Self-Employed Van Finance

How a van could help your business

Van finance from First Response FinanceAs a van finance lender we often get asked whether we will finance someone who is self-employed and the simple answer is: yes, so long as you bank your income. We know that when you’re self-employed it can be difficult to have the cash to purchase a van and it’s one of the reasons that some people look at other options, such as van finance. You may be looking for a van for a number of reasons and whether you’re in the construction trade, are a mobile hairdresser, florist, or just need something to get you from A to B, we could be able to help. As a self-employed customer all we ask is that you can prove your income and you have been self-employed for at least 12 months before applying.

First Response Finance understands that not everyone has a perfect credit history and this is fine. We’re a company who focus on customers with bad credit histories as we believe these customers deserve a second chance. We’re also different from a lot of other van finance companies as we speak to the majority of our customers before making a decision on their finance. This means that we don’t just look at your credit file, we will try to talk to you to understand your circumstances and reasons behind any issues or blips you may have had in the past. 

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Types of vans we finance

Whatever type of van you’re looking for it’s likely that we can help as we can finance most types of vans, from short wheelbases to long wheelbase transits and most things in between. One thing to be aware of is that we’re unable to finance VAT and this will need to be covered by you along with any deposit or part exchange - this is something to consider when looking into self-employed van finance.

When looking for a vehicle we don’t have a maximum age of the vehicle but we do have strict policies on the maximum mileage that we can finance. For a diesel the maximum mileage is 160,000 and for petrol it’s 120,000. Typically we write deals over 24-48 months but we always recommend choosing the lower term (if you’re able to meet repayments) so that you can pay it off quicker. 

The risks of van finance

Van finance available for self employed customersAs the majority of customers who take out van finance are self-employed there is always going to be a risk associated with it. During our interview process we’ll do our best to assess whether your circumstances are likely to change and the stability of your current employment and any other credit commitments you may have 

Take a look at the pros and cons of Hire Purchase van finance below and make sure you understand the implications and any potential issues of taking out a loan.

 

Hire Purchase Pros & Cons

Pros
  • Simple to arrange
  • Fixed monthly payments
  • Fixed interest rates
  • Flexible term lengths 24-48 months
  • Vans HPI checked
  • Van belongs to you after final payment
Cons
  • The vehicle belongs to us until you pay your final payment
  • If you don't keep up your repayments your van may be repossessed
  • Not suitable if you are planning on paying off your loan within a short period of time

If you're interested in finance make sure you read our application process to understand how your application will be dealt with.

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Did you know? First Response Finance are a lender, which means we lend our own money to keep things simple, cut out the middle man and reduce the time it takes to give you a decision.

If you have any questions regarding finance products, debt or budgeting you can source independent advice from either:

Money Advice Service

Citizens Advice Bureau