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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Do you have a question about Carfinance247 or its services? If so, please complete the form below for a response within 1 working hours. I have over 7 years experience working for Carfinance247 and have the responsibility to answer all questions asked.

Self employed van loan

Hi, I am currently looking at setting up my own business, my credit score is fair with 772 but i have only lived in the UK for 8 months.

Would i be able to get a decent deal on finance? Thanks

Posted by Devan on

Answer.

Hi Devan, thank you for your question.

Unfortunately as you haven't been in the UK for more than 3 years we won't be able to get you finance for a van. We can usually help self employed people get van finance but they must have 3 years address history in the UK as mentioned and 3 months bank statements to prove your income. We can usually help self employed people that have fair / poor credit too.

If approved with us we provide a no obligation quote and you can choose a van from any dealer. Please apply when you meet the above criteria. Thanks, Edwin

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Question.

Hello, I'm trying to get a van on finance but have been refused a loan because I apparently have poor credit. I don't understand however as I don't have any debt. It could be because I have never had much credit before however, I'm a homeowner and never missed a payment on my mortgage. I am self employed and can prove my income & I need a van for work asap. Please help.

Posted by Natalie on

Answer.

Hi Natalie, from what you have said it doesn't sound like you have bad credit so we should be able to help. As you're self employed can you provide the latest 3 months bank statements to prove your income? If so, we should be in business and it doesn't matter that you have no deposit. How old are you if you don't mind me asking? Also, how much would you like to borrow and how much can you afford each month? What is it that you do? Would you consider an estate car or 4x4 as these are easier for us to obtain? Sorry for all the question and thank you for using our Q&A. Edwin

Posted by on

Question.

Hello, I'm considering buying a new van for my business and need a loan about £5000 but i've only been self employed for 10 months. Would there be any problems getting a loan?

Posted by Scott on

Answer.

Hi Scott, i don't see why not. As long as your credit history isn't too bad and you can prove your income with bank statements we should be able to help. Please make an application when you're ready and if approved you can choose a van from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hi, I need to get a small van. I have no bank account and a bad credit history. Is it possible or is it the end of the world for me?

Posted by John G on

Answer.

Hi John, i wouldn't say it's the end of the world but we wouldn't be able to get you van finance from what you have said. You'd need to get a bank account and build your credit profile up for at least 6 months before i would advise you to apply. Apologies for being quite blunt but didn't want to get your hopes up. Regards, Edwin

Posted by on

Question.

Hi Edwin, I'm after a VW Transporter. I have seen one I like for £12000 + vat. I have approx £2k deposit and a credit rating of Fair (724). VW Finance have turned me down. I have 3 months bank statements to prove my income as i'm self employed. Would you be able to help? I don't want to lose this van!

Posted by Nick on

Answer.

Hi Nick, we should be able to secure you finance for the van you want. Please apply when you have 5 mins and we'll be in touch tomorrow :-)

Posted by on

Question.

I desperately need a new van to cope with my expanding business. I can put a deposit down and can afford the payments but I fell behind on my credit card payments 4 years a go when my wife became ill. I have made arrangement's and I am paying it back but I have a default notice. I currently owe around £10,000. Is there any chance I could get finance for a new van?

Posted by Jon Collins on

Answer.

Hi John, yes there is a chance of being approved for between £5000 and £8000 - is this enough for your new van? If so we can potentially broker the deal allowing you to choose your own van from a local dealer to yourself. Would you have a deposit too? Regards, Edwin

Posted by on

Question.

I would like to get a loan for a van.

Posted by Desmond on

Answer.

Hi Desmond, we'd love to help - please apply on our website when you get a minute.

Posted by on

Question.

Hi Edwin. I am starting my own business and need a small van. I have an 880 credit rating on equifax. DWP payments for 12 moths from oct 12. I live with parents so no other outlay. Pete

Posted by Pete on

Answer.

Hi Pete - we should be able to help. Can you prove your income over the last 3 months with payslips or bank statements though? Are you on the electoral roll and do you have a deposit? If so, please make an application when you're ready and if approved you can choose a van from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, i am self employed as a courier and turnover last year was £70k with a profit of £40k. I wish to purchase a new van at around £15k VAT (I would pay deposit of the VAT) but i am not on electoral roll. My credit score via experian is 974 (excellent). My question is would i be turned down due to electoral roll etc. I have lived in private tenancy for over 5 years. Regards, Wayne

Posted by Wayne on

Answer.

Hi Wayne, it'd certainly improve our chances if you were on the electoral roll but i'm surprised that your credit score is so high if you're not on there. The good news is that you've had a stable residential history and you have the deposit required to get you the van finance.

Please make an application when you're ready and if approved you can choose a van from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hello, I'm looking for a van on finance for around £7000 however I have bad credit from years ago but have a good job that pays well and have all payslips but my pay goes into my partners account not mine. Is there a possibility I could get sorted out?

Posted by Stephen Harrison on

Answer.

Hi Stephen, yes - that wouldn't be a problem. Have you found the van you want and do you have a deposit? Also are you on the electoral roll and do you have any current clean credit history? Edwin

Posted by on

Question.

Hi, I'm looking for a van loan of £4000 over 36 months, I have no credit card debt or any outstanding loans, I've been in business for 3 years now

Posted by Michael P on

Answer.

Hi Michael. Here af CF247 we do deal with the lenders currently on the market who are willing to finance commercial vehicles. Your chances of being approved with them will increase if you are registered on the electoral roll and have a net monthly income of £800+. Please put an application through so we can try and get you placed with an appropriate lender. Thanks Edwin

Posted by on

Question.

Hi there, I've just started a limited company and have only been trading for 6 months. Looking to finance a van for around £10000, have a deposit of £1000. Credit is fair / good I believe ? Is this something you may be able to assist me with as I have been declined for van leasing already. Regards

Posted by Paul on

Answer.

Hi Paul, Thank you for using the Q&A. Unfortunately the lenders we deal with who will finance customers for a commercial vehicle who haqve previously had credit issues require you to be self employed for at least 12 months. Once this is the case we should be able to do something for you. Kind regards, Edwin

Posted by on

Question.

I have a poor credit history and I am self employed without any assets, capital or properties. I worked on a contract basis for one business for the last two years with turnover of around £30k + vat per year. However, a van lease cost me approx £12k per year and I had to stop trading until I find finance for small or medium van. I have income history and assurance from the business that I will be able to receive similar volume of work if I had my own van. Is there possibility of finance for me then?

Posted by Patrick on

Answer.

Hi Patrick, we'd love to help. Please apply as we do have a few lenders that help people with credit problems get a van of their choice (income permitting). Edwin

Posted by on

Question.

Hello I'm trying to get a loan of £17,500 to purchase a Sprinter van for my courier work.

My credit score is 828 (fair) and I will be registered on the electoral roll after February 17th. I can provide 3 months bank statements with good income. What are my chances of getting a van on finance? Kind Regards, Kemal

Posted by Kemal Midda on

Answer.

Hi Kemal, thank you for your question.

As you have a fair credit score, are getting registered on the electoral roll and can prove your income with bank stats we should be able to get you accepted for a van loan.

However, the amount you can borrow depends upon your income and which lender we can get you approved with. Also, a deposit of 10-15% will aide your chances of getting the amount you need.

Please make an application and once approved we provide a no obligation quote and you can buy a van from any dealer in the UK. Kind Regards, Edwin

Posted by on

Question.

I have a terrible credit history and lost my job 3 weeks ago. I've been offered a new job with a guaranteed £400 weekly income on a self employed basis. I need £2500 to get myself a small 2nd hand connect van to be able to do the job. Do I stand a chance?

Posted by Stuart Reilly on

Answer.

Hi Stuart, as you have a poor credit history we would need to see 3 months bank statements for proof of income to get you accepted. I can't guarantee we'd get you approved then but we do help people with bad credit. Could you rent a van for a few months or borrow one?

When you're ready please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hi, Could you help me with van finance? I have been registered self employed for 3 years, but I went on to do a degree at university.

Now I am back subcontracting on site for the last 4 weeks and my credit rating is ok but, I don't have 3 months of bank statements from work. I could possibly put a deposit down as well! Thanks.

Posted by Paul Hanley on

Answer.

Hi Paul, thank you for your question.

As you have only been back working for 4 weeks it does limit our options. However, this isn't to say we can't help. We obviously can't guarantee an approval but our lenders will base their decision mainly upon your credit profile and affordability (income).

When you feel you're ready please make an application online and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hi, I'm looking to get finance of around £8000 for a van. i have fair credit score through Experian, I can give 3 months statements showing my income is on the up, what are the chances of getting accepted? I don't want to lower my score by getting refused.

Posted by craig alan on

Answer.

Hi Craig, thank you for your question.

We regularly help customers who have fair credit scores, so we may be able to help on that front. The fact that you have 3 months proof of income will also help us get you an approval.Are you on the electoral roll?

Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

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