Self Employed and Looking For a Car Loan

gobbly2100

Hi folks,

I currently have a car on finance which I would like to buy at the end of the agreement.

What is the cheapest way I can fund 10k for the car? I currently have an APR of 6.9% so if there is anything I can do to improve on that then that would be amazing.

I believe my credit rating should not have any marks on it as I have never missed payments on anything.

Many thanks in advance for any suggestions!

jonesMUFCforever

What do your accounts show as profit?

MysteryMe

I'm self employed. I applied over the phone to Tesco Bank a few weeks ago for a £7,500 car loan, they didn't want to see accounts or anything, just how long I'd been trading and how much I was drawing and what my personal outgoings were. The car was for me not the business. I got 3.8% APR and all done in the space of a week. It may have helped that apart from having a good credit history I also had a savings account with them.

SeanG79

If you obtain a personal loan, you may reduce the rate. If you use a vehicle finance provider, the rate is likely to increase, as they class that as a refinance.

There are lenders that offer a soft search, try that maybe, or your own bank.