How to Finance a Car When You're Self-Employed with Sherlock Loans

maxsherlock
May 12, 2025
2 min read

Being your own boss comes with freedom, but when it comes to getting a car loan, being self-employed can sometimes feel like a roadblock. The good news? It doesn’t have to be

At Sherlock Loans, we work with a wide range of lenders who understand that traditional 9-to-5 income isn’t the only way to show financial stability. Whether you're a sole trader, freelancer, or small business owner, there are smart, flexible finance options available to you

Here’s what you need to know

Why It’s Different When You're Self-Employed

When you apply for a car loan, lenders typically want proof that you can comfortably repay the loan. If you're self-employed, that proof looks a little different than it does for someone with a fixed salary.

Instead of payslips, you may need to provide:

Business Activity Statements (BAS)
Recent tax returns
Profit and loss statements
Business bank statements
An ABN registered for at least 12-24 months

These documents help lenders see a clear picture of your income and financial position. And if your paperwork is in order, getting approved is very achievable.

Low-Doc and Alt-Doc Loans

Don’t have years of tax returns on hand? You might be eligible for a low-doc or alt-doc loan. These are specially designed for self-employed borrowers and require less documentation than standard loans.

At Sherlock Loans, we work with lenders who offer these types of solutions and we’ll help you prepare everything you need to get started.

How to Strengthen Your Application

Even though it’s possible to get approved while self-employed, a strong application can increase your chances and may even get you a better rate. Here are some tips:

Keep your finances tidy: Make sure your income and expenses are clearly recorded.
Stay on top of tax returns: Up-to-date financials build trust with lenders.
Register your ABN early: Some lenders require a minimum ABN age (usually 12-24 months).
Consider a deposit: A deposit can reduce your risk in the eyes of lenders and lower your repayments.

Why Use Sherlock Loans?

Applying directly through a bank can be tricky when you're self-employed. Many lenders have rigid criteria that don’t reflect the reality of running your own business.

That’s where Sherlock Loans comes in.

We compare over 40 lenders, including those who specialise in self-employed car loans, and match you with the right finance product. We know what documents lenders want, and we help you get organised so your application runs smoothly

Let’s Get You on the Road

Being self-employed shouldn’t hold you back from getting the car you need to grow your business or simply enjoy life. Whether you’re looking for your next ute, van, or weekend cruiser, Sherlock Loans is here to help you find the right car loan, with real advice and zero guesswork.

Apply online today or reach out for a free quote — no obligations, just smart finance.