Self Employed Car Finance

Here’s the thing… there are more self-employed people across the UK now than in any previous decade over the past 40 years. So, with self-employment figures being sky high, that means applications for car finance from people who work for themselves must be numerous, right? Right, exactly so. But even if you’re the best wedding cake designer around, that doesn’t mean getting approval is, well, a piece of cake! In fact, for people who run their own small companies or work freelance, getting a car sorted can be a nightmare, unless you know the right people to call, that is!


So many self-employed people find themselves stuck in a frustrating quandary. They could grow their client-base and increase their annual turnover (and therefore their income) considerably if they could cast their net wider, but can’t get their hands on a set of wheels.

Some wedding cakes

Attending business networking events, trade shows, exhibitions and other business-oriented happenings could win them new work (and possibly lots of it), but they don’t have a car to get them there. And when they try to get on the road through applying for car finance, their self-employed status prevents them from winning application approval.

What kinds of questions?

Typical questions asked of the self-employed seeking car finance include:

  • Can you provide three years’ proof of employment history? (“We’re big on stability here”)
  • Do you have three months’ worth of business bank statements (showing evidence of income) that we can see?
  • Is your income generally the same each month, or does it ebb and flow? One great month in between two lean ones makes us nervous. What we’ll do is add all three months’ income up and divide it by three to find your average earnings.
  • Would supplying us with proof of all your addresses resided at over the past three years be a problem?
  • Have you been a UK resident for three years or more?
  • Has all your income gone into a bank account in your name? (We can’t accept a cash payments record, or accounts in family members’ or partners’ names, you see)
  • What’s that? You can’t provide bank statements going back months, but you can send us a tax return from last year? No. Sorry. That won’t do as proof of income. Gotta see your statements, I’m afraid.

Not exactly encouraging reading, is it? As you examine the list, it seems like the broker/lender will do everything in their power to put you off making an application. That’s why so many self-employed people feel such a wave of relief when coming across a car finance company that really understands finance for the self-employed. Getting you on the road as soon as possible is what we’re interested in. Make an application with us today and you could be driving, like, yesterday. Well, you get the gist!

So hard to say goodbye

Self-employment is something that thousands of people currently in the workforce often dream about. Being your own boss. Choosing your hours. Not being accountable to an overbearing manager. Deciding which projects to take on, and which to turn down… Sounds amazing, doesn’t it? And, for the most part, it is. The reality is that most self-employed workers earn a low wage despite toiling for longer each week than those directly employed by a company or organisation. However, self-employment is still something people find hard to give up on, with most people ‘flying solo’ choosing to stick it out, in spite of the disadvantages and hardships involved.

Yep. The vast majority of self-employed workers will tell you that working for themselves was the best move they ever made. They’ll also assert that having transport makes business survival (as well as finding new clients) SO much easier.