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