Higher Risk Assessment
Due to less documentation being provided than with a fully-documented loan, a no doc vehicle loan has a higher risk assessment and will attract a higher interest rate.
No Doc Car Loans - Compare No Doc Car Finance
No doc loans is a category of business financing not a loan product in its own right. It requires individual treatment in assessing risk and making an offer in regard to interest rates and loan conditions. Not all finance lenders offer this category of loan but Jade has the expertise to achieve positive solutions in this area. Use our compare tool below to see how our loan rates in general compare with different commercial loans.
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No Doc Car Financing: Eligible Vehicles
In principle, all types of cars and work vehicles can be purchased under no docs car loan. This includes utes, cab chassis, delivery vans, service tech vans, passenger cars, 4WDs, SUVs, hatchbacks, wagons and sedans as long as they are used predominately for business use.
New and used vehicles are eligible for this type of loan. Used vehicles may attract conditions from individual lenders based on age and condition.
Vehicles purchased from authorised dealers, auction houses and privately can be financed.
No Docs Car Finance: Features
Every no docs automotive loan is considered by our lenders individually and your Jade consultant will be negotiating hard to achieve a great result for you. So the conditions and aspects of your loan may vary but this is a general overview of the features:
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Lender-Specific Requests
Individual lenders may request the borrower provide a form of a personal guarantee by the business owners.
Loan Amount Thresholds
Thresholds may apply to the total loan amount. Individual lenders may request that a borrower pay a deposit to the seller in order to reduce the total amount of the loan. Conditions may also apply around the loan term, the number of years being requested to repay the loan.
No Doc Vehicle Finance: Loan Types
A no doc car loan is in itself not an actual loan product. It is a category of vehicle loan application. When applying for no doc car finance, the business applicant has the choice of the full range of commercial finance facilities:
- Chattel Mortgage
- Vehicle Leasing
- Commercial Hire Purchase (CHP)
Prior to making application or contacting Jade Finance, it is advisable to discuss with your accountant or financial advisor to decide which loan product is best for your business. Each offers tax benefits and they vary with treatment of GST, applicable to accounting methods and in ownership title to the vehicle.
Car finance guides and resources
Our guides offer quick comparisons and simple explainers to help you cruise through the financing process with confidence.
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Who is Eligible to Apply?
While the name no doc may imply you need no documentation at all for this type of finance that is not correct. There are minimum essential requirements.
- In order to apply for a no doc loan, you must be a business enterprise and the vehicle being purchased must be primarily to be used in that business. Private individuals seeking personal use loans are not eligible for no doc or no docs vehicle finance.
- The minimum essential requirement is to hold a current ABN – Australian Business Number. Any business operating in Australia must hold an ABN. If you are starting a new enterprise, you can apply for an ABN through ASIC. You must also have proof of your identification as is standard with all financial dealings in Australia.
- If you are starting a new business, an ABN and a business plan or a just-opened bank account may be the sum total of your documentation.
- While Jade can cover off across our lending panel to source options for no docs vehicle finance based solely on holding an ABN, the more documentation you can provide, the stronger your application and possibly the better the loan offered.
To apply for no doc credit, a business owner can seek out a bank or finance company that may be in a position to provide a workable loan offer. The alternative and the way that has shown to result in more successful outcomes, is to engage the services of a finance lender such as Jade to handle the entire process on your behalf.
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Using Jade Finance for Your No Doc Car Loan
When it comes to these specialised areas of finance, the benefits of using lenders such as Jade are amplified. The expertise of our consultants and our network of industry-only lenders in addition to our negotiating skills and experience in motor vehicle finance can be especially invaluable.
Achieving a positive outcome for no doc loan applicants can be challenging. Jade is open to taking on that challenge on your behalf.
For a no obligation discussion on no doc vehicle finance for your vehicle purchase contact Jade on 1300 000 008 and speak with one of our consultants.
No Doc Car Loans is a loan type which is quite widely advertised, most often by some finance companies and banks. The doc refers to documents, or more specifically financial documents by way of business accounts. The type of information that is universally accepted as standard inclusions on business credit applications.
Meeting the strict motor loan criteria and guidelines of most major banks and many other finance companies can be challenging for small businesses and those starting up a new enterprise. The standard requirements for business vehicle finance include providing business accounts, income tax returns, BAS statements and profit and loss statements. If you don’t have sufficient documentation you may have your loan application rejected. But there are options – No Doc Car Loan.
Jade Finance provides services to source no docs car finance options on behalf of our customers. We have the capability to source this type of specialist loan as we are accredited with many non-bank lenders. These are lenders that do not have all the restrictions of banks and as such can be more flexible in their lending guidelines.
As your lender, we open up these more exclusive finance channels as possible pathways to a workable no docs financing solution for your business. Your Jade consultant will handle the entire loan process, representing you to our lending panel and negotiating the most cost-effective outcome for your lending product. All no doc loan deals are individually addressed and assessed and always subject to individual lender requirements.
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THE INTEREST RATE IS CALCULATED ON A SECURED LOAN PREDOMINATELY FOR BUSINESS USE, EFFECTIVE 30/10/2024 AND SUBJECT TO CHANGE. WARNING: THE INTEREST RATE IS TRUE ONLY FOR THE EXAMPLES GIVEN AND MAY NOT INCLUDE ALL FEES AND CHARGES. DIFFERENT TERMS, FEES OR OTHER LOAN AMOUNTS MAY RESULT IN A DIFFERENT INTEREST RATE.
We work harder to secure the best rates.
No Doc Car Loan FAQs
No Doc Car Loans is a specialist category of business vehicle finance which requires expert attention. Each application is treated individually and while we have provided a significant amount of detail in general, we understand that you might still have unanswered questions. In this section we’re answering some direct issues which we hope will assist you in planning how to best approach your car finance. For more answers on your specific circumstances, please reach out to us directly at 1300 000 008
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The interest rates achieved from lenders and banks and non-bank lenders varies in line with a range of issues including the official cash rate, global economic factors and individual lender requirements. No doc car finance is normally the same interest rate but has stronger criteria needed – for example – Higher Credit score, property ownership and age of motor vehicle restrictions.
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A no doc car loan is not an actual loan but a category of application. No doc finance applications can be made for all commercial finance facilities – Chattel Mortgage, Leasing and Commercial Hire Purchase. The tax treatment of each of these loan types varies but all offer a tax benefit. So it will depend which particular loan type you choose as to in what way and at what time you realise the tax benefit. Your accountant should be best-placed to assist you with taxation matters.
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Both no docs and low docs loans fall under the same broad category of business finance. The difference is essentially in the extent of documents or financial information that are provided with the application. Things like being registered for GST and being able to show BAS returns is highly regarded. Providing some form of financial accounts even simply prepared spreadsheets by the owners are well regarded. This type of documentation may escalate an application from no docs to a low docs status.
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The no doc refers to documents, or more specifically financial documents by way of business accounts. The type of information that is universally accepted as standard inclusions on business credit applications.No Doc means finance availabe without documents for loans that the goods are predominately used (more than 50%) for business use.