What is a Low Doc Car Loan?
What is a Low Doc Car Loan?Â Well its exactly that, you only need a small amount of documents to qualify for this type of car loan. To be honest 95% of the car loans that we write for our customers are actually No Doc Car Loans, which means you provide zero documents in order to qualify for a car loan.
Criteria to Qualify for a Low Doc Car Loan or No Doc Car Loan
The main criteria for the low doc / no doc car loan is that you have an ABN registered. The amount of time that your ABN is registered will determine which lender we can use as every lender on our panel has different lending criteria. Some lenders also need you to be registered for GST, but whether GST registration is needed is determined by the size of the car loan you are wanting. Remember that if you are not registered for GST, then your business would not be turning over more than $75,000; therefore if you apply for a $100,000 car loan and your business is not registered for GST then you will struggle to convince the lender that you can afford a $100,000 car loan.
Do I Need a Deposit?
Property ownership does negate the need for you to have a deposit – when you own property, whether is a block of land, a house or even a commercial property, alot more doors open up for you as some of our lenders will only lend to you if you have equity in a property. But overall non property ownership does not stop you qualifying for a Low Doc Car Loan. In most cases you would just need a deposit – the usual deposit would range from 10% – 30% with most lenders needing 20%.
So you could say that this type of loan is really a No Doc Car loan; you are correct, we rarely need any documents to get your car loan approved.
Can I get a Quote?
Yes of course, please visit our Car Loan Calculator and supply some brief details and you will get a quote emailed to you most of the time within the hour. If you are looking for Truck Finance instead, then please use our Truck Finance Calculator to obtain a fast quote – remember we can finance up to $500,000 for trucks.
I hope you are much clearer as to What is a Low Doc Car Loan by now, but if you have specific questions about your unique situation then please contact us either by using our Quick Enquiry Form, Email or Phone.
Alternatively just complete our 5 Minute application form or Car Loan Calculator form.