Key highlights
- Apply with reduced financial documentation
- Bank statements, BAS or an accountant's declaration may qualify
- May involve different pricing or conditions
- One broker identifies low-doc lenders on its 80+ panel
Not every business keeps its financial statements fully up to date, and that should not automatically rule out car finance. Low-doc business car finance exists for exactly these situations. Here is how it works and who it may suit.
What is low-doc car finance?
Low-doc finance allows eligible applicants to apply with reduced financial documentation compared with a full-doc application. Rather than submitting complete tax returns and financial statements, applicants may be able to support the application with alternative evidence, subject to lender criteria. It is often used by newer businesses, self-employed applicants and those whose latest financials are not yet finalised.
What documents does low-doc accept?
Depending on the lender, alternative documentation might include business bank statements, BAS records, an accountant's declaration or evidence of the ABN and GST registration. Each lender sets its own low-doc policy, so what is accepted varies. Because the assessment relies on less financial detail, lenders may look more closely at credit history, the deposit offered and the vehicle itself when forming a view.
What should you keep in mind with low-doc?
Low-doc arrangements can involve different pricing or conditions than a full-doc application, reflecting the reduced documentation. They can still be a practical route to financing a business car when full financials are not available. As always, how the finance and vehicle interact with your GST and tax position is best confirmed with your accountant or registered tax adviser.
How do you find low-doc car options?
Overdrive Business Vehicle Finance can identify which lenders on its panel of more than 80 offer low-doc pathways that may suit you, all through one broker, Simon Kendrick. Request an obligation-free quote to find out. The initial check is a soft enquiry that does not affect your credit score, with no obligation to proceed.
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