In reference to borrowing the term ‘low docs’ loans means the applicant does not have all the documents usually required by the bank or lender to secure car finance. It can apply for people seeking personal car loans and for businesses seeking finance for vehicles to operate in their business. Here we’re looking specifically at low docs car finance for business. That may include SMEs, sole traders and other self-employed operators that have registered an ABN.
At Jade Car Loans we write a lot of motor vehicle finance business and we have assisted many customers seeking a low docs loans. This can be people starting a new business and have only been trading for a short while. Those who have recently transitioned from employee status to their own business, which is very common in the trades. It could be someone who has set up a business structure to run a side-business as additional income to supplement their regular income.
Whatever your particular scenario, you may not necessarily need full documentation in order to secure an affordable, cost-effective and workable motor vehicle finance deal with Jade Car Loans.
Our Jade consultants have a wide network of banks and lenders and know which one will offer you the best deal and will negotiate hard to secure that deal for you.
Let’s look at what is required and what’s not essential for low docs motor vehicle finance.
- You must have an ABN - that is essential.
- Proof of Identification is essential to all loan applications.
As distinct from a No Docs Loan where no financial information is available and hence required, a Low Docs Loan still requires some form of financial information about your operation.
This may include:
- Tax portals
- BAS statements
- Bank statements
- Financial Accounts either prepared by an accountant or by yourself or your staff
Some conditions may apply and these will depend on the individual lender and your specific application, they may include:-
- A deposit may be required by the lender for new, as in recently acquired, ABN holders and where no other security by way or property is available as security.
- The GST registration status of your business may also have an impact on certain conditions around the finance.
Low docs loans will most likely be rated as a higher risk for some applicants than a fully documented loan application and as such may attract a higher interest rate.
Low Docs Loan Types
There is a range of commercial finance products available for the purchase of business vehicles. They include:-
- Car Leasing
- Commercial Hire Purchase (CHP)
- Chattel Mortgage
Refer to our dedicated web pages for complete details of the features and benefits of each of these loans. Depending on the lender, low docs car finance is available for all these types of loans.
Securing Finance with Jade
As professional finance brokers, Jade Car Loans has extensive experience securing quality loan offers for low docs customers. So if you are hesitant about approaching the bank yourself or have had an application rejected, contact Jade Car Loans to discuss how we can achieve a workable outcome for you.
Give us a call and discuss your low docs car finance options with one of our Jade Car Loans consultants. Call 1300 000 003