August 31, 2018 Barbershop talk No Comments

Applying For Self Employed Car Finance

When you are self-employed, applying for financing for your car can be a nightmare. This is especially true if you find yourself needing a larger or more expensive vehicle for your business. The bulk of the problems that you might encounter come down to showing that you will be able to make payments, convincing a loan to give you a loan, and showing your own work history. Thankfully, most of these problems can be solved if you are following the guidelines that have been put forth by the government for keeping track of your taxes owed and overall income.

It is true that many companies will not give you a loan if you are self-employed, but finding the company that will is a great way to ensure that you are going to get the loan that you need. Call around or look online at businesses such as https://dnfinance.co.uk that specialise in Self Employed card finance to make sure that they are going to accept you as a self-employed person. Usually asking this question will get you a straightforward answer and you won’t have to worry about the time lost going through a loan process only to find out they don’t want to approve you at the last moment.

As always, make sure that the company giving you a loan is going to be able to work with the company that you are getting the car from as well. Most dealers will work with a number of different lenders and your own personal bank might be an option that will give you a loan that is acceptable to both parties.

Once you have found a company that will approve you, you can go ahead and start to gather all of your paperwork to prove that you do have an income and to show how often you are getting said income.

First, make sure that you have filed your taxes for the year before and preferably for the five years before that as well. You should keep the information from those taxes and any official documentation that you have been sent. It may also be helpful to fill out a form that estimates your income for the year.

Second, pull together any invoices that you have sent this year and make sure to organize them by the month. Try and make sure that you can see a clear trend between repeat clients and those that are one-off. If you have an online shop or business, print off any statements about sales or views that you can get as well.

Third, make sure that you get a copy of your current bank statement showing that you are able to help with some of the costs. Try and get information going back a few months to ensure that your financial status seems stable.

This may seem like a lot of work, and some companies won’t ask for all of this information, but having it on hand will ensure that you get the best possible results when you are applying. It’s better to have too much together rather than not having enough for proof.

Written by heyjohnny