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Low Docs Car Loans for Business Vehicles

28 Sep Today's
best rates
Today's Business Rate
From 2.85 %*
Fixed

*The Interest Rate is calculated on a Secured Loan for business use, effective 28/09/2021 and subject to change. WARNING: The interest rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different interest rate.

Today's Consumer Rate
From 3.35 %
Fixed
Comparison Rate
From 4.18 %**
Fixed

**The Comparison Rate is calculated on a Secured Loan of $40,000 fixed for a term of 5 years, new goods, effective 28/09/2021 and subject to change. WARNING: The Comparison Rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate.

Low Docs Car Loans – Finance Comparison Table

Low docs car finance can be challenging to source and the less time you waste asking around the better. We’ve provided this handy reference guide to show you how Jade interest rates rate in comparison popular financing products. The rate on your loan may be higher than the one used in these examples but it gives you a quick way to compare what lenders are offering.

Loan Amount
Loan Term
New Equipment Loan
2.79% Starts At
$569.75
Monthly repayment
Used Older Secured Equipment Loan
4.50% Starts At
$612.5
Monthly repayment
Business Loans - Unsecured
7.99% Starts At
$699.75
Monthly repayment
Business Loans - Secured
2.95% Starts At
$573.75
Monthly repayment
Overdraft - Non Bank
9.95% Starts At
$748.75
Monthly repayment
Chattel Mortgage
2.79% Starts At
$569.75
Monthly repayment
Operating Leases
4.60% Starts At
$615
Monthly repayment
Commercial Hire Purchase
2.79% Starts At
$569.75
Monthly repayment
Rent To Own
9.95% Starts At
$748.75
Monthly repayment
Loan Product Interest Rate
Starts at:
Monthly Repayment
New Equipment Loan 2.79%
$569.75
Used Older Secured Equipment Loan 4.50%
$612.5
Business Loans - Unsecured 7.99%
$699.75
Business Loans - Secured 2.95%
$573.75
Overdraft - Non Bank 9.95%
$748.75
Chattel Mortgage 2.79%
$569.75
Operating Leases 4.60%
$615
Commercial Hire Purchase 2.79%
$569.75
Rent To Own 9.95%
$748.75
Get a free quote

DISCLAIMER: The interest rate and calculator is provided for general reference purposes only and is to be used as a guide to interest rates and repayments for business used (more than 50%) finance. Use of this table and reference to the rates is in no way intended nor does it represent an application for business finance or any offer of finance. The repayments calculated and the interest rates shown may differ from those in any finance offer that you may be offered. The entirety of charges and fees which are applicable to a finance product or to a specific finance application may not be included in the rates as indicated or in the repayments as calculated.

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.

Specific Requirements

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

 

Car PaymentCalculator

Making use of this online calculator is based on the user's understanding and also acceptance that the outcome showed does not specify a financing quote; it does not imply an application for any loans has been lodged; it is not a suggestion that any kind of finance application has been approved. The format of this online calculator does not allow specific information pertaining to any type of specific individual financing application or any kind of loan provider fees and also costs. It is formatted to produce a basic result based on basic info as well as amounts only.
After lodging a formal financing application, the quote as well as repayment amounts that you may likely be provided may vary from the finance quote worked out by this tool.
The tool is not suitable for computations on financings that are established on a rate of interest only basis. The formatting is totally set up to compound the calculated interest rate for a set period based upon the values inputted by the customer.
The calculator is not meant as a device for financial decision making. Individuals that call for finance advice ought to look for a specialist monetary expert in regard to their circumstances. To apply for a loan as well as obtain a quote based on your personal requirements, the user should call Jade and also have their individual application assessed by among our Jade experts.

Finance Calculator Disclaimer

Low Docs Business Vehicle Finance FAQs

Low Docs car loans are extremely helpful for businesses that do not meet all the criteria demanded by most banks and many other lenders. By their very nature this is a specialised category of vehicle finance which requires specialised management. These FAQS are provided with the intention of expanding on the general information provided on our website but by directly answering key concerns. Low Docs loans are quoted individually and we invite you to simply call Jade for an obligation-free discussion.

What is a low docs car loan?   

Docs is the finance industry’s reference to documents, specifically financial accounts and other financial documentation such as business income tax returns, BAS statements, business trading figures etc. Low Docs means that the business does not have all the documentation that is requested to qualify for business vehicle finance especially by lenders such as the major banks. To assist this type of business, there are non-bank lenders that offer ‘low docs car loans.Many lenders including these non-bank lenders have access to sourcing low docs loans. This type of loan is considered a higher risk than a fully documented loan and will attract additional conditions on the finance.

What are the requirements for low docs loans?   

The essential requirements for a Low Docs Loan are to have a current ABN and proof of identity of the business owner(s). From that minimal requirement level, the more docs an applicant can provide to support their vehicle loan application, the better it is likely to be considered by the lender. Being registered for GST is considered preferable and this would be supported by recent BAS returns. Basic financial accounts are highly desirable. If a business is just starting up, projections may be requested by the lender. A lender may request additional security against the loan in the form of business owner guarantees.

Do low docs loans attract the interest rate you are advertising for business car finance?   

The interest rate that Jade Car Loans advertises is a general guide to business vehicle interest rates and is the minimum best rate that can be achieved. This rate would apply to fully documented business vehicle finance applications submitted by strong businesses with low risk assessment. Low Docs Loans are considered a higher risk and as such attract a higher interest rate than fully documented loans. The interest rate advertised by us on a daily basis can be achievable for Low Doc Loans. In some cases the interest rate may be higher. The key consideration is that additional conditions apply to the loan and stricter criteria to be approved such as a good credit profile.

What types of finance products are available for low docs car loans?    

When approved for a low docs car loan, the business can take up the offer for the full range of commercial finance facilities. These include Car Leasing, Chattel Mortgage, Commercial Hire Purchase and Novated Leasing. Each of these loan types are available for low docs loans. They vary in their treatment of GST and tax deductions, balance sheet entries, ownership of the vehicle through the loan term and suitability to either the cash or accruals accounting method. Deciding which is the most suitable type of motor finance for your business should involve a consultation with your accountant or financial advisor.

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