Low Doc Car Loans

Advantages of a Low Doc Loan

We understand that self employed or small business owners often have difficulty providing traditional income documentation required for a standard loan –

And there are a few extra hoops you must jump through in order to get your loan approved. That’s why we offer flexible finance options for those with ‘low doc’ aka ‘low documentation’, so we can help you finance the things you need.

A low doc car loan is a type of finance designed for self-employed people or companies who may find it difficult to prove or verify their income that is necessary requirement for a standard car loan. It also caters those with fluctuating income or irregular cash flow.

Instead of extensive paperwork, you can secure a loan with documentation such as bank statements, business activity statements (BAS), or an accountant’s declaration.

While a low doc loan is a valuable option for self-employed borrowers seeking many types of loans such as a car loan or home loan; lenders often perceive these loans as higher risk. This perception can lead to higher-than-average interest rates and more restrictions on the maximum loan to value ratio (LVR).

Although low doc loans typically come with higher interest rates due to the acceptance of reduced documentation, they provide a valuable financing option for those who might otherwise struggle to obtain a traditional loan.

At MoneyQuest, we have access to a large panel of lenders who provide low doc loans to suit a range of atypical situations.

Reach out to one of our brokers to schedule a consultation and discuss your low doc loan options today!