Van Finance for Self-Employed Drivers

Van Finance Solutions for Self Employed Drivers: What You Need to Know

If you’re self-employed and looking to finance a van, you may wonder how to navigate the application process and what options are available.

The short answer: Yes, self-employed drivers can apply for van finance through Van Finance Company. The process is similar to other loan applications, but lenders consider your income proof and credit history carefully to determine affordability.

Understanding Van Finance for Self Employed Customers

Being self-employed means your proof of income usually differs from employed applicants, who typically provide payslips. Instead, you may need to supply tax returns, profit and loss accounts, or bank statements.

Lenders will review this documentation to assess your financial stability and ability to make regular payments. This makes the credit check process for self-employed finance slightly more detailed but still straightforward with the right guidance.

What Types of Self Employed Van Lending Are Available?

• Lease Purchase and Hire Purchase options: Popular among self-employed buyers as they provide predictable monthly payments.

• Rent2Buy Scheme: Allows flexible renting of a van with an option to buy later, requiring no initial credit check. This can be useful if your credit history is limited or adverse.

• Finance through a Limited Company: If you operate as a limited company for over 12 months, you can apply for finance on behalf of the business, but expect to provide company financials and a suitable deposit including VAT.

Preparing Your Finance Application

To improve your chances of approval and get favourable finance terms, consider the following:

• Provide Accurate Financial Documents: Submit up-to-date and accurate tax returns, bank statements, and any other requested documents promptly.

• Check Your Credit History: While Van Finance Company works with lenders specialising in all credit profiles, knowing your credit status helps set realistic expectations.

• Consider Your Deposit: Many lenders require a deposit including VAT, especially for limited company applications.

• Be Clear About Affordability: Demonstrate your ability to meet monthly repayments comfortably.

What About Credit Checks for Self Employed Van Finance?

Lenders carry out credit checks as part of the affordability assessment. For self-employed applicants, this involves:

• Reviewing credit history and existing financial commitments.

• Assessing income stability through submitted financial evidence.

Van Finance Company has access to a panel of lenders experienced in handling self-employed cases, including those with poor or adverse credit.

How Long Does the Approval Process Take?

Typically, decisions on van finance applications for self-employed customers take up to 60 minutes during working hours. Applications through limited companies may receive a same-day decision, speeding up your purchase.

Additional Benefits from Van Finance Company

• Free UK delivery of your purchased van to your home or place of work.

• Comprehensive 3 months / 3,000 miles warranty included with vans, with options to purchase extended warranties through Autoguard Warranties.

• Expert support throughout the application process tailored to self-employed and limited company buyers.

FAQs

Q: Am I eligible for van finance if I am self-employed?

A: Yes, you can apply through Van Finance Company. Lenders look at your financial documents and ability to manage repayments.

Q: Can I apply for van finance as a limited company if I’m self-employed?

A: Yes, if the limited company has been trading for at least 12 months and meets lending criteria, including deposit requirements.

Q: What if I have bad credit or have been declined elsewhere?

A: Van Finance Company works with lenders specialising in sub-prime credit, improving your options.

Q: Do you offer vehicles with warranty?

A: Yes, each van comes with a free in-house warranty, plus you can buy extended coverage.

Q: Is delivery included?

A: Yes, free UK delivery to your home or work address is provided.

If you are self-employed and need a van, understanding your finance options can ease your purchase. For detailed guidance tailored to your situation, contact Van Finance Company or view available vans and apply when you're ready.

Next step

View available vans and apply when you are ready.