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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Self Employed Car Finance

Hi Edwin, my question is - I'm self employed and not on the voters roll at either my old address or my new one and i have a poor credit score on my Experian credit score.

Would i have any chance of getting a loan for a car? I'm a taxi driver and that's what i need the loan for!

Posted by Jazz on

Answer.

Hi Jazz, my advice to you would be to get on the electoral roll asap at your current address. Don't worry about your previous address. This isn't mandatory but it does help lenders look for traceability.

We are specialists in getting poor credit car finance for self employed people but you need to be able to prove your income also. Is this possible? Payslips / bank statements etc. Please make an application when you're ready and once accepted we provide a no obligation quote and you can buy a car from any dealer.

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Question.

I can get my accounts from my accountant who does all my taxi earnings but as it's cash work i only put my mortgage and insurance money into the bank account and for me to be approved would my accounts be enough? I can get on to the electoral roll.

Posted by Jazz on

Answer.

Hi Jazz, we may struggle but getting a letter from your accountant proving your income would certainly help. Please just make an application and we'll take it from there. Kind Regards, Edwin

Posted by on

Question.

My credit rating is fair. I have 3 defaults but all my credit payments are now up to date. Can i get car credit with you as i keep getting refused because i'm self employed

Posted by Jimmy on

Answer.

Hi Jimmy, if you're credit rating is fair then we should be able to help even though you're self employed. We'd just need to see 3 months bank statements to prove your income. You do say you have 3 defaults though. What do they total? Also what car are you looking to buy and how much do you want to borrow? Edwin

Posted by on

Question.

Do you have to be employed to get car finance? as i am self employed.

Posted by Robert on

Answer.

Hi Robert, we can approve you for self employed car finance so please make an application and we'll see if we can help you out. All that we ask for if you get approved is proof of income so we will need bank statements and the possibility of an accountants letter. Thanks, Edwin

Posted by on

Question.

hi,my daughter has been self employed since sept she has a car on finance but its in her nans name.the finance finishes sept 2012,she has tried to get credit previously but to no avail,do you think you would be able to help...thankyou kevin

Posted by Kevin on

Answer.

Hi Kevin, we have many lenders who help people obtain car finance even though they are self employed. As long as your daughter can prove her income with bank statements etc there shouldn't be an issue. What's your daughters credit history like? Edwin

Posted by on

Question.

hi,thankyou for the reply.My daughter had a court order 6 years ago which i paid off straight away,she has a credit card which is up to date,she has tried in vain to get credit but always the same answer ' NO ' thankyou...kevin

Posted by Kevin on

Answer.

Hi Kevin, please make an application on our site for self employed car finance and hopefully we'll be able to help.

Posted by on

Question.

hello edwin. i want to get a car on finance from your company but i need to be sure about a few things first. can i still apply for finance if i am self -employed not on the electoral roll,i've been using a 1000 pound overdraft for the last 5 months and i owe about 2000 pounds on credit card and a store card?by credit score on checkmyfile is 608 on call credit ,809 on equifax.and im looking at about 7000 pounds car loan.Thank you very much for your help.

Posted by Mike on

Answer.

Hi Mike, your credit score doesn't seem too bad and as you're self employed you'll just need to provide 3 months bank statements showing your income - is that ok? If so, please make an application and we'll try and get you approved with one of our lenders.

Posted by on

Question.

Hi, I'm self employed and willing to pay a deposit of £20 000 plus monthly installments of £2000,but I DONT HAVE A PAYSLIP! Can you help?

Posted by Nomthi on

Answer.

Hi Nomthi, as you're self employed you won't have payslips so the finance companies will just ask for bank statements instead to prove your income. As long as you can provide bank statements and possibly an accountants letter we should be ok.

Posted by on

Question.

Hi, I'm looking for a £4000 car loan but I've been self employed now for 9 months and invoice my main souce of income every 3 months, so I dont have monthly statements. Other than that I do have a good credit score and a £1k deposit. Can I still get a loan? Thanks

Posted by Alex on

Question.

Hello, My boyfriend is self employed and has bad credit and defaults on credit cards. He is a home owner and really needs a car for work. How can you help him? Thank you

Posted by Kelly on

Answer.

Hi Alex, sincere apologies for the delayed response. If you have a good credit score we will get you approved for self employed car finance with one of our prime lenders and they don't need to see proof of income so that's great news. The deposit you have is also great to see as it shows commitment from yourself. Please apply and hopefully we'll have you in a new car in no time. Regards, Edwin

Posted by on

Answer.

Hi Kelly, what is the total amount of your boyfriend's defaults? If they're over £5000 each we won't be able to help but if they are under we can possibly get him approved for approx £5000. The good news is that he's a home-owner. Lenders do look favourably on this. Are the mortgage payments up to date? Finally, does your boyfriend have a deposit or part exchange he'd like to place into the deal? Kind Regards, Edwin

Posted by on

Question.

Hi, I've read the other posts from self-employed people. I can prove income through bank statements, but how does the calculation work as I have significant outgoings from the same account? How can I work out how much I could borrow on the back of my existing income and expenses? My credit history is fine. Thanks

Posted by John on

Answer.

A great question John. Your budget is traditionally worked out as 5 times your Net monthly income with some lenders and other lenders use the calculation that your monthly payment can't be over 20% of your monthly income. However, if you have good credit you won't even be asked to prove your income as we'll just need a driving licence to fund the deal. What car are you interested in? Regards, Edwin

Posted by on

Question.

Thanks for your reply. Do you offer finance on cars that are not new? I'd prefer a higher model 3 year old car than a more basic new one.

Posted by John on

Answer.

Hi John, yes - we provide finance on cars that we supply that are used. We can supply car from 6 months to 7 years old with no more than 100,000 miles on. Edwin

Posted by on

Question.

Hi, i'm self employed & i have just moved house. I have infomed the local council but they haven't put me on the eletoral list yet. Also, i do my own accounts online but have got a SA302 off the tax office for the last 2 years. Is that enough for proof of working and earnings?

Posted by Cliff on

Answer.

Hi Cliff, you can still apply for finance even though you're not on the electoral roll but you may have more chance of being approved if you wait to get listed first and then apply. Lenders do like to see traceability and address history. On the income front all we'd need is bank statements to prove your income once we have you approved. As you're self employed do you bank all your earnings? I look forward to receiving your application in the near future. Kind Regards, Edwin

Posted by on

Question.

Hi, I am a Self Employed IT Contractor and I am looking for Car finance. I have a credit rating of Fair with a score of 850. Would I be eligable for Car Finance?

Posted by Raymond Phipps on

Answer.

Hi Raymond, yes you would be eligible for car finance. Please apply and we'll call you to take you through the next steps. Regards, Edwin

Posted by on

Question.

Hi Edwin, I am self employed for almost 2.5 years. As i am a director and not having payslips can I still get a car loan with a competitive rate? I do have the money but like to spread my payments. My credit rating is good on equifax, could you help?

Posted by Pim on

Answer.

Hi Pim, yes - we'll be able to help. All we'll need is bank statements as proof of income rather than payslips. If you're credit is immaculate and we can get you approved with one of our prime lenders then we won't have to prove income anyway so, you'll have nothing to worry about. Do you have a deposit and are you on the electoral roll? Edwin

Posted by on

Question.

Dear Edwin, Yes, i am on the electoral roll and I have a deposit. The car I want is approx £18,500. I was thinking of paying a £5k deposit and the rest on finance. So i can use you to start the ball rolling? I am from Holland, have lived for 10 years in the UK and have a good almost excellent credit rating on equifax with 0 default payments. The only reason I am not excellent is that i am renting and have moved houses every 2 years or so. I am currently coming to the end at my current lease contract with VW Finance which I had for 3 yrs with 0 missed payments. I am happy to start proceedings with you to get the loan in place. Are there any costs involved? Kind regards, Pim

Posted by Pim on

Answer.

Hi Pim, yes you can certainly get the ball rolling with us. Please make an application on the site so that we can get an acceptance in place for you, which i'm sure won't be a problem. We can then either locate a vehicle of your choice for you or you can locate your own car from a reputable dealer. We can source any vehicle though through our relationships with the manufacturers and even deliver your car to you. What car are you looking at? There are no charges other than delivery if you choose a car from us and want it delivered :-)

Posted by on

Question.

Hi Edwin, I have identified a car at Sandles car supermarket which is a Jaguar XF 3.0d S from 2009 in Grey with 58k. Will that be ok? I would like the loan to be running for 36 months if possible. Kind regards, Pim Assen

Posted by Pim on

Answer.

Hi Pim, as long as we get you approved that will be fine :-)

Posted by on

Question.

Hi, I'm a self employed hairdresser needing a new car but can't get car loan. I had a car loan before and never missed any payments and all my bills are always paid on time. I can't show bank statements as my work is cash in hand and the money that goes into my account is for bills. I do my own accounts so don't have an accountant to right a letter. Could i get finance with you if i had a guarantor who works full time? Please help

Posted by Terri on

Answer.

Hi Terri, from what you've said we should be able to help. Where have you applied and been refused? If you could let me know it'd help greatly. Then i can advise on the best course of action :-)

Posted by on

Question.

Hi, i am 20 years old & am currently self employed. Would i be eligible for car finance and i would be willing to put 30% - 40% cash up front for the vehicle. I am a voter and been living at my address for 13 years. I have been working ever since i left school

Posted by Sam on

Answer.

Hi Sam, do you have a good, average or poor credit history? As you're self employed can you prove your income with bank stats etc? We'll try our best to help obviously and i'm hopeful we can get you approved. Edwin

Posted by on

Question.

Hi Edwin, I am a discharged bankrupt but need to buy a new executive car but of course cannot get finance. I have only just got a bank account and I am self employed. I do have someone who is willing to act as a guarantor who as a very good credit rating. Would this be possible?

Posted by Gav on

Answer.

Hi Gav, thanks for your question. We can potentially do something for you. Please apply with your guarantor as a joint applicant and we'll see what we can do. Do you have bank statements to prove your income? Edwin

Posted by on

Question.

Hi Edwin, I have been self employed for 3 weeks so I don't have any bank statements yet as proof of earnings. I have been employed for 25 years and have a good credit rating. How do I stand as far as getting finance goes?Thanks, Derek

Posted by Derek on

Answer.

Hi Derek, as long as you have a good credit history we'll be able to help you out without having proof of income as prime lenders don't need to see proof of income when funding a deal. Please apply when you get 5 minutes and inform me of your reference number :-)

Posted by on

Question.

Hi Edwin, I have been self employed now for 2.5 years. I have 1 CCJ which is now nearly 5 yrs old and only 1 late payment on a card. My credit rating is I believe poor at 474. I have for the last 10 yrs purchased everything in full. Now I need a new car but am a little frightened of being told I can't have finance. Am I better off just saving?

Posted by Steve on

Answer.

Hi Steve, as you have one old CCJ and just one missed payment on a card recently we should be able to get you approved as long as you can prove your income with bank statements and you're on the electoral register at your current address. Is this the case? If so do you have a deposit and how much finance are you looking for?

Posted by on

Question.

I am self employed, I have 1 default on my credit score which is due to come off in December and my credit score is just over 600. Because I am self employed will I get credit for a vehicle? I earn on average £16000 to £20000 per year!

Posted by Lee Wilson on

Answer.

Hi Lee, we can help self employed people and as you only have the one default i'm confident we can do something for you as long as you can prove your income with bank statements and the rest of your current credit is in decent shape. Please apply when you're ready. KR, Edwin

Posted by on

Question.

Hi Edwin, I am employed and earning net income £2600 pcm. My outgoings are £950 pcm. I would like to know how much monthly payment could I afford and how do lenders generally work that out. I meet all the other criteria and can provide proof of income if required. Thanks

Posted by Lauren on

Answer.

Hi Lauren, your car finance payment tends to be a maximum of 25% of your monthly income so in your case approx £500 p/month. However, do you have a good, fair or poor credit history?

Posted by on

Question.

Hi Edwin, thanks for your response. I have excellent credit history according to credit expert and equifax. My credit score is 950/999 on credit expert and 510/900 on equifax. Would it be possible for me to have finance payment of approx £650 p/month?

Posted by Lauren on

Answer.

Hi Lauren, thanks for the response. Yes this may be possible. Please apply on our website when you are ready and supply me with the reference number :-)

Posted by on

Question.

Hi Edwin, I'm self employed, can provide proof of address, last 3 months bank statements show £18,000 paid to my account, accountant approves my annual return. Looking for an exec car about £25-30k and could put down £5k deposit. My problem is I have a large overdraft which the bank are ok about given my assets (it's not secured). It is currently at £25,000 OD. I have an excellent credit rating. What do you think? Many thanks

Posted by Harry on

Answer.

Hi Harry, from what you have said we should be able to secure you a decent rate on car finance without too much hassle as you have a large deposit and a good credit history. Please make an application on our website and provide me with your reference number. Thank you, Edwin

Posted by on

Question.

I have a credit score of 971. I am self employed with no commitments apart from a phone bill and gym membership. I am 19 and earn £18000 and I have been turned down for a loan. I gave my credit file which has nothing bad on it, i am on the electoral roll but this is not showing on my credit file so I have written in to have this amended. Are you able to help? I was looking to borrow £8000-£9000. Thank you

Posted by Oliver Barnett on

Answer.

Hi Oliver, i am confident we can get you approved but the £8000 - £9000 will be a struggle as you have very little credit history (mobile phone). If you needed that amount you'd need at least £1500 to £2000 deposit. Is this possible? If not, it's more than likely that we could get you £4000 to £5000. Kind Regards, Edwin

Posted by on

Question.

Yes that is possible for me to have a £1500/£2000 deposit. What is my next step?

Posted by Oliver Barnett on

Answer.

Hi Oliver, just proceed to make an application on our website and let me know your reference number. Speak tomorrow. Edwin

Posted by on

Question.

Hello, I am self employed and my credit file has 2 credit card defaults that are over 5 years old. I am looking to get finance on a new bmw 3 series. I can trade in my 2006 model BMW and £15k. I need approx £10k to buy the car. My payment history has been perfect over the past 4 years.

Posted by Adrian R on

Answer.

Hi Adrian, as your payment history has been perfect for the last 4 years we should definitely be able to help get you approved and as you have a large deposit that will help too. Being self employed we may need to see proof of income but other than that it's just a case of applying and getting you accepted - then you can get your car from any reputable dealer nationwide. Edwin

Posted by on

Question.

Hi, my partner and i both have poor credit. He is self employed, has a driving licence and a mortgage. I work part time and have a provisional. We hire a car that costs £400 a month. What are the chances of us being approved for finance and can you recommend anywhere?

Posted by Vicki on

Answer.

Hi Vicki, please make a joint application on our website - that'd be your best chance of being approved. As long as your partner can prove his income we may be ok. Please apply when you get a few spare minutes. Kind Regards, Edwin

Posted by on

Question.

Hi, I have a credit expert score of 706 over bank problems when I was younger. I have £2500 to pay of my last car finance which was £14000 all my monthly payments have always been in-time with the car finance. I have never missed a payment. I am self employed subcontractor and my income is £4000 per month. Can I get finance with my credit score and alongside the remaining £2500?

Posted by Carl on

Answer.

Hi Carl, i'm confident we can get you approved with your current credit score. You also have a large income which is great. Please apply when you feel ready. Edwin

Posted by on

Question.

Hi Edwin, I am self-employed and have been for over 12 years now. But last year i was wanting to upgrade my car and i couldn't get a car loan because i didn't have proof of earnings as i get paid a lot by cash and only a small amount of checks going into my bank. Also i do my own book keeping. I have a good score on credit checker also with credit cards i come up with good score, i have my own home and am on the electoral roll. Do i just need to deal with different company's for loans. Thanks John

Posted by John on

Answer.

Hi John, if you have a good credit score we should be able to get you approved with a lender that won't need to see proof of income. Please apply and let me know the reference number so i can check your application. Kind Regards, Edwin

Posted by on

Question.

Hi, my first job is going to be self employed, ive only just become self employed so dont have anything to prove my income yet. would i be able to get finance? Thanks Kirsty

Posted by Kirsty on

Answer.

Hi Kirsty, Unfortunately it does reduce your chances of an approval. It may be worth putting a guarantor on the application. We may be able to help. - Edwin :)

Posted by on

Question.

Hi, I am employed permanately and I am looking for a car finance, but my problem is that I don't get a payslip. My question is would I be able to get finance?

Posted by Metheus on

Answer.

Hi Metheus, it is possible that we may be able to do something with bank statements as long as your wage is paid into your bank account. hope this helps. edwin :)

Posted by on

Question.

Hi there, we were looking at finance but it would be in my partners name. His credit score isn't as good as we would hoped it would be. We have payslips unfortunately his employer uses the brown envelopes with the info on the front. His employer has written us a letter to clarify the amount of pay my partner gets each week is this enough proof for finance? We have no bank statements since February.

Posted by Jemma on

Answer.

Hi Jemma, we'd need to see 3 months bank statements if your partner gets hand written payslips. These can be ordered from your local branch. We can approve people with less that perfect credit histories so please apply when you're ready. Edwin

Posted by on

Question.

Hi. I'm self employed, have been for the past 5 years. I have poor credit and my bank account doesn't speak much for my cash earnings, but I do have my tax papers and that shows my income for the past years, which, also has been the same. Is there any hope for me to get financed?

Posted by Joanna on

Answer.

Hi Joanna, As you're self employed and have bad credit we'd need to see 3 months bank statements proving your income. If this isn't possible today then wait 3 months and make sure all your income goes through your bank from now until you apply. Regards, Edwin

Posted by on

Question.

Hi, If you have a good credit rating do you have to prove your income?

Posted by Michael on

Answer.

Hi Michael, i n most cases (if you have a good credit rating) you don't have to prove your income. We just need proof of ID and address - so a full UK driving licence will suffice. Edwin

Posted by on

Question.

Hi, my credit score is 909 (good) on experian, what sort of apr would i be looking at?

Posted by Mick on

Answer.

Hi Mick, if approved you'd be looking at 8 / 9% APR with a score of 909.

Posted by on

Question.

Hi Edwin, I am looking for a car loan of around £5000-£6000 with little or no deposit. I have an experian credit rating of 765 (fair). I am self employed earning roughly £1350 a month and can provide 3 or more months bank statements showing proof of income. I hold a full UK drivers licence but I have not changed the address on that from my mothers address as I still stay there regularly due to her ill health. My bank statements, voters role etc are in my own home address. Will this cause a problem?

Posted by Clare D on

Answer.

Hi Clare, you seem to tick all the boxes in terms of securing finance so i'm confident we can help. You have a fair credit score, can prove your income and a full UK licence which is great. In terms of your licence we would need it in your current address. It only takes 1-2 weeks to come back from the DVLA so you can apply now, get approved, locate a car and we'll sort out all the paperwork and get you ready to go. When the licence comes through we can get the deal funded. Kind Regards, Edwin

Posted by on

Question.

My question is on behalf of our daughter. She is a self employed makeup artist doing bridal makeup mainly and also has an online supplement business in it's early stages. Her income is not great across both businesses although she manages to service her outgoings ok. She has a flat & mortgage on it and has no arrears at all on the mortgage and should have a very good credit score as has no credit card debt. She has some savings but it is income that is the problem. She wants to change her car and just needs a£2300 loan. Can you help with advice on her chances of getting the loan please?

Posted by Ian on

Answer.

Hi Ian, thank you for your question. We can indeed help your daughter obtain car finance as you say she has a good credit history and she only needs £2300. The only thing we'd need to see proof of is her driving licence, proof of address and proof of income (3 months bank statements). Please get her to make an application asap. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, I am a self employed photographer and have a regular booking that will bring my income to a minimum of £25,000 - £35,000 per year. This contract has been running for around 3 months so far and i'm now at the point where I need a more reliable car.

I would like to borrow £12,000 over 48 months, does this seem possible to you? My credit report on Experian in excellent and the only other debt I have is a student loan. Thank you, Wayne

Posted by Wayne Lennon on

Answer.

Hi Wayne, thank you for your question.

It sounds like we'd be able to get you approved for £12,000 without any problems. As you're self employed we'd need to see 3 months bank statements proving your income but it sounds like that won't be an issues.

Your student loan isn't an issue and as you have an excellent credit score that will go in your favour obviously. Once approved with us we provide a no obligation quote and you can choose a car from any dealer in the UK. Please apply when you get a minute. Have a good evening. Edwin

Posted by on

Question.

Hi, I've got a perfect credit score, no missed payments and no debt. I have 2 properties and a £200K salary (self employed), BUT, I've just been refused car finance because I've got a CCJ because of a business sale gone bad (£2500 settled 3 years ago).

I'm looking to buy a £38000 car with £9000 deposit. looking for monthly payments under £600 per month. Is this possible?

Posted by Scott Noble on

Answer.

Hi Scott, thank you for your question.

As you have a large income, a large deposit and a good recent credit record i'm confident we can get you approved even though you have a CCJ as we have many lenders on our panel who help people with past blips on their credit profile.

Please apply when you get a moment and once approved you can choose a car from any dealer and we do provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hi, I am self employed without accounts to show my income. I have been trying to find the right car for three months, and as yet had difficulties obtaining a vehicle.

I must add that i was accepted for finance (motonovo and ford finance) for the cars i was interested in only for the cars to become unavailable for various reasons, one of which became flooded in December.

I have seen a car of which i like but the company does not do finance, i could buy the car by combining my credit cards also with some cash but believe that would be an expensive way of doing it.

I believe that i should have a good to excellent credit rating and would like to borrow £5000 over 3 years. Do you think i would have a good chance of obtaining the funds from yourselves as i am a homeowner, owned outright and pay all bills on time, however as stated earlier in my lengthy message, self-employed without proof of income. Thanks for your assistance.

Posted by Raymond on

Answer.

Hi Raymond, thank you for your question.

As you have an good to excellent credit score i am very confident that we can get you approved with a lender where you don't need to provide any proof of income.

Being a homeowner also helps with some lenders and when approved £5000 over 36 months won't be an issue. In fact we actually deal with Motonovo directly so if you've been approved with them in the past we will be able to get you approved again.

We can beat dealer rates anyway so when you're ready please make an application and once accepted we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

Posted by on

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