Applying for car finance can be tough when you are self-employed or an entrepreneur. Usually car financiers require two years of tax returns before they will even look at your application, but this becomes problematic when you’ve only been in business a short time. Even if you are in a good financial situation, you may be seen as a risk by a lender if you don’t have all the right financial paperwork.
Thankfully, low doc car loans make things a lot easier for those who are unable to prove stable income over the past couple of years, without all the usual red tape.
If you need a new car for work purposes but aren’t able to gather all the documents that you would need to present for a regular car loan, then a low doc car loan could be the solution.
A low doc car loan is a flexible solution for contractors, freelancers, or small business owners who hold an ABN but do not have a steady income. It allows you to get finance for a car that you are going to be using for more than 50% business use, with repayment terms of up to seven years at fixed interest rates.
Since you don’t need all the usual financial reports to get your car loan approved, you can spend less time stressing over documents and more time concentrating on the day to day running of your business.
For speedier approval, you can provide a deposit for the loan or use an asset as security. Lenders may also ask for a credit check and employment history.
Our team at Auto Car Loans can answer any questions you have about low doc car loans and assess your eligibility. Please feel free to contact us today on 1300 301 051 and we’ll happily get your application under way.
Sources:
https://www.finder.com.au/car-loans/low-dochttps://www.pacificautofinance.com.au/car-loans/low-doc-car-loans/
https://blog.carloans.com.au/home/what-is-a-low-doc-car-loan
https://www.strattonfinance.com.au/newsroom/low-doc-loans-explained
https://www.aaafinance.com.au/car-loans/no-doc-or-low-doc-car-loans/
Tags: Car Finance Basics