Self Employed Bad Credit Car Finance
This isn’t always the case, though, as certain specialised lenders would take bank statements going back three to two years, tax returns, or records of a self-employed business’s operations. They will probably also want to look at your net earnings after taxes to see if they can trust you. If you are self-employed, keep all of your invoices and other payment records close at hand so you can show and account for them when you apply for a car loan. Every customer in at Bright Motor Finance is totally responsible and bound by FCA rules. We make sure of this before every deal.
It’s critical to be informed of any supplemental expenses. The price you pay for each car varies depending on the type, engine, mileage, and other elements. The cost of repair and maintenance insurance increases with vehicle power. Any modifications to the car will also raise the rate because there is a greater danger of theft the more valuable the car is.
If you are applying for a business car, lenders may be wary as well since if it is being used more frequently than usual, such as if you are operating a taxi service, a higher mileage would reduce its resale value.