Read what real customers say about the Ausloans car loan experience, then continue below to learn the best way to secure finance for your dream vehicle. Our team are experts in auto finance and are here to help you get the best deal possible.
Everything you need to know about low doc car loans and how to get one
A low doc car loan is a broad term used to describe a range of lender products designed to meet the needs of ABN holders who don’t earn a regular income.
Ideally suited to sole traders and businesses who struggle to provide traditional proof of income, low doc car loans do not require full financials. However, lenders will request detailed information regarding your business activities, assets, finances, and debts.
Since 2009 Ausloans has been helping Australian business owners overcome credit issues with lender products designed to get you behind the wheel of a car even when you have little proof of income.
Our professional brokerage team understand the paperwork pain of sole traders, contractors and the like. We are experts in securing financing solutions for individuals and businesses who are challenged by proof of income requirements and have access to a large pool of specialist, low doc car loan lenders willing to help.
Low doc car loans are designed for Australian business owners who may find it hard to prove stable income over the last two years. These types of loans come with a range of borrower requirements and conditions that are different to traditional car loans. While each lender's low doc loan requirements differ, here are 6 common characteristics of a low doc car loan. Before deciding to apply, check the details below to see if this car financing solution is right for you.
Our Low Doc Car Loans options are only available to self-employed applicants and businesses with an ABN.
A Low Doc Car Loan means low documentation. This is a great option for applicants that find it hard to prove stable income over the previous two years.
The interest rate on your loan does not change over the life of your loan. Our industry-leading car loan technology matches your unique profile to the best pre-qualified lender rates from 40+ lenders in minutes.
Low Doc Loans is a great way to offset your tax bill as repayments are often tax-deductible.
As low docs require less documentation, they are usually faster than consumer loans. Follow our simple application process and we can help you drive away in your new car in the next 24 hours.
We offer a variety of low doc loans to match your business needs. Check our loan options here.
Need a new car for work but don't have financials, then a low doc car loan could be your solution
With our automated finance software ZINK, we match you with a lender and get you the best rate for your circumstances.
Get approved and drive away!
Our lenders understand that life sometimes throws you a curveball that impacts your credit score and ability to secure a car loan, but your financial past doesn't have to be a roadblock to future financing success. Here 6 tips to help you secure the finance you need.
To qualify for a low doc car loan most lenders require you to have an ABN and be GST registered. If you're not registered for GST do it as soon as possible.
To help lenders understand your financial situation separate your business income from your personal income
Lenders prefer you to purchase a newer car that will be used primarily for work purposes. A newer car is also preferred by the lender and your is more suitable for tax depreciation
While not a prerequisite for obtaining a low doc car loan a deposit can really help you get approved. Having a deposit of around 10% of the total value of the vehicle shows lenders that you are financially responsible and have the ability to save.
In most cases lenders will require a letter of income verification and/or loan affordability from your accountant.
Popular Questions and Answers
A low doc car loan is a broad term used to describe a range of lender products designed to meet the needs of ABN holders who have a short trading history, do not receive regular income or may not have the tax records to meet the requirements of a standard car loan. Low doc car loans require fewer documents than a regular car loan.
To qualify for a low doc car loan you need to be;
Lenders do not necessarily require proof of your income, but you may have to provide information about the finances of your business like assets and debts, business activities and others.
A deposit is not required to obtain a low doc car loan. However, if you have saved a deposit this will work in your favour. The general rule is; the less you borrow, the less interest you pay. A deposit can also help you to purchase a vehicle of higher value.
Low doc car loans usually have the same interest rates as a standard loan, so don't get scared, you don't necessarily pay more interest.
The documents required for low doc loans depend on your specific circumstances. Documents can be as little as proof of identification, a signed privacy form and an application form.
You may be eligible to claim some tax benefits. We recommend talking to your accountant when applying for a low doc loan.
We offer a variety of low doc loans to match your business needs
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