Low Doc Car Loans Adelaide Self Employed Use.
Low doc car loans Adelaide small businesses and particularly self employed ‘sole traders’ apply for is the answer to funding the purchase of a car for business use when financials’; typically required by lenders are unavailable.
With other types of business car finance, such as asset purchase and leasing, at least 2 years most recent business tax returns are required. When applying for low doc car loans through Houston Finance, if you have trouble providing figures to substantiate your income, you need only sign a statutory declaration stating you can afford to meet the loan repayments.
Lending Criteria For Low Doc Car Loans
Because proof of affordability is not supplied, the application must be strong enough in other areas to qualify. The following list is a guide to what lenders will look for when deciding whether to ‘fast track’ an approval with for a low doc business car loan.
- Low doc car loans are for companies and self employed ABN/ACN holders only,
- ABN/ACN must have been in place for a minimum of 12 months,
- For cars where the financed amount does not exceeding $75,000,
- Applicants must be asset backed (home owner or mortgagor), or an existing ‘A’ rated customer with a financial institution,
- Net outstanding credit (including this loan) must be < $500,000,
- Credit file must show no defaults.
Exotic cars will not be accepted.
Low Doc Loans For Self Employed Professionals
For eligible professionals, no financials are generally required either.
Additional Lending Criteria of Low Doc Car Loans For Professionals
- Proof of professional status required,
- Must hold current professional qualification,
- Been in practice for a minimum of 3 years,
Due to the lending performance as a group, professionals listed above may apply for low doc car loans greater than $75,000.
Apply For Low Doc Car Loans Online
Every customer would like to be approved for low doc car loans with the least amount of effort.
We can help with that!
Once we have received your details, we will check your credit file and give you a call to discuss your options.