One of the major differences between the Prime car finance market and the Sub Prime is that there is a much more level playing field for those with Self employed occupations. With mainstream funders they often decline cases for this fact alone and this is for people with no Bad Credit on their Credit File. With the specialist funders that MSG Cars operate with there is no difference between someone in an Employed position or someone in a Self Employed position as long as they can prove their income. All this requires is 2 month bank statements and providing any cash payments are paid into the account this can also be used too. A self employed car loan case is completed in just the same way as any other and all that is required is to complete the online application form and we can get you an instant decision. From our experience we have found that the Self Employed customers earn quite a lot more per month than those in regular jobs and so if anything this makes the process much easier to complete. The specialist Car Loan For Bad Credit lenders we work alongside will look at other factors when deciding the outcome of the proposal and factors such as being on the voters roll count much higher.
Lets look at the types of Self Employed Car Loans we deal with and what would be requested along with the usual identification.
With a sole Trader this could be any form of Business and we would usually request two months bank statements from either a personal or Sole Trader Business Bank Account. If for any reason the transfers or payments into the account are not clear we may require invoices to match the amounts showing. If cash is paid in regulary we would also need clear invoices if we are to stand a chance of explaining your income to the lender.
With a Partnership Business Car Loan for Poor credit customers again we would ask for two months statements that show income going into the company. Payslips would also be accepted but on some ocassions we have to also then get the personal account to match the two up.
For those who are Directors of a Limited company we understand that you may not always get payslips and so for this type of occupation you would usually need personal statements as we cannot accept LTD Bank statements on their own.