The freedom that comes with being self-employed is the biggest plus point, but what often accompanies it are the financial hassles, especially for acquiring loans. Businesses of varied natures demand and necessarily require vehicles . The ratio of personal usage to business usage can very easily and justifiably vary, but that doesn’t deter its necessity for smooth functioning. A quick assessment to figure out its usage proves extremely helpful in deciding the type of vehicle you need to go in for, and then subsequently apply for loan. running one’s own business also leaves you sometimes in situations for reasons on account of shortage of time, outdated financial documentation and other resources, with low documents. At no point, consider this as an impediment in your process to acquire car loans.
Identify a variety of options that are still available to you in the given scenario. Once you identify the primary usage of the vehicle, you can also opt for different kinda of loans that deal with commercial usage. Approaching the lenders for such loans, makes your case stronger, as the procedure and reference checks needed for commercial vehicle loans works better for self-employed people.
You’ll also be surprised to know how much the affordability-margin for your choice of car can turn in your favour by claiming part of your car’s costs as tax deduction. Not only does it influence the choice of car, but also the vehicle finance.
Keeping your documents handy, the ones that reflect your income, can prove to be extremely helpful as well. To lenders, this is a credible criteria that can ward off a lot of other factors in your favour.
Always do a comparative study between all the finance options available to you that match your needs. Research well to check what works for you and doesn’t and only after a thorough analysis, make the selection.
Finding an expert, a trustworthy and reliable partner aids the process tremendously. since they have the expertise in the field, and an extensive pool of contacts, associating with them helps streamline your options to just the ones that match your needs; and in addition spare you, or at least lessen the running around by a great extent that you would have to normally do when it comes to getting financial documents in place.
IntelliLend is a trusted name, both for its expertise and credibility in this industry. Partnering with us, especially in the case of self-employed professionals with low documents, and in search of car loans, reduces a lot of steps in the process, thereby making the acquisition of the loan quite a breezy and easy affair. Think about it, someone else to do the leg-work, the tedious negotiations, and having the satisfaction of knowing that you’ve made an informed choice at the end of it all. Contact our experts at IntelliLend to help you make your informed choice.