In the financial sector, ‘no docs’ refers to not having the financial documentation usually required to apply for a car loan. It can mean having none or only some of the some of the ‘docs’. No docs can apply to both personal car loans and business vehicle finance. Here we’re focussing on no docs car finance for businesses, which includes sole traders and other self-employed operators with an ABN.
With many people opting for self-employment either as a full-time occupation or possibly as a side-hack or for extra income, it is quite not unusual for our Jade Car Loans consultant to be contacted by someone seeking no docs car finance.
You could be starting up a new business and want to purchase a vehicle as a first step but have only been trading for a short time or are yet to ‘open the doors’ of your new venture. A tradie who has recently qualified and completed time with an employer and feels it’s time to branch out with their own business.
Just because you do not have all the financial information, ie docs, required by say the bank, doesn’t mean you do not have a chance to secure motor vehicle finance. What it does mean is that using Jade Car Loans as your professional finance broker to handle your car loan becomes even importance and beneficial to the process compared to handling it on your own.
Our consultants are highly experienced and knowledgeable to know what lenders require what information in an application and which will offer the best car loan to suit your individual requirements.
What is and isn’t Required
While complete financial information is not required for a no docs car loan, there are some essentials and certain conditions will apply.
- An ABN is required. You must have a registered ABN.
- New ABN holders: If you have only received acquired your ABN, lenders may require you to pay a deposit on the vehicle. Usually no deposit is required with commercial vehicle finance products for established businesses.
- GST registration: if your business is or is not registered for GST may affect the car loan options available to you. Different lenders take varying approaches to this aspect and your Jade consultant will work hard to sort the best outcome for you.
- Loan security: if you do not own assets/property, separate from the vehicle you intend to purchase, the lender may require you to pay a deposit on the vehicle. Usually no deposit is required with commercial vehicle finance products.
- Full financial records such as company accounts not required.
- Proof of identification is required.
Depending on the lender and your business set-up, accounting method and financial objectives, no docs car finance is available for the full range of commercial finance products including:-
- Chattel Mortgage
- Car Leasing
- Commercial Hire Purchase (CHP)
Refer to our web pages for all the details on these types of finance.
No 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.
The Jade Benefit
Using Jade as your finance broker for no docs car finance is an astute move. We have the network of banks and lenders to know which ones will offer you the best deal, we have the negotiating skills to achieve a better outcome for you and we will handle the paperwork to streamline the process.
So if you’ve been rejected by a lender on the basis of insufficient documentation when you applied yourself, or if you feel unsure if you would be approved and have been hesitant to contact the bank, just call Jade Car Loans and see how we can assist you.
Give us a call and discuss your no docs car finance options with one of our Jade Car Loans consultants. Call 1300 000 003