FAQs

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.

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.

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.