If you are self-employed or run a small business, it’s likely that you’re unable to meet the up to date financial documentation requirements that are necessary to secure a car loan to meet your needs and objectives.
If that’s the case, then Aussie Car Loans’ low doc car finance may be just the thing for you.
Generally, our lender requires two years of personal and business tax returns to support your application and this is often not possible at the time you wish to apply for the finance.
To qualify as a Fast Track Business or Commercial Loan customer, you/your company need to meet the following criteria:
At Aussie Car Loans, our lender of low doc car loans has more flexible documentation and income verification requirements allowing you to avoid unnecessary “red tape” and onerous documentation requirements.
A Low Doc car loan is exactly as the name suggests - it is a loan type where the loan applicant is not necessarily required to provide a pile of documents to verify their income.
This is especially useful for anyone that is self-employed or who works on a contract basis as a freelancer and is unable to produce regular payslips as proof of income.
Your credit history and the length of time you have been operating your business will be used to assess your eligibility. You may also be required to supply a letter from your accountant to support your application.
Low Doc Car Loans must be secured. For your security deposit, you can generally use an asset such as your car or your house as collateral.
You are allowed to use the vehicle for both personal and business purposes if required and the application is quick and easy, requiring much less documentation than a standard business loan.
In some cases, the ease of attaining a low doc loan can encourage borrowers to overdraw and apply to borrow more money than they can afford to repay.
For this reason, it is important that you ensure that you borrow within your means and you can meet the contracted repayment schedule.