What is the Process for a Low Doc Car Loan?

By March 28, 2019Low Doc Car Loan
no-doc-car-loan

We get this question quite a bit, what is the process for a low doc car loan?

To be honest the whole process is very fast, easy and simple, we can wrap up most low doc car loan applications in 1-3 days, with alot depending on how quickly the client finds their vehicle of choice.

Below I will outline both of the steps required for a Dealer purchase and a Private Sale Purchase.

Dealer Purchase

  • Apply for your Low Doc Car Loan using our fast 5 minute online application here 
  • We will receive your application and immediately choose a suitable lender and submit your application.
  • Approval will take anywhere from 1 to 24 hours depending on the lender. Once approved we email you notification and ask you to let us know the dealers contact details as soon as you negotiate the final price.
  • Once you confirm the dealer contact details and the final price, we will contact the dealer and ask for a Tax Invoice
  • Once the Tax Invoice is emailed to us, we prepare loan documents immediately and email these to you for signing
  • You email back the signed loan documents and then we send the deal back to the lender for settlement
  • The lender will pay the dealer directly and you can pick up the car either the same day or the next day, depending on if the payment is a real time payment or overnight payment, which will depend on the lender we are using.

I have seen this complete process happen all in one day, but usually 2 days is normal as long as the dealer sends us the tax invoice quickly and the client sends us back the signed loan documents quickly – we move very quickly so the speed of transaction is bound by the dealer and the client.

Private Sale 

  • Apply for your Low Doc Car Loan using our fast 5 minute online application here 
  • We will receive your application and immediately choose a suitable lender and submit your application.
  • Approval will take anywhere from 1 to 24 hours depending on the lender. Once approved we will email you notification and ask you to let us know the sellers contact details as soon as you negotiate the final price.
  • Once you confirm the sellers contact details we contact the seller and ask for certain documents like registration papers, a copy of their licence ect. We then order a Redbook inspection of the vehicle, which is just a finance inspection for the lender which takes approx 10 mins. Usually this inspection can be done the same day as long as the seller is available – its a very quick.
  • Once the sellers documents are emailed to us, we prepare your loan documents immediately and email these to you for signing
  • You email back the signed loan documents and then we send the deal back to the lender for settlement
  • The lender will pay the seller directly including paying out any finance owed on the car if applicable, and then you can pick up the car either the same day or the next day, depending on if the payment is a real time payment or overnight payment, which will depend on the lender we are using.

I would allow up to 3 days for a private sale, but 2 days is easily possible as long as the seller sends us the documents straight away and allows for a quick Redbook inspection – most private sellers are keen to sell the car so they move very quickly, most of the time they move quicker than a dealer.

Private sales are a great way to get a much cheaper purchase price – the lender also completes many checks and searches on the car before they pay the seller so you can be rest assured there will be no issues with finance still owing on the car ect.

If you would like a quote for a low doc car loan then please complete our online quote form here and we will email you a quote usually within 30 minutes, sometimes quicker.

If you would like to fill in an online application now then please click here

If you would like to call us direct then please call us on 1800 199 302

If you would like to email us direct then please email here enquire@carfund.com.au

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