Low doc car loans are available specifically to self employed applicants or businesses who do not have up to date financials as required by mainstream lenders such as banks.

With Low Doc Car Loans the applicant is not required to provide payslips or financial statements to obtain a low doc car loan. We have access to a number of lenders that specialise in well priced Low Doc Car Loans.

The decision as to whether a low doc car is a possibility for a borrower depends on a number of factors, the main of which is the type of car the borrower would like to purchase.

There are a number of issues in relation to the motor vehicle being purchased that the borrower looking for low doc finance needs to be aware of:

Can not finance vehicles purchased privately – only purchases through a licensed dealer.

Can be used for business or personal use

Commercial vehicles up to 7.5 tonne

Cars being purchased must be less than 9 years old and in some cases under 6 years old.

Minimum loan size $8,000 (Consumer), $10,000 (Commercial)

Chattel Mortgage and Hire Purchase available on commercial deals only

Rates are fixed for the term of the finance contract

Balloon/residual payments are ok for commercial but is restricted

Some postcode exclusions apply

You may wish to consider a low doc car loan or other car finance if you are:

  • PAYG borrower or wish to make a Business Car Purchase;
  • Low Doc Self Employed Individual must have an ABN for at least 2 years
  • Low Doc Business Borrower – also ABN at least 2 years old
  • Start Up Business Car Finance – Commercial (Must have previous experience in same industry)
  • Loans up to $120,000 available

For Borrowers with some history of bad credit, the lenders look for stability in employment and residential status. Short term employment may not present a problem providing there is a consistent work history dating back 3 years.

Easy Low Doc Car Loans – will require the borrower to declare an income amount. The lender will review bank statements for 3 months and average income for the year to see if it lines up with clients declaration

In cases where the loan is declined, lenders will often provide some guidance on how it can be approved in the future eg time frames, payment of defaults etc.

Supporting documentation required:

Full Doc

  • Last 2 payslips
  • Centrelink income statement (available from Centrelink or online)
  • Last 3 months bank statements – all accounts held

Low Doc

  • Last 3 months bank statements – all accounts held