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Low Doc Car Loans
A low doc car loan is a specific business loan option available for self-employed individuals and businesses with an ABN – this includes irregular income, or those who don’t have the tax records to meet the requirements of a standard car loan. Regardless of whether you’re shopping for a brand new set of wheels directly from a dealership, or you’re negotiating on a private sale, Fido Finance are here to get you behind the wheel as soon as possible with our low doc car loans.
Get in touch with the Fido team to discuss a low doc car lease today – give us a call on 13 FIDO or reach out through our online form and we’ll be in touch!
What Can Low Doc Car Finance Cover?
Low doc car finance provides quick approval and funding for self-employed individuals and businesses alike. This financing solution acts much like a traditional car loan, with the vehicle serving as collateral for the loan. It is suitable for financing vehicles for both business purposes, as well as business equipment such as heavy machinery and yellow goods.
Documentation for Low Doc Car Loans
While low doc car loans are quite literally designed for low documentation, you are still required to provide some credit and financial information showing you have the capability to repay your loan in full.
The documentation required for a low doc loan can vary between lenders, but a general list to consider may include:
100 points of identification (proof of ID)
Letter from an accountant verifying your business income OR
A signed income declaration
Bank statements from your business with the last 3 months OR
Business Activity Statement (BAS) if your business is registered for GST
ABN or CAN registration certificate
Benefits of Low Doc Car Finance
There are a number of benefits that come with a low doc car lease, and we believe it’s imperative to understand what these benefits are to take into consideration before starting on the low doc journey.
Less paperwork to worry about
Fast loan turnaround times
GST and other tax breaks for ABN holders
Simple structures for monthly repayments
Fixed low interest rates
Loan terms lasting up to 7 years
Balloon payment option
If you’re looking for additional information, get in touch with our lending professionals today! We’re here to make life easier, and work as your companion through your financing.
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Experience Market Leading Rates with Fido Finance
If you’re ready to discuss a low doc car lease, give us a call today on 13 FIDO to speak to a trusted loan broker. We’re here to help and act as your financing companion, taking the weight from your shoulders and digging up the best rates on your behalf.
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Frequently Asked Questions
Is it Hard to Get Low Doc Car Loans?
Low doc finance is aimed at a very specific audience – those who are unable to meet the traditional proof of income requirements for lenders. These types of loans are considered investment risks, so a lot of major banks and lenders tend not to offer them. This is what makes Fido Finance stand out in our industry.
What is the Lowest Amount a Dealership Can Finance?
For the most part, lenders don’t finance less than $5,000 or $10,000 – it’s best to reach out to your preferred lender and ask the question, though, as lender caps can vary. You can make the overall cost of your loan more affordable, though, without the worry of financing limits. Give us a call on 13 FIDO to learn more!
How Much Deposit Do I Need for a Low Doc Loan?
Before applying for a loan, it’s important you learn as much about that specific loan as possible, and the lender in question. This keeps you well prepared for the application process and thereafter. At Fido Finance, the deposit amount required for our low doc loans are 20%.