Finance for the self-employed
Being self employed can feel like you’re living the dream, but it doesn’t come without its challenges. Getting finance for your next vehicle when you’re self employed can be a little more complicated than if you’re employed, but there are a few things you can do to make the process a little easier and improve your chances of being accepted.
Proof of Income
Having proof of income is a great start to getting approved for finance when you are self-employed. It helps the lender to build your profile and acts as proof that you will be able to repay the finance agreement each month. You can show this to the lender in the form of invoices or bank statements, so long as they are dated recently and relative to your business name and address.
Evidence of your work history goes a long way to proving you are who you say you are. Contracts are a good example of this and by showing these, it adds up to you being able to keep up with payments.
If you have been in continuous employment with a particular company, sharing this information is another step in the right direction to getting a good finance deal. It shows you’re not a flight risk and again helps to build that profile. Don’t worry if you don’t have this, there are other ways to build your reputation with the lender.
You can also enrol on the electoral register to help build your profile. There are just a few tips on how to get finance when you are self-employed, but there are plenty of other ways to go about this too.
If you are looking for car finance in Derby and are self-employed, get in touch with the team at Hilton Garage where the team will be happy to help you.