Best way to get a van when you’re self-employed

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There are so many benefits to being a self-employed worker. You can choose your own workload, manage your hours, and earn your own money. Many self-employed drivers may need to get a van to help grow their business. Having the right tools to support your business can be the difference between doing the job well and doing the best job. If you’re in the market for a new or used van, you may be wondering how to choose the right van for your business needs and what’s the best way to fund it.

How to get a good deal on a van

When shopping for your next van, there are a few steps you should take to make sure you get the deal that’s right for you. As starting point for choosing your next van, there are a few factors you can consider:

Suited to your needs

It may sound obvious, but your first port of call should be a van that is suited to your business needs. Whether you need to carry large parcels, passengers, tools or have space for wheelchair access, the type of van you choose is essential! You should also consider whether your needs are going to change in the near future so a quick win now could end up costing you more later down the line.

Shop around

There are many places you can buy a van these days. From private sellers to dealerships, it can be hard to know which one to choose. Getting a van from a private seller can give you more bargaining power and you may get a cheap deal, especially if you choose to pay with cash. However, there isn’t as much protection that you get with going to a dealership. Dealerships can be good if you’re looking for self-employed car finance as they have access to a range of finance lenders.

Ways to buy a van

There are a number of ways you can fund your next van purchase such as cash, finance or van leasing. Depending on the nature of your business and your current circumstances, you may be suited to one funding method than others. For smaller businesses especially, you may have to be mindful of your budget and funding options.

Cash

They do say that cash is king. If you can afford to buy your next van with cash, it can be the most straightforward way to get a good deal. However, a good van can be expensive, and you may not want to spend your full business savings on a vehicle.

Van finance

Getting a van on finance is one of the most popular ways to pay for a vehicle. It can be a great way to spread the cost of owning your next vehicle. Even if you have a poor credit score, there can be many options available on the market for people who are looking for bad credit van finance with affordable repayment options. However, there can be a few ways in which you can get a better deal on van finance.

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Ways to increase your chances of van finance approval:

If you’re choosing to finance your next van, there can be a few factors that can help to increase your chances of getting a van as a self-employed worker.

Work on your credit score

Your credit score can have a big impact on your financial life and credit approval. Not only can it affect approval rates but also the rate you are offered. Usually, the best rates are reserved for those with better credit scores. This is because they are seen as less of a risk to the lender. Improving your credit score in the run up to a van finance application can help show lenders you are good with your money and can be trusted to make repayments on time and in full.

Affordability

Being able to prove your affordability can be key to getting approved for self-employed van finance. Affordability simply means how much you can afford to spend on car finance. It would be irresponsible of a lender to provide finance to someone who couldn’t afford to meet their repayments, so they usually provide a quick affordability check before they accept you for finance. If you receive cash in hand, it can be a good idea to deposit this into a UK bank account to be able to show lender banks statements of your income.

Prove where you live

Lenders tend to prefer applicants who don’t move around as much and having a fixed secure address can be beneficial. You can prove your living address by registering on the UK electoral roll. You don’t have to participate in voting in the UK if you don’t want to, but it is a register that is used by lenders. They can easily check that the information listed on your credit file matches the electoral roll to verify that you are who you say you are.

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