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How easy is it to get a loan being self employed?

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    How easy is it to get a loan being self employed?

    Hello

    Im thinking of getting a new car as my old one is starting to well fall apart
    I may buy a new one or just get a loan out to buy a 2nd hand one.

    I have only really been self employed for the last two years so I just interested to know if any of you have had problems taking out a loan now that you are self employed and given the current bank system we have in this country at the moment.

    I would have a bit of a deposit to put down I could also put down my house as protection if I really had too but I dont want too. I am due to start a 3 week contract next Monday and earn money from my pc repair business which I can provide evidence of if needed.

    Thanks in advance

    #2
    Originally posted by slinkydonkey View Post
    Hello

    Im thinking of getting a new car as my old one is starting to well fall apart
    I may buy a new one or just get a loan out to buy a 2nd hand one.

    I have only really been self employed for the last two years so I just interested to know if any of you have had problems taking out a loan now that you are self employed and given the current bank system we have in this country at the moment.

    I would have a bit of a deposit to put down I could also put down my house as protection if I really had too but I dont want too. I am due to start a 3 week contract next Monday and earn money from my pc repair business which I can provide evidence of if needed.

    Thanks in advance
    I don't think you will have a problem getting a loan, the problem will be how much you will pay for it.

    You should look at buying a car like buying any other business tool.

    How much will I earn/save me.
    How many years will you keep it, final cost including interest.
    Running costs.
    Resale value etc.

    Do your homework, try to get rid of the BRIGHT SHINEY NEW CAR STUFF, guys suffer from, you are running a business.

    I don't have a car, I walk/public transport (yes, ok bussiness class).
    Fiscal nomad it's legal.

    Comment


      #3
      The most important thing is your credit record.

      If you have a very good one and go with a financial institution you have a history with then it shouldn't be a problem.


      BTW get a second hand one. A new one is throwing money down the drain for unless you are extremely rich.
      "You’re just a bad memory who doesn’t know when to go away" JR

      Comment


        #4
        Are you self-employed? Or director/contractor of your own Ltd?

        Comment


          #5
          I can lend you the money at 8% per day. If you don't pay it's an extra 5%, If you default three times I take a finger. If you default 4 times I'll take a toe. After that I'll ******* kill yeah!

          Deal?
          What happens in General, stays in General.
          You know what they say about assumptions!

          Comment


            #6
            Originally posted by stek View Post
            Are you self-employed? Or director/contractor of your own Ltd?
            I have my own LTD and am the sole director of the company maybe I should ask my accountant if he can off set it as an expense?

            Comment


              #7
              Originally posted by MarillionFan View Post
              I can lend you the money at 8% per day. If you don't pay it's an extra 5%, If you default three times I take a finger. If you default 4 times I'll take a toe. After that I'll ******* kill yeah!

              Deal?
              deal

              Comment


                #8
                Originally posted by slinkydonkey View Post
                I have my own LTD and am the sole director of the company maybe I should ask my accountant if he can off set it as an expense?
                If you are a director you are not self employed.
                Bazza gets caught
                Socrates - "The only true wisdom is in knowing you know nothing."

                CUK University Challenge Champions 2010

                Comment


                  #9
                  Originally posted by slinkydonkey View Post
                  I have my own LTD and am the sole director of the company maybe I should ask my accountant if he can off set it as an expense?
                  Well then you're not self-employed, you are an employee. If it's set off as an expense then it's BIK and you pay tax on it, best keep it separate and bill the mileage.

                  Comment


                    #10
                    Originally posted by slinkydonkey View Post
                    I have my own LTD and am the sole director of the company maybe I should ask my accountant if he can off set it as an expense?
                    Don't bother. It'll cost more in tax than it will save.

                    Comment

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