How easy is it to get a loan being self employed?

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ukmercenary replied

11 April 2011, 16:05
Originally posted by MarillionFan View Post

Right. I'm just in Aldershot. Give me your address and I'll send Slash and Winston around with the money and the agreement.

think maybe ill stick with my 1999 ford focus for now lol
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ukmercenary replied

11 April 2011, 16:03
Originally posted by stek View Post

Well then you're not self-employed, you are an employee. If it's set off as an expense then it's BIK and you pay tax on it, best keep it separate and bill the mileage.

God i feel a right tit yes im not self employed but just an employee of my own company. I see so I could just get the loan out and pay it out of my normal bank account im already claiming mileage so not much will change.
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MarillionFan replied

11 April 2011, 15:48
Originally posted by slinkydonkey View Post

deal

Right. I'm just in Aldershot. Give me your address and I'll send Slash and Winston around with the money and the agreement.
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Sockpuppet replied

11 April 2011, 15:47
Originally posted by slinkydonkey View Post

I have my own LTD and am the sole director of the company maybe I should ask my accountant if he can off set it as an expense?

Don't bother. It'll cost more in tax than it will save.
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stek replied

11 April 2011, 15:47
Originally posted by slinkydonkey View Post

I have my own LTD and am the sole director of the company maybe I should ask my accountant if he can off set it as an expense?

Well then you're not self-employed, you are an employee. If it's set off as an expense then it's BIK and you pay tax on it, best keep it separate and bill the mileage.
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cailin maith replied

11 April 2011, 15:45
Originally posted by slinkydonkey View Post

I have my own LTD and am the sole director of the company maybe I should ask my accountant if he can off set it as an expense?

If you are a director you are not self employed.
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ukmercenary replied

11 April 2011, 15:44
Originally posted by MarillionFan View Post

I can lend you the money at 8% per day. If you don't pay it's an extra 5%, If you default three times I take a finger. If you default 4 times I'll take a toe. After that I'll ******* kill yeah!

Deal?

deal
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ukmercenary replied

11 April 2011, 15:43
Originally posted by stek View Post

Are you self-employed? Or director/contractor of your own Ltd?

I have my own LTD and am the sole director of the company maybe I should ask my accountant if he can off set it as an expense?
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MarillionFan replied

11 April 2011, 15:37
I can lend you the money at 8% per day. If you don't pay it's an extra 5%, If you default three times I take a finger. If you default 4 times I'll take a toe. After that I'll ******* kill yeah!

Deal?
Leave a comment:
stek replied

11 April 2011, 15:03
Are you self-employed? Or director/contractor of your own Ltd?
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SueEllen replied

11 April 2011, 14:55
The most important thing is your credit record.

If you have a very good one and go with a financial institution you have a history with then it shouldn't be a problem.

BTW get a second hand one. A new one is throwing money down the drain for unless you are extremely rich.
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alreadypacked replied

11 April 2011, 14:54
Originally posted by slinkydonkey View Post

Hello

Im thinking of getting a new car as my old one is starting to well fall apart
I may buy a new one or just get a loan out to buy a 2nd hand one.

I have only really been self employed for the last two years so I just interested to know if any of you have had problems taking out a loan now that you are self employed and given the current bank system we have in this country at the moment.

I would have a bit of a deposit to put down I could also put down my house as protection if I really had too but I dont want too. I am due to start a 3 week contract next Monday and earn money from my pc repair business which I can provide evidence of if needed.

Thanks in advance

I don't think you will have a problem getting a loan, the problem will be how much you will pay for it.

You should look at buying a car like buying any other business tool.

How much will I earn/save me.
How many years will you keep it, final cost including interest.
Running costs.
Resale value etc.

Do your homework, try to get rid of the BRIGHT SHINEY NEW CAR STUFF, guys suffer from, you are running a business.

I don't have a car, I walk/public transport (yes, ok bussiness class).
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ukmercenary started a topic How easy is it to get a loan being self employed?

11 April 2011, 14:40
How easy is it to get a loan being self employed?

Hello

Im thinking of getting a new car as my old one is starting to well fall apart
I may buy a new one or just get a loan out to buy a 2nd hand one.

I have only really been self employed for the last two years so I just interested to know if any of you have had problems taking out a loan now that you are self employed and given the current bank system we have in this country at the moment.

I would have a bit of a deposit to put down I could also put down my house as protection if I really had too but I dont want too. I am due to start a 3 week contract next Monday and earn money from my pc repair business which I can provide evidence of if needed.

Thanks in advance
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