Applying for a low doc car loan in Australia can feel like you’re driving down a totally different road. That is, a road without all the usual paperwork.
Whilst they can be great for ABN holders and self-employed Aussies, it’s important to remember that getting approved still takes a bit of time.
At Loans Unlimited, our crew help borrowers across WA improve their low doc applications. We’ll let you know what to include, how to put it all together and how you can be seen by 40+ lenders.
Here’s an outline of the requirements for a low doc car loan and how you can put your best foot forward when applying.
Transparency is key. Lenders know that income varies for people who are self-employed – that’s why they offer low doc car finance!
Just be honest about your cash flow and ability to meet repayments. If your income fluctuates, highlight that you’ve been able to manage expenses consistently. Include supporting details like:
How long you’ve been operating
Whether your business has regular clients or contracts
Any seasonal income patterns you can explain upfront
Be careful not to overstate your income. If something seems off, lenders might request more documentation, slowing down or halting your application.
For low doc car loans, lenders like registered, active ABNs, ideally operating for at least 6-12 months, if not more. The longer it’s been trading, the better – especially if you’re not registered for GST.
Make sure your ABN details are up-to-date with the Australian Business Register and they reflect the nature of your work. It might seem like a small thing, but one piece of mismatched info can put a spanner in the works.
Low doc doesn’t mean no doc. Lenders will still want to see your records, especially bank statements.
To boost your approval chances:
Use a dedicated business account (if possible)
Maintain consistent deposits over time
Avoid bounced payments or large unexplained withdrawals
Don’t mix personal and business expenses too heavily
Your finances don’t have to be perfect. Lenders just want to see that your business income supports the loan you’re applying for.
It might seem simple, but a signed letter from your accountant confirming your income and trading status can make your application a whole lot smoother.
A letter can be especially helpful if:
You’ve recently restructured your business
You’ve had a quiet few months of income
Your cash flow isn’t reflected clearly in your bank statements
In some cases, lenders prefer an accountants letter over a self-declared income form. So if you’re looking at applying for a low doc car loan for your business, it could be worth contacting your accountant beforehand.
If you want to be approved as quickly as possible, choose a vehicle and loan amount that works with your financial position.
Some tips:
Newer vehicles are usually seen as lower risk
Modest car values (under $50k) tend to move through faster
Avoid luxury or prestige cars unless your income supports it
Stick to shorter loan terms if possible
If you’ve recently started your business, it might be best to borrow less now. You can always refinance or upgrade your low doc car loan later!
At Loans Unlimited, our crew are helping ABN holder with their low doc car loans every single day.
We understand that not everyone fits into neat financial boxes, so we’ll make sure you get access to each of our 40+ lenders. Our crew will help you:
Understand what the requirements are for a low doc car loan
Match with lenders open to low doc approvals
Gather the right documents (without overloading you)
Keep your application moving quickly
A low doc car loan doesn’t need a perfect credit score or a five-year tax return. But it does need good preparation, honesty about your income and proactive management.
With the right support from our crew and a little bit of planning, you’ll be on the road faster and without the paperwork drama.
Get in touch with our office or click ‘Apply Now’ to start the pre-approval process today!
