Your perfect low doc car loan is only a few clicks away

Less paperwork

The biggest benefit of getting a low doc car loan is that you’ll need to provide far less documentation than with a traditional commercial car loan.

More efficient

Because there’s considerably less paperwork involved than with a regular loan, you’ll be able to get through the application process considerably quicker, allowing you to get on the road sooner!

Available for (almost) any type of vehicle

Another benefit of low doc loans is that they can be used for virtually any type of vehicle or equipment, so long as it will be used for business purposes.

Flexible loan terms

You’ll also be able to enjoy flexible loan terms, whether that’s the length of your loan or your repayment frequency. You’ll also often have the opportunity to make a balloon payment on your low doc loan if you wish to.

The exact documentation you’ll need to provide will vary depending on which lender you’ve chosen to go with. These documents may include:

• Driver’s licence
• Details of your business and its income (like your ABN and a recent bank statement)
• An accountant’s letter confirming that you can meet your repayment obligations

Absolutely! A low-doc car loan provides the flexibility and convenience for ABN holders and businesses with irregular income to purchase a vehicle. Whether you're in the market for a newer car or a more seasoned model, low doc car loans cater to a wide range of car types and needs. These loans are ideal for those who still need to provide sufficient records to meet the requirements but may not have the full documentation (full doc) typically required for a standard car loan.

When you go car shopping, whether it's through a private sale, car dealership, or even an auction, a low-doc car loan can offer a solution that aligns with the needs of your type of business. For instance, if you're looking for a business vehicle, these loans are tailored to support your finance application without the traditional income declarations.

Low doc lenders understand that not every business can provide a fixed interest rate or a conventional declaration of income. Hence, they offer low doc car loans, which require different comparison metrics and can result in a different loan structure to provide you with the best deal possible.

Remember, the car loan term and the interest rate might vary based on the age and type of car you choose. For private sale car loans especially, lenders often review each application individually to determine the loan's feasibility. It's also crucial to note that while the rates for low doc vehicle loans might be slightly higher than standard loans due to their nature, they still offer competitive low rates to meet the diverse financial needs of business owners.

A secured car loan means that you’re using your new vehicle as collateral against the loan. This means that if you default on your loan, the lender will be able to repossess the car. However, it also means that you’ll be able to access lower interest rates. Secured loans are normally used for buying new cars.

With an unsecured loan, you’re not giving your lender that same amount of security, so you’ll likely end up paying a higher interest rate. If you’re buying an older or used car, you’re likely to end up with an unsecured loan.

Low doc car loans often come with slightly higher interest rates compared to standard loans. This is due to the perceived higher risk associated with loans that require less income verification.

However, the exact rate can vary depending on factors like your credit history, the term of the loan, and whether the car is new or used. It's essential to consider the comparison rate, which includes the interest rate plus any fees and charges, to understand the true cost of a loan. Working with a finance broker can help you find the best low doc car loan options tailored to your specific needs.

Calculating your monthly repayments for a business car loan, especially for low doc car loans, requires considering various factors. As an ABN holder or a business with an ABN, the requirements for your loan might differ from those of a standard car loan. The amount you may need to provide, your business's financial health, and credit history play significant roles in shaping your loan terms.

For an accurate estimate of your monthly repayments, we recommend using our car loan calculator, which takes into account the specific needs of ABN holders and the unique aspects of low doc car loans. This tool helps you make an informed comparison, offering a clear view of what you can expect in terms of monthly payments.

If you're ready to get a more personalised estimate, applying for your tailored quotes is simple and efficient. The process is available online and takes less than two minutes. By providing some basic information about your business and the loan you require, you can receive a customised estimation that reflects the unique requirements and circumstances of your business car loan.

Low doc car loans are primarily designed to cater to the unique needs of self-employed people and business owners. These loans typically require low documentation, like a business activity statement, and are tailored for those who may not have regular income verification documents. If you're a borrower with self-employment status or running a business and looking to apply for a low doc loan, this option is ideal, especially when standard car loan requirements are challenging to meet.

However, if your intention is to secure a car loan for personal use, rather than business purposes, low doc loans might not be the best car loan option for you. In such cases, we offer a variety of other loan types that could better suit your needs. These include secured loans, where you can pay a deposit and use the car as security, resulting in potentially lower car loan repayments by the end of the loan term. Unsecured loans, low doc business loans and low doc personal loans are also available, which don't require your new car as collateral.

Each loan type has its own set of benefits and considerations, especially when it comes to loan repayment terms and the flexibility they offer. We recommend exploring all available options to find the best car loan that aligns with your financial circumstances and the purpose of the loan. Our team can assist you in navigating these choices to ensure that your loan application process is smooth and tailored to your individual requirements.

For self-employed individuals and ABN holders, a low doc car loan can be a flexible financing solution. The loan amount you can borrow typically depends on your financial situation, the value of the car, and your ability to repay the loan. 

While low doc loans are designed for business owners who may not have traditional proof of income like tax returns, lenders still need to ensure that the loan is manageable for you. Generally, these loans are secured against the car, providing security for the loan, which may influence the amount you can borrow.

The interest rate for a low doc car loan varies based on several factors, including low doc lenders' assessment of your financial situation and credit history. If you're a business owner or self-employed applicant, your loan's interest rate will also be influenced by how long you’ve been in business, whether you're registered for GST, and the health of your business activity. 

While the rates may be higher than those for consumer loans with full documentation, shopping around and comparing offers can help you secure a car loan with a competitive rate. Remember, the term of the loan and the car you are looking to finance, whether it's for business use or a private sale, can also impact the rate you receive.