Low Doc Car Loans are a hassle-free solution for business owners and self-employed individuals with an ABN, requiring minimal documentation. AAA Finance has a team of experienced finance brokers that will save you both time and money. Experience the AAA difference today – low interest rates, 24 hours loan approvals, easy application and access to over 40 lenders.
Low Doc Car Loans Explained
Low doc car loans are a type of business loan exclusively available to self-employed individuals and businesses with an ABN. This includes sole proprietorships, sole traders, partnerships, trusts and companies. This type of loan is particularly beneficial for business owners who do not want to provide extensive financial paperwork. In fact, low doc means only a small amount of documentation is required to secure car finance. This makes the application process much simpler and faster than traditional loans, often enabling borrowers to access funds and purchase a vehicle much quicker.
More about low doc car loans …
Low Doc Car Loan Eligibility
To apply for a low doc car loan, you need an active Australian Business Number (ABN) since these loans are for business use. The vehicle you buy must be used mainly for business purposes. Low doc car loans are for borrowers who don’t have all the usual financial documents needed for traditional loans. Lenders will still assess your ability to repay by looking at other forms of proof of income. This could be recent bank statements showing regular deposits, a letter from your accountant, or a Business Activity Statements (BAS). Showing steady cash flow is key to proving you can manage the loan. Find out more about the documents required for this type of loan in our blog: Essential Documents for Low Doc Vehicle Finance: What You Need to Apply.
A good credit score is also important as it shows your financial responsibility and affects your loan terms. You may also need to provide a deposit to lower the Loan-to-Value Ratio (LVR). A good credit score and a lower LVR reduces the lender’s risk and can help you get a better interest rate. To learn more about eligibility requirements and how to qualify, check out our blog: Low Doc Car Loan Eligibility – Who Qualifies & What You Need.
benefits of a Low Doc Car Loan
Low doc car loans require minimal paperwork, with basic financial documents like bank statements or an accountant’s letter to verify income. Businesses registered for GST can claim GST on the vehicle purchase and interest on the loan, while temporary full expensing allows for immediate deductions. These loans feature fixed interest rates based on your profile and vehicle details, with terms ranging from 2 to 7 years. Repayments are automatically debited monthly, and balloon payment options provide flexibility at the end of the term. Our team sources the best rates from over 40 lenders to secure your approval. For a deeper dive into these benefits and how a Low Doc Vehicle Loan can work for you, read our blog: What Are the Benefits of a Low Doc Car Loan?
Estimate your Low Doc Car Loan Repayment
By gauging the amount you wish to borrow, the term of your car loan and an approximate interest rate, our easy to use car loan calculator will tell you just how much you are likely to be paying each month. This is therefore an important tool for planning ahead and making sure you get a car loan that suits your financial situation. A number of factors determine your interest rate. Specifically these include your credit history, loan to value ratio, ABN status and if you own property.
Balloon Payments Explained
A balloon is a lump sum payment due at the end of your loan term. By including a balloon repayment in your loan it reduces your monthly loan repayment. This makes it easier to upgrade your car while still maintaining cash flow for your business. You can either pay out the balloon at the end of the term or refinance it. Our car loan calculator with balloon payment function demonstrates how this type of loan structure can work for you.
Apply for a Low Doc Car Loan
It is as easy as picking up the phone and speaking with one or our experienced finance brokers. An over the phone application takes only 5 minutes. Alternatively fill out the online contact form and will be in touch. We can even organise a pre-approved low doc car loan. This allows you to go car shopping with the knowledge that your funds are approved.
AAA Speedy Loans
- Application – just 5 minutes over the phone.
- Approval – most loans approved within 24 hours.
- Decide on your car – new or used, private sale or from a dealer.
- E-sign loan documents.
- Settlement – transfer of funds occurs overnight to the seller.
With so many benefits available, a low doc car loan is a must for any self-employed business owner with an ABN. If a low doc car loan is something that you would like to find out more about, then call AAA Finance on 07 5493 1222 today. We can also arrange no doc car loans for asset backed ABN holders.
Low Doc Car Loan FAQ’s
Every lender is different, however, the minimum requirements for a low doc car loan is 1 year ABN and 1 year GST registered.
Low doc car loan approvals take 24 hours.
This type of business loan uses the car as security. Monthly repayments are paid over an agreed term at a fixed interest rate. The main difference is that this type of loan negates the need to up-to-date tax returns, reducing the amount of paperwork required to prove income.
No. They avoid unnecessary paperwork and the need for up-to-date financials which makes the process of getting a loan much simpler for time poor business owners.
Deposits range from 0% to 30% and depend on the applicants overall profile, the lender and the asset.
No – This type of loan is very competitive and attracts the same interest rate as a full doc loan. In fact, they usually have a lower interest rate than consumer loans.
Yes – you can buy a second hand car from either a dealer or privately.
Disclaimer
* Your actual interest rate will be based on a number of factors, including the type and age of the asset you are seeking to purchase; the information you provide during your application and the term of the loan. This rate may be different from our lowest advertised rates. The Comparison Rate is calculated on a Secured Loan of $50,000 fixed for a term of 5 years, effective 10/02/2025 and subject to change. The Comparison 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 comparison rate.
