Motorbike Finance for the Self-Employed

Why does it matter? Well, its doesn’t – it can just mean that finance lenders may look at your application differently when assessing affordability as your source of income being self-employed can vary in comparison to receiving a fixed and regular income from a traditional employer.

The team at MotoFinance have put together a short guide to help people who are self employed understand what to expect when making an application for motorcycle finance.

You may be a contractor, freelancer or business owner as example, so income may come in sporadically, and through different sources. To prove the income you are likely to be asked to provide;

• Bank Statements (Typically the last three months). These can often be provided electronically, and some lenders will issue an Open Banking Link to you via email, which will allow them to access the information they need directly from your bank
• Tax Return. Another way to prove income from your self-employment is by way of your tax return or Self Assessment.

Will the interest rates be higher as I am Self-employed? Not necessarily, although some lenders may perceive a self-employed applicant has a higher risk depending on the nature of the self-employment, and the potential unknown on future financial stability.