Key highlights
- Start with ABN details, ID and vehicle information
- Full-doc may need statements, tax returns or BAS
- Eligible applicants may use low-doc pathways
- One broker tells you upfront what you'll need
Knowing what paperwork to gather ahead of time makes a finance application far smoother. Requirements vary between lenders and depend on the type of finance, but some documents come up again and again. Here is what to prepare.
What documents do you need to start?
Most applications start with your ABN details, identification, and information about the vehicle you are buying. Lenders also want to understand how the vehicle will be used in your business. Having these ready speeds things up considerably.
What financial documents do lenders need?
Fully documented applications may call for financial statements, tax returns or bank statements. Eligible applicants using low-doc pathways may supply less, relying on alternative evidence instead, subject to lender criteria. What you need depends on the amount and the lender.
What vehicle details do you need to provide?
For private or auction purchases, expect to provide seller and vehicle details so the lender can verify the asset. If any tax or accounting documents are involved, your accountant or registered tax adviser can help you assemble them.
How do you find out what you'll need?
Not sure what you will need? Simon at Overdrive can tell you upfront and compare 80+ lenders. Request an obligation-free quote. It is a soft check that will not affect your credit score.
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