Carfund operate in a niche market where we arrange No Doc Car Loans and No Doc Truck Loans for self-employed clients who use their vehicle predominately for business purposes. We have many Car, Truck and Equipment Finance lenders on our panel who all offer unique products and policies which allow Carfund to arrange Car, Truck or Equipment finance for just about any scenario available.
We do not need Tax Returns for any of our loans, and in 98% of instances we do not need any documents at all to arrange your car, truck or equipment finance. Only in some instances where we are financing a very old or large truck, or the ABN for the business has just been registered, then the lender may ask for 3 months business bank statements, or a work contract, but the majority of what we do is No Doc Car Loans and No Doc Truck Loans.
All commercial car lenders prefer to finance commercial vehicles without tax returns, it’s a volume business for the lenders, they do not want to sift through mountains of paperwork just to write a $40,000 car loan as they could not achieve the volume they need to be profitable, so whether you supply tax returns or not, the pricing will always be the same.
No Doc Car Loans
As the name suggests, we do not need any documents at all for an approval. Once we receive your online application, we will immediately put your application together with the most appropriate and cheapest lender, and then an approval will come through within 2 – 24 hours. Every lender has their own niches so the first task is to find the lenders who fit your unique situation e.g. length of ABN registration, GST registration if applicable, home owner or renter, age of vehicle, private sale or dealer sale, previous car finance, good or bad credit – these are just some of the attributes that we need to take into consideration when choosing the most appropriate lender. Once we have a shortlist of lenders, then we choose the cheapest from that list and submit for approval.
Once you find the appropriate vehicle, we will email your loan documents to sign and return by email, and depending on the lender or your unique situation we may need a copy of your driver’s licence.
The No Doc Car Loan is a fast, cheap and a truly no hassle product to arrange car finance for our self-employed clients.
Please Note there may be some instances where the client may have to supply 3 months business bank statements for approval of a car loan; one example may be if the client has an extremely poor credit history or has a very new ABN (start up business)
No Doc Truck Loans
A lot of the trucks that we finance can be financed using a No Doc Truck Loan, but some trucks are quite old, or they don’t fit mould for a No Doc Truck Loan, so we have to revert to our Low Doc Truck Loan.
When we say Low Doc, this usually means the lender will need 3 months business bank statements; they will generally look over these statements to make sure there is a business running and there is a revenue being received.
If the business is a start-up business, then they will still ask for the last 3 months business bank statements to confirm the client has a cash buffer behind them, and then they will also need a work source letter or work contract from the company you will be contracting to. To give you an example this type of scenario may be suitable for a courier who has been an employee for some time, and now wants to be an owner driver, so he or she registers and new ABN, and then sources a work source letter or contract from the company he will be contracting to.
No Doc Equipment Loans
Carfund can arrange No Doc Equipment Finance for just about any worthwhile business equipment. Equipment includes Trailers, Excavators, Graders, Wood Chippers, Harvesters and many more types of Equipment.
Low Doc Business Loans
Carfund can now offer Online Low Doc Business Loans to our loyal self-employed clients. This is an unsecured loan and all we need is 3-6 months business bank statements for an approval. Approvals tend to take 24 hours and the funds can be deposited into your account within 48 hours.