Does being self-employed affect car finance?
Does being self-employed affect car finance?
Not having a set wage every month or the payslips to prove your earnings may be a concern. However, being self-employed itself shouldn’t be a barrier to getting finance. No matter what your current position, it may be possible to secure yourself a car finance deal if you don’t have the cash to spare.
Can I transfer my car finance to another car?
If you have a positive figure, great news! You can use this amount of money as a part exchange for your next car. However, if the figure is negative, you’ll need to pay that amount of money on top of your new car’s price. So it’s still possible to swap your car but being in negative equity can make the swap costly.
Does car finance need proof of income?
Answer from the Stoneacre finance team: Most lenders can make a decision based on what they see on your credit profile without the need for proving income. Occasionally, if they need some additional information to help make a decision, they may ask for bank statements or pay slips as a proof of income.
How do I qualify for car finance when self-employed?
How to get a competitive car loan when you’re self-employed
- Make sure that you save up enough money to put down a decent deposit.
- Make sure that you can afford a monthly payment of R3500 per month.
- You must have a valid driver’s license, proof of identification and proof of address.
Can I switch my car finance to another car?
You can’t just sign over a car loan to someone else when you haven’t finished it. However, in some cases, it may be possible for someone else to assume your loan. Auto loan assumption means that a new borrower qualifies through your lender to take over your loan, although this isn’t widely available.
Can I buy a car if I’m self-employed?
If you’re not a regular W-2 employee, it’s still possible to get approved for an auto loan. You can buy a car while being self-employed as long as you meet the lender’s income requirements and provide proof of income in the form of tax returns instead of the typical paycheck stubs.
Can you get a car if you are self-employed?
If you’re self-employed and not a regular W-2 employee, how do you get a car loan? As long as you meet the minimum income requirements, it doesn’t matter how you make your money – you just need to be able to prove your income to the lender.