Car Finance for the Self-Employed – the Motorly Guide

Car Finance

If you are one of the over 5 million people in the UK that are self-employed, you may be aware that it can be more difficult to obtain car finance. At Motorly, we aim to take the challenge out of the process by assisting Britain’s hard-working Self-Employed to get behind the wheel of a new car. Here’s what you need to know. 

What are the difficulties with getting Car Finance If I am Self-Employed?

Self Employed workers are often concerned about how lenders will view them and cautious about offering them credit, as their income can be unpredictable. Not having predictable wage slips can be another worry.

Is it possible to get Car Finance if you are self-employed?

The good news is that you do have options open to you. Being self-employed in itself shouldn’t be a hindrance to getting finance.

Thanks to the explosion in self-employment, lenders have become much savvier in offering self-employed people options to get the finance they need. 

Can Motorly Help Self Employed Workers get Car Finance?

While it can be more difficult to secure a great deal for car finance from lenders when you are self-employed, you still have plenty of options available to you.

We work with a large panel of trusted lenders who are experienced in dealing with the requirements of Self-Employed workers. 


Top Tips to increase your chances of being accepted

Get on the Electoral Roll: If you haven’t already, you should register for the electoral roll. As it’s an official register of who can vote, it can be used to establish your identity and proof of address. 

Be truthful when applying: Lenders are looking to see that you have a clear understanding of your current financial situation. Don’t overstate your income and ensure you know what your outgoings are. 

Get your accounts in order: If you can present lenders with your latest trading accounts, you will be able to give a more accurate picture of your financial situation. The more years of information you can provide the more confident lenders will be to offer you credit.

Consider what uses the car will have: Most lenders will not offer credit when the vehicle is likely to be used primarily for business use. This is because wear and tear on the vehicle are likely to be likely and higher than normal mileage.

A larger deposit could help: If you can afford to do so, a larger deposit could help you get accepted. It reduces the risk to the lender, making them more likely to accept your application.

Want to find out more? Check out the Motorly Self-Employed Car Finance Page