Sandy Posted October 5, 2009 Posted October 5, 2009 Hello folks, Just wondering if anybody would know a loan company the caters for somebody that's self employed (my mates been self employed for a year now but he is struggling to get a loan for a car with a decent interest rate) thanks in advance for any info Sandy Quote
Sarnie Posted October 5, 2009 Posted October 5, 2009 His bank would be a good start as at least they will have access to his income/expenditure etc..........but generally you won't get as keen a rate...... Quote
Sandy Posted October 5, 2009 Author Posted October 5, 2009 He tried them this morning for £6000 loan over 4 years he was offered one with a rate of 22% thought this was a bit steep. Has a good credit rating as well Quote
ZMANALEX Posted October 5, 2009 Posted October 5, 2009 He tried them this morning for £6000 loan over 4 years he was offered one with a rate of 22% thought this was a bit steep. Has a good credit rating as well At 22% Sandy that would probably be an unsecured personal loan. A conditional sales agreement or similar will have a much lower apr but he won't own the car until the last payment is made. Any garage keen on a sale should be able to negotiate a decent apr with there finance company. A higher initial deposit also generally helps cut a deal in situations like this. Quote
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