Yes, with some lenders. With a Low Doc loan you don’t need to provide tax returns or financials. Lenders still check your ABN, ID and credit history, and some may ask for a deposit. Financfy is a broker, not a lender. Lender criteria apply and the lender makes the final decision.
Why Financfy:
- Rated 5.0 on Google.
- 1,500+ clients.
- 49+ lenders on our panel.
What is a Low Doc business car loan?
A Low Doc business car loan is finance for a car, ute or van used mainly in your business, where you don’t provide tax returns or financials. The loan is secured against the vehicle.
Instead of full financials, a lender may look at other evidence, such as business bank statements or a signed income declaration. If your situation doesn’t suit a Low Doc loan, some lenders may ask for bank statements instead.
Who is a Low Doc car loan for?
It suits self-employed people whose paperwork doesn’t show the full picture yet, for example:
- Sole traders and tradies whose accountant hasn’t finished this year’s tax return.
- New businesses with an ABN from 3 months, with some lenders.
- Owners whose tax return shows a low income because of write-offs, even though the business is doing well.
- Owners with seasonal or uneven income, where one year’s financials don’t tell the whole story.
Not sure if you’d qualify? Answer 6 quick questions and a broker will call you with your options. We start with a soft check that doesn’t affect your credit score.
Check my options or call 1300 785 514
Low Doc or full doc: what’s the difference?
| Low Doc | Full doc | |
|---|---|---|
| Tax returns and financials | Not needed | Usually needed |
| ABN, ID and credit check | Yes | Yes |
| Other evidence | Some lenders ask for bank statements or an income declaration | Financial statements and tax returns |
| Who it suits | Newer businesses, or financials not ready | Established businesses with up-to-date financials |
Which option fits depends on your situation and each lender’s criteria. A broker can check both.
How old does my ABN need to be?
ABN from 3 months with some lenders for cars, utes, vans, caravans, boats and bikes. For trucks, earthmoving equipment, business loans and overdrafts, it’s usually 6 months with some lenders.
Criteria vary a lot between lenders. A newer ABN doesn’t automatically rule you out, but it narrows the list of lenders whose criteria fit. Check your ABN start date before you enquire.
Does the vehicle need to be used for business?
Yes. For a business car loan the vehicle needs 50% or more business use. Business use is things like driving to jobs, carrying tools, visiting clients and travelling between sites.
If the vehicle is mainly for personal use, a personal car loan is a different product with different criteria. Low Doc and ABN options apply to business loans, so the business-use question matters from the start.
What documents do lenders ask for?
Every Low Doc application starts with your ABN, ID and a credit check. Beyond that, a lender may ask for one or more of these:
- business bank statements;
- a signed income declaration;
- recent BAS, or a letter from your accountant (some lenders accept these instead of financials);
- GST registration (some lenders require it);
- a deposit (some lenders may ask for one);
- the vehicle details, or the seller’s details.
This is a checklist to prepare, not a guarantee. Lender criteria apply.
Can I buy new, used, private sale or at auction?
New cars: we can source new cars at fleet prices through our dealer network.
Used vehicles: these are fine with most lenders. Some lenders set limits on the vehicle’s age at the end of the loan, so tell us the year and kilometres early.
Private sale and auction purchases: OK with some lenders. The vehicle still needs to be identified and valued, the same as a dealer vehicle, because it’s the security for the loan.
Existing loan on the vehicle: get a payout figure from the seller. It helps the broker and the lender work through settlement.
How much can I borrow, and over what term?
Loans through Financfy run from $10,000 to $500,000, over terms from 1 to 7 years, depending on the lender. Some lenders set lower limits for newer businesses or for borrowers who aren’t GST registered.
A balloon payment lowers your regular repayments, but you pay the balloon at the end of the term and usually more interest overall. Ask your broker to show you the loan with and without a balloon.
What is a chattel mortgage, and what about GST and tax?
Most business car loans are set up as a chattel mortgage:
- your business owns the vehicle from day one;
- the lender holds a mortgage over it until the loan is paid off.
If your business is registered for GST, you may be able to claim the GST on the purchase price. Interest and depreciation may also be tax-deductible for the business-use portion.
This is general information only, not tax advice. Your accountant can tell you what applies to your business.
Will enquiring affect my credit score?
We start with a soft credit check, which doesn’t affect your credit score. Your credit file is only affected when an application is submitted to a lender. We do that only after we’ve worked through your situation and agreed on the lender with you.
An example (illustrative only)
Sam is a sole trader electrician:
- ABN: 5 months old.
- Tax return: none lodged yet for the business.
- What Sam wants: a $38,000 used dual-cab ute from a private seller, used about 80% for work.
What happens:
- Matching: we check which lenders accept an ABN from 3 months, private sales and that vehicle’s age.
- Paperwork: Sam provides ID, ABN details and the seller’s details, and the lender asks for recent bank statements instead of financials.
- Application: we apply to the lender whose criteria best match. The lender assesses it and makes the final decision.
Sam is a made-up example to show the process. It isn’t a real client or a promise of approval, and every situation is assessed on its own.
How does Financfy help sole traders without financials?
We never send applications out blindly. We work through your situation with you first, then apply to the lender whose criteria best match it, so you’re not collecting enquiries from lenders who were never a fit.
- Low Doc car and ute loans: car, ute and van finance for self-employed people and sole traders, with no tax returns or financials.
- ABN car loans: for ABN holders, including ABN from 3 months with some lenders.
- Self-employed finance: 49+ lenders on our panel.
Call 1300 785 514 or check your options at financfy.com.au.
What happens after I enquire?
- A short chat about your ABN, business use, the vehicle and how much you need.
- A soft credit check, which doesn’t affect your credit score.
- We match your situation to the lenders whose criteria fit.
- We apply to that lender. The lender assesses the application and makes the final decision.
- Once it’s approved, we arrange settlement with the dealer or private seller.
Have your ABN, ID, the vehicle or seller details, and any deposit ready before you enquire.
Key takeaways
- With a Low Doc loan you don’t need tax returns or financials. Lenders still check your ABN, ID and credit history, and some may ask for a deposit.
- ABN from 3 months with some lenders for cars, utes and vans, and 6 months for trucks, earthmoving and business loans.
- The vehicle needs 50% or more business use.
- New, used, private sale and auction purchases are all possible with some lenders.
- We start with a soft credit check that doesn’t affect your score.
- Financfy is a broker, not a lender, with 49+ lenders. Lender criteria apply.
Ready to talk it through? Tell us about your ABN and the vehicle, and we’ll match you with lenders whose criteria fit. Lender criteria apply.
Check my options or call 1300 785 514
