Are there any specific interest rates or fees for self-employed applying for used car loans?

Yes, self-employed individuals often face unique considerations when applying for used car financing. While many factors influence the interest rate, these loans typically start around 10% p.a. However, the exact figure depends on variables like personal credit history, stability of the business income, and the chosen repayment term.

Additionally, certain fees may apply during the approval and finalisation process. They are:

• A one-time processing charge may cover administrative work.
• Documentation fees can also arise if specialised records, such as tax returns or business registration certificates, are required.
• In some cases, an evaluation fee for the vehicle’s condition might be included, especially for older models or cars with significant mileage.

Self-employed individuals may need to prepare more extensive documentation to demonstrate steady earnings, such as audited financial statements, bank records, or profit and loss statements. The final costs and terms can vary, so gathering all necessary paperwork in advance is wise.

When exploring options, always review each financing agreement carefully to understand the total expense, including interest rates, fees, and any extra charges. Comparing multiple offers can help identify a solution that best suits your financial goals and comfort level, ensuring an informed decision on your used car purchase.