A few years ago, the thought of buying a car as a self-employed worker was a complicated image, since accessing a vehicle loan was almost impossible. However, today it is much easier to achieve, both for dependent and independent workers.
How to get a car on credit?
To acquire a vehicle credit, enter the comparator system and analyze the banks that can finance the purchase of your vehicle. You will find the interest rates and the type of financing offered by each company.
To take out a vehicle loan you must meet the basic requirements requested by the finance companies or dealerships. The general requirements are:
- Have a good credit history
- Be over 18 years of age
- Have a secure job (be on the payroll).
- Have demonstrable income to pay the credit installments.
- Have a valid ID card
What does it mean to be self-employed?
For dependent workers it is easier to establish a control of their income because they receive the same amount every month. In the case of independent workers, their “salary” varies every month, so that the financial entities need more effort to make a credit evaluation.
When applying for a vehicle loan and you are self-employed, these three points should be taken into account:
Look beyond the banks
Banks may have a more rigid evaluation, that is why it is advisable to look at other types of entities, such as SMEs or finance companies, which specialize in this type of clients. To compare the different alternatives – banks and finance companies – you can use internet comparators.
Establish an average income
You need to take into account how much you receive month by month, in order to establish an average. Take the last six months as a reference, and you will be able to obtain an average amount of income per month.
Be punctual with your other obligations.
One way to increase your chances of getting credit is to make your other payments on time. This will keep your financial reputation in positive terms and show that you are a good payer.
What is an auto loan for self-employed?
When we talk about an independent auto loan, we are referring to the loan of money for the purchase of a new or used vehicle. The vehicle credit can cover from 3 million up to 100% of the market value of the vehicle, depending on the model. Although for both cases the requirements are not the same, you have the option to apply for it through a bank, savings banks and even dealerships.
What are the requirements to access a car loan if I am self-employed?
Regarding the requirements, they are usually different from those of a dependent employee:
- Identification: you must be over 18 years old.
- Self-employed workers must be at least 25 years old (2 years working independently).
- Maximum age to take out a vehicle loan is 70 years old.
- Minimum net monthly income of S/ 2,000.00
- No debts or good credit history.