Key highlights
- Full-doc uses recent tax returns and financial statements
- Low-doc may use bank statements, BAS or a declaration
- Credit, commitments and deposit are weighed too
- Understanding the approaches helps you prepare
- Soft-check quote for indicative options across 80+ lenders
If you work for yourself, you may wonder how a lender puts a figure on your income. Understanding the common approaches can help you prepare a stronger vehicle finance application.
How is income assessed with full-doc?
In a fully documented application, a lender usually reviews recent tax returns and financial statements to establish your net business income. They may add back certain non-cash items, such as depreciation, when working out your capacity to repay.
How is income assessed with low-doc?
Where full financials are not available, some lenders assess income using bank statements, BAS or a signed declaration for eligible applicants. This can suit newer businesses or those with recent changes, though criteria differ between lenders.
What other factors do lenders weigh?
Beyond income figures, a lender weighs your credit history, existing commitments, ABN and GST registration, deposit and the vehicle being financed. A clear, consistent picture generally makes assessment smoother. Any tax-specific questions are best directed to your accountant or registered tax adviser.
How do you understand your position?
Simon Kendrick can explain how lenders may view your income and match you across 80+ lenders. Request a soft-check quote for indicative options without affecting your credit score.
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