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What is a Low Doc car loan?

Written by

Shaun McGowan

Low doc (low documentation) and no doc (no documentation) car loans are generally used by people who are self-employed.

These are also commonly referred to as “car loans for ABN holders”.

The main difference between a normal car loan and a low doc car loan is what information you’re able to give a lender when applying (usually your income).

Instead of your bank statements or tax returns (which you won’t have), lenders will often ask you to sign a declaration of income to verify your income.

This guide will tell you everything you need to know about getting a low doc car loan and how to make sure you get a good deal.

Getting a car loan without your bank statements

Usually, when you apply for a loan, lenders will look at your bank statements and/or payslips.

They see how much you earn and how you spend your money. This lets them know whether you’ll be able to make repayments on the loan.

The more proof (i.e. documents) you can give to show you’re able to repay the loan, the easier it is to assess your application.

If you don’t have bank statements and other standard documents, you’ll need to sign a declaration stating how much you earn.

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What else you can do to get approved without bank statements

There are a few things you can do if you want to improve your chances of getting approved:

  • Buy a new car from a dealership - the older the vehicle, the higher the risk.
  • Offer a deposit on the vehicle - this lowers your loan-to-value ratio. Learn more about LVR.
  • Know your income and expenses and sign an income declaration.
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Who uses Low Doc car loans?

Depending on your personal situation - such as whether you are using the car predominantly for personal or business use - there are a few alternatives worth considering, including:

  • Low-doc loans are great if you’re self-employed, a new business owner, or a seasonal worker and can’t provide verification of your income
  • They’re also a really popular option if you’re an Australian tradie
  • If you’re planning on using the car for your business (at least half of the time) you might be able to qualify for a special type of car loan call a Chattel Mortgage
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Is your job listed below? You might need to consider a low-doc application.

  • App Developers
  • Bakers
  • Bloggers
  • Life Coaches
  • Caregivers
  • Comedians
  • Dieticians
  • Event Planners
  • Farmworker
  • Fashion Designers
  • Graphic Designers
  • Hair Stylists and Personal Stylists
  • Home Stagers
  • Photographers
  • Real Estate Agents
  • Tutors
  • Web Designers
  • Writers

Differences between a Low Doc car loan and a No Doc car loan

  • Low doc loans are used when you are unable to meet qualifying criteria for a standard car loan and cannot provide income and tax returns for the past two years.
  • Low doc loans will have higher interest rates than standard car loans
  • No doc loans are used when you are unable to provide any evidence of your income or supporting documents
  • No doc loans will have higher interest rates than low doc loans

What you need for a Low Doc car loan

Applying for a low doc or no doc car loan will be easiest through non-bank or specialist lenders. You may be asked to sign an income declaration*, and you’ll still need to meet basic lender criteria and have:

  • An ABN
  • Permanent Citizenship or Residency

The most important aspect of your application is proving your ability to meet your repayment obligations.

You’ll also need to provide as much information as possible about:

  • Your finances
  • Your business and how you generate income
  • Any assets you own
  • Any current loans or debts

An income declaration is a signed statement verifying how much you earn.

Basically - the more documentation you can provide to your lender as proof that you’re able to repay the loan, the more likely it is you’ll get approved, and the better your repayments will be.

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About the Author

Shaun McGowan from money.com.au

Shaun

McGowan

Shaun McGowan

Shaun is the founder of Money.com.au and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.

*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $30,000 over 5 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.