No Doc Car Loans

 

No Doc Car Loans  

  

No Doc Car Loans are available to ABN holders who are purchasing vehicles that are being used predominately for business use. No Doc Car loans allow Sole Traders, Partnerships, Trusts, Companies and Organisations to obtain credit without providing financial statements or tax returns. No Doc Car Loans are available for dealer sales, private sales and auction purchases.

 

Self Declaration

Self Declaration allows ABN holders including Sole Traders, Partnerships, Companies and Organisations declare an annual turnover to the lender without having to provide proof from financial statements or tax returns. Generally most lenders will require an ABN to be current for at least 12 months, however if the proprietor has had previous industry experience, lenders will accommodate shorter term ABN’s.

To qualify for a Self Declaration Loan you may need the following:

Home Owner or Home Buyer

Deposit contribution or Trade Equity

Current ABN

Replacement Credit

If you have an existing car loan, lenders may consider a replacement no doc car loan without having to provide financial statements or tax returns. Generally lenders will consider a 25% increase in repayments without having to confirm income. Replacement credit is subject to the conduct on the existing car loan allowing you to increase your loan amount.

 

 

What Do I Need To Apply?

Contact our professional finance consultants on 1300 350 118 or email admin@icredit.net.au to discuss your No Doc car loan needs and objectives.

They will ask a few qualifying questions to establish if you meet the lenders guidelines for a lo doc car loan. If your happy to proceed, the broker will take an application over the phone or they can email / fax an application pack for you to fill in at your leisure. Once received, the broker will source the most appropriate lender suitable to your business structure and requirements, perform background checks and affordability calculations on the income you have declared. Once the application has been approved, they will present you with the loan documents to view and answer any questions you may have and when you have accepted the loan documents, the broker will proceed to settlement and disburse the funds to the supplier.

You may need to provide additional documentation such as trust deeds, identification or a car loan ledger if the lender cannot obtain a credit reference from your existing loan.

No Doc Car Loans are ideal for new business ventures, business’ that have been operating less that 12 months, or financial statements do not reflect the actual business turnover.