FAQs
Low Docs Car Loan FAQs
-
As long as the goods are used predominately fo rbusiness use most types of cars and other work vehicles can be financed with a low doc loan. Finance is available for all passenger cars including hatchbacks and sedans, wagons, the full range of SUVs, 4WDs, utes, cab chassis, dual cabs, light duty vehicles, vans for delivery and service technicians and other purposes.
-
Most business secured finance terms are for 3-5 years or 36-60 months. The lender may place a cap on the loan term they consider is acceptable having assessed the application and taking the age of the vehicle into consideration. The loan amount will of course determine the repayment amount. The longer the loan the lower the repayment but more interest paid over the longer loan term. Some business car finance include the option for a balloon or residual amount to reduce repayments leaving a bulk payment to be made at the end of the term.
-
Applications assessed based on the profile of the business and business owner applying for the loan and the goods they wish to purchase. Maximum threshold for low docs car loans can vary depending on lender discreation and can range in most cases from $30000 – to $150,000 nett amount financed with $100,000 being the average. The most expensive, high-end cars can be financed. However, individual lenders will make their own risk assessment and come to their own decisions. If they consider the applicant has not shown sufficient proof of the ability to service a large loan, then they will apply a cap on the loan amount.
-
Low docs loans are only available to business entities and enterprises. You need to be a business owner/operator and have an ABN as a minimum essential requirement along with proof of your identity. Low docs loans are available for all types of businesses. Normally some some financial documents relating to your business operation form of management figures, BAS statements, tax portals, or perhaps a small period of trading bank statements might be required.