for our service, but we do earn a commission. This does not influence the interest rate you’re offered in any way. Can you get car finance when self-employed? Yes, we can help you find self-employed car finance! No matter your employment status, we’ll look to find you the best deal from our panel of lenders. According to the Office of National Statistics, there are 4.2 million self-employed people in the UK (Aug 2021). And who could blame them? Flexible work schedules, picking and choosing the jobs you take, and being your own boss are just a few of the perks that come with self-employment. But the trade-off for these freedoms can often be financial uncertainty. Unlike a 9-5 worker, you might not have a set payday and your salary could change every month. This unpredictability can make it tough for self-employed people to secure a car loan. At CarFinance 247, we don’t believe that choosing a different career path should stop you from finding and funding your dream wheels. And if you’re looking for self-employed car finance, we could help! Get a no obligation quote today. How to get car finance when you're self-employed At CarFinance 247, we don’t believe that choosing a different career path should stop you finding and funding your dream wheels. Watch this short video to find out more. Why is it hard to get car finance when you’re self-employed? Finding car finance can be frustrating when you’re self-employed. Why? It’s all about uncertainty. When you’re employed by a company and have a set salary, lenders have a good idea of how much money you’ll have and when. Self-employment is a little more complicated; there are no guarantees. You might have some months when you’re working every day and all your invoices are paid on time, and others when projects move more slowly and you’re chasing late payments. That uncertainty can make some lenders more wary. That’s why we work with a panel of lenders so we can help people with a range of employment circumstances find finance, including self-employed, temp, and agency workers. Retired or unemployed and looking for a loan? We could still help! How to prove your income if self-employed Proving your income can be more difficult when you’re self-employed. The lenders we work with might ask you to provide three months’ worth of bank statements or invite you to use open banking, which can help lenders understand your incomings and outgoings. If you plan to use your car for business or you’re a driving instructor or taxi driver, we can still help – just let your account manager know. Self-employed with bad credit You can still find car finance if you’re self-employed with bad credit. We understand that the unpredictable nature of working for yourself can make it tough to stick to rigid payment schedules sometimes. If you’ve missed payments or been refused finance in the past, it doesn’t have to be the end of the road. We work with a panel of lenders including some that can help people with bad credit find a loan. This includes people with CCJs, defaults and IVAs, subject to approval. How do I buy a car if I’m self-employed? While it can be more difficult to find car finance when you’re self-employed, that doesn’t mean it’s impossible! At CarFinance 247, we work with a panel of lenders including those that can help self-employed drivers find finance to buy a new car. We’ll work hard to find you the best deal from our landing panel but there are a few steps you can take to increase your chances of securing a loan that’s right for you. Check your credit score Regularly checking your credit score is a good habit to get into, especially when applying for car finance. You can check your score for free with each of the three UK credit reference agencies. This means you can get an idea of your financial information before you apply, and you can check your credit report for any mistakes or errors that could be affecting your score. If you’re looking to build your score, make sure to check out our guide to improving your credit score. Prepare proof of income As a self-employed worker, you might not have payslips to provide as proof of income. Instead, you’ll need to supply three months’ worth of bank statements or connect to open banking. It’s important to let your account manager know which items on your statements are related to work, especially if you have several employers. It could also be worth doing a quick banking admin check: cancel any non-essential subscriptions, review your monthly direct debits, and close any joint bank accounts shared with people with poor credit history. Register on the electoral roll One of the quickest and easiest steps to take when applying for car finance or improve your credit score is to get on the electoral roll. It’s free and allows you to confirm your name and address online. The electoral roll is one of the first things that lenders look at when assessing your finance application and being listed could help prove your eligibility for a loan. Consider open banking When you apply with CarFinance 247, you may be invited to opt into open banking. This gives lenders a valuable insight into your financial history and find out more recent information than the details available on your credit report. Open banking frees you from being restricted by your credit score and give lenders a fuller picture of your ability to afford and pay back a car loan. Increase your deposit If you have a deposit available, putting down a larger sum upfront can not only reduce the amount you need to borrow but also make it easier to find a loan. Don’t have a deposit saved? No problem. At CarFinance 247, we work with a panel of lenders including those that can offer no deposit car finance and it is possible to find self-employed finance without a deposit. Self-employed van finance If you need new wheels for work, we could help you find finance for a van. No matter whether you’re looking for a spacious Ford Transit or a speedy Volkswagen Caddy, our panel of lenders includes those who can offer van finance for people with a variety of different circumstances, including the self-employed. Just let your account manager know that you’re looking to finance a commercial vehicle. . Self-employed motorbike finance Prefer to travel on two wheels instead of four? Our panel of lenders also includes those who can provide motorbike finance. Whether you’re looking for a bike for work or want to go full throttle on the weekend, we have loan options available for motorcyclists with a range of circumstances. Why come to us for car finance if you’re self-employed? For us, used car finance is all about helping people improve their everyday lives. Whether you need a car to commute to work, visit clients, or pick up the weekly shop, we’ll look to find you the best self-employed car finance deal from our panel of lenders. Plus, you’ll have a dedicated account manager on hand to help you through the process, sort the paperwork, and speak to the dealership on your behalf. What’s next? How to apply It all starts with a quote. If you’re approved in principle, we’ll give you a call to talk through your options. Your account manager can answer any questions you have and grant you access to our car search – a treasure trove of over 100,000 used cars ready and waiting to find a home. Found a vehicle somewhere else? We can still help – just let your account manager know. Frequently asked questions What is the minimum income for a car loan? What do you need to finance a car if self-employed? Will applying for a car on finance affect my credit rating? Can I get car finance without a payslip? Do you need proof of income for car finance? Do you need tax returns to finance a car? Can a freelancer buy a car? Will my repayments be higher if I have bad credit? What is the criteria to apply for self-employed car finance? What types of car finance are available if self-employed? Can I finance a van for commercial use? What vehicles can I finance through CarFinance 247? How much can I borrow? Ready to start? Applying with us only takes a couple of minutes and won't affect your credit score Get a quote No impact on your credit score Get in touch Contact us CarFinance 247 Ltd., Universal Square, Devonshire Street North, Manchester, M12 6JH, Sitemap Partners' portal Dealers' portal Yes car credit Terms & Conditions Privacy Policy Cookie policy Acceptance use policy Complaints procedure Modern Slavery Act 247 Money Free ride to the top Also of Interest: I am Self Employed and Have A Poor Credit...Will a finance company cover the VAT on a van purchase?Can I get A Car Loan With No Proof of Income? * The UK's number one online car finance broker by unique users to the website. Based on Hitwise data – 1,746,657 to CarFinance 247 vs. 666,020 for nearest competitor. January to December 2019. 96% of our customers recommend us: † Based on feedback left on independent review site Reviewcentre. May 2019. CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525). CarFinance 247 is authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking (Firm Reference Number: 653019). CarFinance 247 is registered with the ICO (Registration Number Z1897658). Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request. This site uses cookies so that we can provide you with the best user experience. By continuing to use the site you are consenting for cookies to be used. Further information on cookies and how you can disable them is available on our cookie policy. We use cookies to look after your data, personalise ads, and give you a great online experience. Accept Cookies Manage Cookies Find out about our cookie policy