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.
Compare the Options around No Doc Loans
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*The purpose of the interest rate comparison table is to provide a guide only and for comparing the interest rates on different commercial loan products. Quoted repayments are based on advertised rates and do not include lender fees and charges. An offer made to you by a lender may be at a different interest rate and have a different repayment. Using this device is not an application, any indication of an offer, and is not a loan approval.
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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.
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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Individual lenders may request the borrower provide a form of a personal guarantee by the business owners.
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.
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.
Using Jade Finance for You 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.
