People have the perception that low doc loans for cars mean higher rates. This is not true. Low doc facilities are available only for commercial business clients. The banks have provided these facilities for business clients only and can very helpful if the customer has recently started a new business and doesn’t have the usual two years business financials. Or they may have just had a bad year due to market conditions or a significant supplier not paying them.
The criteria for these loans is the following.
- Must be in business for a minimum of 1 year and hold an ABN and GST registered.
- Usually, a homeowner and have a clear credit file.
- The car being purchased must be new or used up to 4 years old and can be from a dealer or private sale.
Low doc finance is only applicable to business clients and certain conditions apply. Please contacts us for further information.