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Low Doc Car Loans

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In general, applying for car loans in Sydney to finance your dream car will require at least a proof of income for at least 2 years. What if you are a self employed, and proving a normal standard proof of income is not as easy as if you are employed full time? In this situation, given that you at minimum have hold your ABN for at least twelve months and a GST registered, you can apply for low doc car loans.

As the name implies, it requires an easier document requirements when applying for car loans. Here are the main documents that you need to prove when applying for low doc car loans:

  • Proof of ID
  • Proof of comprehensive insurance
  • Trust Deed (when applicable)
  • Partnership Agreement (when appropriate)

You will still need to declare your source of income and the amount you are taking home, without the need to provide pay slips, by signing a declaration of income from the lenders.

This type of loan however, require that you will use your vehicle at the rate of fifty percent or more for business purposes, and many sydney car loans company will require that you have hold your ABN for over a period of 12 months, and sometimes 24 months depending on the lenders that you approach. Some lenders will also require that you are already GST registerd for over 12 months in order to qualified for a low doc car loan.

Low doc car loans are great if you do not have an up to date financial statement due to some circumstances, and many self employed would likely to fall into this category.

Lend 4 Cars can provide you a car loan assessment which will determine what loan product fits your needs best while providing the best car loan interest. You can contact one of our friendly Sydney Car Loans officer a call on 1300 856 846.