What is a self-employed Car Financing, and how can you find it?
Well, we can easily break this down. Are you self-employed? Are you looking for a way to secure finance for a car or your next car? If you answered yes to those two questions, then you’re reading the right post.
When you’re self-employed, it may be difficult to prove your income. Lenders often look at your form of income when they assess your car loan application. Car loans may sometimes be out of reach, most especially if and when your business is still new. This isn’t something to worry about, though. There are ways you can get yourself a car loan. You may be wondering how you would qualify for a car loan. All they need to look at is your credit score and history, income and employment, and your debt to income. Furthermore, the only three things you need to really qualify is proof of income, residence, and identity. The latter two are already covered, for sure, but will you have trouble with the proof of income? If you think you will have trouble, you can actually use bank statements. This is an easy alternative if you don’t have a payslip to be your proof of income.
Luckily, there are many loan providers that would look at your account and give you options to choose from. Some lenders may have you exchange your car now for your new one. This can be great as it can help in reducing your down payment and monthly repayments. With this, you can channel the money you were planning to purchase a new car with into your business.
One thing to really watch out for is the rate of interest. Some may take advantage of you that you are self-employed. However, if you look closely, make sure they are not giving you excessive rates as low-interest loans are available elsewhere. When you’re on the hunt for car loan companies, make sure that their service is top-notch. They should have the ability to provide you with what you’re looking for and doesn’t pester you into making a decision right away. Furthermore, they shouldn’t charge you an admin fee for helping you out.
When you make up your mind, make sure you hand around what you feel is best for your situation. It is possible to get a same-day resolution. So finding loan services that can offer you so that you can drive your new car right away is the way to go.
Find out more about self-employed car finance with Carfect.