Getting Finance If You Are Self Employed
Working for yourself as a small business owner or an entrepreneur is great, but it does come with some pitfalls, especially when you’re just starting out. If you need a vehicle but are not sure of your options for obtaining finance, Yes Loans may be able to help. Some lenders will often require significant financial history before offering finance, which several new or small businesses simply may not have to provide with Yes Loans. Many small businesses also may not meet the often stringent requirements set by lenders. At Yes Loans we do things differently. We look at each application on a case by case basis, and can often assist with lenders where others have said no.
What do you require in order to get finance for your new car if you are self-employed?
What documents do you need?
• Suitable identification
• Proof of income
• Proof of liabilities
• Proof of any savings account or assets
The low doc loan?
Small businesses and sole ownerships often don’t submit their tax returns on any regular basis, and many self-employed people do not have the documentation required to apply for financing. This could result in obtaining a car loan being more difficult .
• If you have had an ABN for more than 12 months you may qualify for a low doc loan providing the car is going to be predominantly used for business purposes. Documentation that can be used for low doc loans includes; Accountant prepared Profit and Loss statements and cash flows, Business Activity Statements or bank statements supported by invoices. Ultimately this will depend on individual lenders assessment criteria.
At Yes Loans we work with our customers to understand their situation and create a solution for their financial needs.
If you can put down a deposit there’s a greater chance of being approved for a loan. It means you will require a lower loan with potentially smaller payment instalments, putting less of a strain on your finances.
Check your other assets
Even if your cash flow isn’t great at the moment, a secured loan could help your prospects. By leveraging any existing assets or at least declaring them, whether to be used as collateral or not, will give you a better chance of securing that car loan.
Check your credit record
It’s always going to be more difficult to get financing if you have a sketchy credit record. Difficult, but not impossible. Yes Loans may be able to help if your credit record isn’t the best. Yes Loans will check your credit record for you free of charge.
Pay your current debts
Make sure that you are up to date on any existing loan obligations. If you have a good credit record the chances of receiving additional financing is better.
Find a guarantor
Another route is to consider using someone as a guarantor who will provide the lender with the surety and security they require to approve a loan.
Contact Yes Loans, we will go the extra mile to secure the loan you require. Buying a car can give you the boost you need to take your business to the next level, but you don’t want to get in over your head. Our consultants will make every effort to get your loan approved, while ensuring that you can comfortably afford your repayments.
Get all your documentation together and then apply for your car finance online, it’s that easy.