No and Low Doc Car Loans

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As personal finance brokers, Money Now can arrange finance that aligns with what you can afford whether you’re buying for business or personal use, new or second hand. With our loan calculators it’s easy to see how much you could borrow and how much your repayments might be.

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If you’re self-employed, just started a new business and have limited financial records or you’re unable to verify your income, a No Doc or Low Doc Loan may provide the best way to get into your new car. The same goes if you haven’t completed you tax returns or you’re waiting for your accountant to finalise your accounts and you just happen to find a deal that’s too good to miss.

Because they can be approved based on lower levels of documentation than other types of loans, low doc and no doc loans may attract a higher interest rate than other types of loans.

What’s a no-doc loan?
A no document (no-doc) loan requires no documentation (evidence of income) and the loan amount is based on the stated income by the customer.   The lender will require assets as security (this may be the vehicle itself). Under a no-doc loan, there are various rates of finance and loan terms which may be available.

What’s a low-doc loan?
A low-doc loan is one that can be processed with a reduced level of income verification and documentation compared to other loan types. Each lender has their own criteria and requirements which must be met for a low-doc loan, which can range from  that can range from stated income through to abbreviated financials (for example, Business Activity Statements). These loans are usually made to business applicants (with clean credit ratings, ABN registration of two years or more and large deposits).

Eligibility criteria for no-doc and low-doc loans can change depending on the lender, so, if you’d like to find out more, take the time to speak with one of our loan specialists.

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Money Now can connect you with a variety of Australian lenders.

4.5 from 195 Reviews