Easily Compare Low Docs Vehicle Finance

When a business does not have all the financial records and documents required by the banks and other lenders, let’s face it, it’s not easy to secure affordable, workable car loans. This type of business finance is referred to as Low Docs Vehicle Finance and is not available through all lenders. We make it easier to access this type of finance. The interest rate might be above the best business rates available, but this table provides a quick idea of what low rates we can achieve for different finance products.

  • Fast Loan Approvals
  • Low-rate Car Finance

Easy Tip: the quality and quantity of the docs provided can strengthen the application and contribute to a more affordable finance offer. Take the effort to prepare and gather as much information as possible to support your application.

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Low Docs Finance: Explainer

Low Docs describes the type of business finance application and is not an actual finance product. It is the term used in the lending sector to describe finance applicants that do not have the entirety of the finance documentation to complete the standard application form or meet all the criteria. In addition to the lack of documents, a business may not have traded for the minimum time period as designated by a lender to be eligible for finance.

Note that Low Docs Car Finance is not the same as bad credit finance. The business submitting a Low Docs application may have a good credit rating based on their trading history to date and/or the credit record of the business owner.

This description may apply to a wide range of business entities across all industry sectors. They may be recently established large businesses, SMEs, owner-operators, partnerships, sole traders, self-employed or ABN-only holders. Essentially any operation that has not had sufficient trading time to accrue a significant amount of records about the business.

This can apply to tradespeople, creatives and IT specialists, professionals in the legal and medical sectors, construction contractors, health and fitness operators and many others. The common factor is, simply not have all the documents or docs, needed to be eligible for finance through traditional channels.

The docs refer to finance records such as BAS returns, bank statements, tax returns, annual accounts and similar.

Easily Access Low Docs Car Loan Lenders

Whatever the sector and whatever the size of the operation, Easy is prepared to assist with quotes for affordable business vehicle finance. Banks, large finance companies and some other lenders operate to strict guidelines. Guidelines which do not allow for varying the eligibility criteria. For those needing Low Docs Car Loans, that can make the task extremely difficult.

Easy makes it easier through our specialist non-bank lenders. Our lender panel, the lenders that we access quotes for customers, is extensive. It includes specialist lenders that do offer Low Docs Loans and, due to their set-up, are more flexible and open to negotiating.

Not all these specialist lenders are easy to find. Many don’t provide services directly to customers. Access to quotes is provided through set-ups like finance brokers and our type of service.

Loans Broker

Low Docs Car Loans: Requirements

Every application for Low Docs Vehicle Finance is assessed on an individual basis. As the quantity and quality of documentation may vary, so may the approach of different lenders to approving the application and making an offer.

As a guide to requirements:-

  • Holding a current and active ABN is essential.
  • Proving identification is essential. This may include ID for the business and the owner.
  • Being registered to claim GST is not an essential requirement. Some lenders may view being registered in a positive light. Any business with a turnover of $75,000+ must be registered for GST.
  • Low Docs infers the operator has access to at least some of the documents required. The quantity and quality of docs provided may improve the strength of the application and result in a better finance offer.
  • Types of docs requested include:-
    • BAS returns
    • Bank account statements
    • Annual tax returns
    • Annual or quarterly financial accounts. These may be professionally prepared figures or spreadsheets and cash flow records prepared by the business itself.
    • Profit and loss, asset and liabilities statements.

Finance Products and Conditions

Low Docs describes the business applying for finance. The products available for Low Docs Business Car Finance include:-

  • Leasing
  • Chattel Mortgage
  • Hire Purchase

Low Docs borrowers would be eligible to realise the features and benefits, including tax deductions, available through the finance product selected.

Additional conditions may be applied by lenders and may include:-

  • Limit on the amount approved for the loan. This may entail paying a greater deposit to the dealer.
  • Where the ABN is only recently obtained and where the business is not able to provide other security apart from the vehicle being purchased, lenders may require a deposit.
  • A higher interest rate than the lowest advertised by lenders may be expected.
  • The personal credit profile of the business owner may be assessed as part of the approval process.
  • The business owner may be required to provide additional security or personal guarantee.

As specialists in sourcing affordable business vehicle finance, Easy Car Finance is ready to assist you with a cost-effective Low Docs Car Loan quote. Request a quote today.