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Getting a bank loan or finance deal for a business vehicle when you’re self employed?

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Canadianviews Tue 28-Nov-17 12:53:09

Is it possible?

I haven’t actually tried but I remember my friend saying that she applied for a bank loan and was refused as she’s self employed.

I think I need to replace my business vehicle next year and don’t have a spare £6k lying around for one. I guess I’d be looking around about the spring, when I would’ve been self employed for just under 2 years?

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burntup Tue 28-Nov-17 14:39:18

You will be able to do a business lease.

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Kazzyhoward Tue 28-Nov-17 17:11:34

You could try your bank for a personal loan - they tend not to be too fussy for relatively small vehicle loans if you have a good credit history. I've known people put down a car, caravan, etc as "purpose of loan" and just not mentioned it's for a business. You can still claim the vehicle as a business expense and claim the interest/charges on the loan through the business as long as the vehicle is used for the business, so no different tax wise than getting a proper business loan.

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delilahbucket Mon 04-Dec-17 22:17:19

I'm self employed and have no issues with borrowing. If you apply with whoever you bank with them this should go in your favour of they can see your "wage" going in.

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