Van finance for the self-employed: 5 steps to the best car loan
14/05/2025
7
Minutes
Katrin Straub
Managing Director at nextsure
A new van is essential for your business, but financing it is often a hurdle for self-employed people. Banks view fluctuating income as a risk, which can lead to rejections or poor terms. This article guides you through the process and shows you how to give yourself the best chance of securing a fair car loan for a van as a self-employed person.
The topic in brief and concise terms
A clean credit rating and complete business documents (BWA, EÜR) are the most important prerequisite for a car loan as a self-employed person.
Compare the total costs of financing and leasing over the planned holding period to find the most cost-effective option.
Make use of all tax advantages, such as the deductibility of interest and depreciation (AfA), to reduce the cost burden.
Creditworthiness as the key to financing
Banks assess the creditworthiness of self-employed people more strictly than that of employees, as income is often more irregular. A positive SCHUFA score is the basic requirement, and a score of over 95 per cent significantly increases your chances of approval. For the assessment, lenders usually require the management accounts (BWA) for the last two years.
To substantiate your creditworthiness, you should have the following documents complete and up to date:
Management accounts (BWA)
Income tax assessments for the last two to three years
A current income and expenditure statement (EÜR)
Where applicable, a forecast of future business development
Many self-employed people underestimate that complete documentation can make loan approval up to 20 per cent more likely. A car loan without BWA is possible, but it requires alternative evidence of your financial stability. Careful preparation of your key figures is therefore the first step towards success.
Loan or leasing: The right choice for your van
When purchasing a van, you are faced with the choice between traditional finance and leasing. With a loan, the vehicle becomes your property, giving you full flexibility without mileage limits. The loan interest can also be deducted for tax purposes as operating expenses, which reduces your tax burden.
Leasing, on the other hand, preserves your cash flow through often lower monthly instalments, which are fully treated as operating expenses. However, you remain only the user of the vehicle and must comply with contractual conditions such as mileage allowances. A comparison of the total costs over the full term is crucial.
Our expert tip: calculate the total costs of both options over a term of three years. Often, finance is the cheaper option for a holding period of more than four years. Suitable van insurance is essential in both cases. The decision depends heavily on your individual tax situation and the planned period of use.
Optimise tax advantages in van financing
Financing a transport van used for business purposes offers significant tax advantages. When purchasing with a loan, you can claim not only the interest but also depreciation for wear and tear (AfA). A van is generally depreciated over six years, which reduces your annual tax burden.
A concrete calculation example to illustrate this:
Acquisition cost: 36,000 euros
Useful life (AfA): 6 years
Annual depreciation: 6,000 euros
Additional interest costs in the first year (at 4% interest): approx. 1,440 euros
In this case, you can claim over 7,400 euros as business expenses in the first year. Please note the one-per-cent rule if you also use the van privately, so that the taxable benefit is taxed correctly. A smart refinancing of existing loans can create additional financial room for manoeuvre. You should always discuss the exact tax treatment with your tax adviser.
The application process: In four steps to success
A structured application process significantly improves your chances of securing a suitable car loan for a van for self-employed people. With good preparation, you can reduce the processing time by up to a week. Go through the following four steps carefully to secure the best terms.
Here is how to proceed systematically:
Compare offers: Obtain at least three different loan offers. Use specialist comparison portals, but also enquire with your own bank.
Gather documents: Prepare all proof of creditworthiness such as BWA, tax assessments and a recent SCHUFA report.
Negotiate terms: Discuss interest rates, terms and possible special repayments with the providers. There is often room for negotiation of up to one percentage point on the interest rate.
Check the contract: Read the small print carefully before signing. Pay particular attention to hidden fees or unfavourable clauses.
A second borrower with good creditworthiness can increase the chances of approval by over 30 per cent. A well-prepared business loan for freelancers follows a similar principle. With this strategy, you not only secure the financing, but also fair terms.
Special cases and alternatives to the traditional bank loan
Not every self-employed person meets the banks' strict criteria at first glance, especially during the start-up phase. If you need a loan despite a negative SCHUFA, there are specialist brokers who can offer solutions. However, these are often associated with significantly higher interest rates of over ten per cent.
Another option is to provide security. If you own, for example, a mortgage-free property or other assets, this can persuade the bank. A higher deposit of at least 20 per cent of the purchase price also significantly improves your negotiating position. For start-ups, there are also special funding programmes, for example from KfW Bank, which provide low-interest loans for investments in working capital such as a van.
Our expert tip: Check government grants for the purchase of electric vans. Grants of up to €9,000 are possible here, significantly reducing your financing burden. The right car & mobility insurance rounds off the protection for your investment. Get your situation checked free of charge and receive specific optimisation suggestions in order to request your individual risk analysis.
FAQ
Which documents are crucial for the transport loan?
Essential are the management accounts (BWA), the income surplus statement (EÜR) and the income tax assessments for the last two to three years. An up-to-date SCHUFA report is also mandatory.
Does a down payment increase my chances of getting a loan?
Yes, a down payment of ideally 20 per cent or more significantly reduces the risk for the bank and improves your chances of receiving loan approval as well as more favourable interest rates.
What is the difference between the nominal interest rate and the effective interest rate?
The nominal interest rate refers to the pure cost of the loan. The effective annual interest rate additionally includes all other costs and fees, such as arrangement fees. When comparing offers, you should always use the effective annual interest rate.
Can I take out a car loan for a used van?
Yes, car loans are generally granted for both new and used vans. However, for older vehicles, the bank may limit the maximum term of the loan.
How does a second borrower affect things?
A second borrower with a good credit rating, for example a spouse, is also liable for the loan. This increases security for the bank and can significantly improve your chances of approval and better terms.
What happens if I can no longer pay the instalments?
If you are having difficulty making payments, you should contact the bank immediately. In many cases, solutions such as a temporary deferral or an adjustment to the instalments can be found. In the worst case, the bank may terminate the loan and repossess the vehicle.
