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In our low doc car loan guide:
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Low documentation (low doc), alternative documentation (alt doc) and no documentation (no doc) car loans are car finance options for business borrowers who don't have the standard income documentation typically needed for a traditional car loan application (e.g. payslips or tax returns).
Borrowers who may need to consider a low doc car loan include:
Low doc car finance can offer quick approval and funding. It works similarly to a standard car loan, where the car serves as collateral for the loan. It can be used to finance vehicles for both business and personal use, and business equipment (e.g. yellow goods, machinery).
Documentation requirements vary between low doc lenders, but generally include:
While low doc car loan applications require minimal documentation, you will still need to provide some credit and financial information that shows you can repay the loan in full, including:
Standard car loan | Low doc car loan |
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Low doc car loan interest rates are generally fixed from 7.50-15% p.a., depending on your credit profile, and the age, make and model of the car you’re financing. Lenders tend to give better rates for newer vehicles.
Additionally, certain borrowers may be eligible for a more competitive interest rate. Those include:
Low doc car loan | $10,000 |
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Monthly repayments with 7.50% p.a. interest rate | $200.38 |
Monthly repayments with 9.50% p.a. interest rate | $210.02 |
Monthly repayments with 11.50% p.a. interest rate | $219.93 |
Low doc car loan | $20,000 |
Monthly repayments with 7.50% p.a. interest rate | $400.76 |
Monthly repayments with 9.50% p.a. interest rate | $420.04 |
Monthly repayments with 11.50% p.a. interest rate | $439.85 |
Low doc car loan | $30,000 |
Monthly repayments with 7.50% p.a. interest rate | $601.14 |
Monthly repayments with 9.50% p.a. interest rate | $630.06 |
Monthly repayments with 11.50% p.a. interest rate | $659.78 |
Low doc car loan | $40,000 |
Monthly repayments with 7.50% p.a. interest rate | $801.52 |
Monthly repayments with 9.50% p.a. interest rate | $840.07 |
Monthly repayments with 11.50% p.a. interest rate | $879.70 |
Low doc car loan | $50,000 |
Monthly repayments with 7.50% p.a. interest rate | $1,001.90 |
Monthly repayments with 9.50% p.a. interest rate | $1,050.09 |
Monthly repayments with 11.50% p.a. interest rate | $1,099.63 |
Low doc car loan | $60,000 |
Monthly repayments with 7.50% p.a. interest rate | $1,202.28 |
Monthly repayments with 9.50% p.a. interest rate | $1,260.11 |
Monthly repayments with 11.50% p.a. interest rate | $1,319.56 |
Low doc car loan | $70,000 |
Monthly repayments with 7.50% p.a. interest rate | $1,402.66 |
Monthly repayments with 9.50% p.a. interest rate | $1,470.13 |
Monthly repayments with 11.50% p.a. interest rate | $1,539.48 |
Low doc car loan | $80,000 |
Monthly repayments with 7.50% p.a. interest rate | $1,603.04 |
Monthly repayments with 9.50% p.a. interest rate | $1,680.15 |
Monthly repayments with 11.50% p.a. interest rate | $1,759.41 |
Low doc car loan | $90,000 |
Monthly repayments with 7.50% p.a. interest rate | $1,803.42 |
Monthly repayments with 9.50% p.a. interest rate | $1,890.17 |
Monthly repayments with 11.50% p.a. interest rate | $1,979.33 |
Low doc car loan | $100,000 |
Monthly repayments with 7.50% p.a. interest rate | $2,003.79 |
Monthly repayments with 9.50% p.a. interest rate | $2,100.19 |
Monthly repayments with 11.50% p.a. interest rate | $2,199.26 |
Low doc car loan | Monthly repayments with 7.50% p.a. interest rate | Monthly repayments with 9.50% p.a. interest rate | Monthly repayments with 11.50% p.a. interest rate |
---|---|---|---|
$10,000 | $200.38 | $210.02 | $219.93 |
$20,000 | $400.76 | $420.04 | $439.85 |
$30,000 | $601.14 | $630.06 | $659.78 |
$40,000 | $801.52 | $840.07 | $879.70 |
$50,000 | $1,001.90 | $1,050.09 | $1,099.63 |
$60,000 | $1,202.28 | $1,260.11 | $1,319.56 |
$70,000 | $1,402.66 | $1,470.13 | $1,539.48 |
$80,000 | $1,603.04 | $1,680.15 | $1,759.41 |
$90,000 | $1,803.42 | $1,890.17 | $1,979.33 |
$100,000 | $2,003.79 | $2,100.19 | $2,199.26 |
Low doc car loan requirements and eligibility criteria vary between lenders but generally include:
According to commercial lending expert Edward Clark, your business credit history is a major factor in determining if you qualify for low doc car finance.
“Having an ABN and a couple of bank statements isn’t always enough to qualify for low doc finance. Most lenders want to see that you have an active credit file, either with a current loan you're repaying or recently paid debts. From a low doc lender’s perspective, this is a strong signal of serviceability.”
Edward Clark, Stratton Finance Commercial Franchisee.
Consider getting personalised low doc car finance quotes from different lenders through a finance broker. This will allow you to compare low doc car loan rates, fees and features without impacting your credit report. Keep in mind that your individual rate usually ends up being different to the lender’s advertised rate.
While a low doc car loan requires less documentation than a standard car loan, you'll still need to submit some paperwork. This includes a self-signed income declaration form or an accountant's letter confirming your business income, plus your ABN and business registration information and bank or BAS statements. Based on analysis by Money.com.au, low documentation requirements vary significantly between lenders.
You can typically apply for a low doc car loan online through your lender's application portal. You’ll need to input your personal details, and provide some business information, including how long it’s been registered. You’ll also be asked about the type of vehicle you want to finance (including age, make and model) and the portion of its usage for business purposes. A lending specialist will generally call you afterward to discuss your application (and ensure the product is right for you). You can upload your financial documentation via the relevant portal if you meet the lender's preliminary requirements. In the meantime, your lender will also conduct a credit check.
You may be granted conditional approval until you find a vehicle to buy and sign a purchase agreement (this is optional). Alternatively, you could sign a contract to purchase subject to finance and skip to unconditional approval. The lender will verify that your vehicle meets the finance eligibility criteria and approve your finance application if everything checks out.
The majority of borrowers requesting a low doc car loan (55%) are either self-employed, or working casually or part-time, Money.com.au data shows. Commonly, these are tradies or seasonal workers.
If you're a business owner planning on using the car for your business at least half the time, you might be eligible for a special type of car loan called a chattel mortgage. This may have additional tax benefits (e.g. interest on the loan may be tax deductible).
A low doc car loan can also be an option for full-time employees in certain circumstances, such as if you've just started a new job and don't have multiple payslips to provide to the lender.
As the name suggests, no documentation or no doc car loans don’t require any evidence of income or supporting documents. Generally, the main criteria for eligibility for no doc vehicle finance include:
In some cases, you’ll need to be a homeowner (i.e. an asset-backed borrower) to qualify for no doc car finance, or you may be asked to provide an upfront deposit. No doc car loans typically attract higher interest rates than low doc car finance.
Yes, you can generally ask your lender to organise pre-approval for your low doc car loan. This means you’re conditionally approved to borrow a certain amount of money before you actually purchase the car. It allows you to go shopping with a clear budget in mind. Once you find a vehicle to buy and sign a purchase agreement, you’ll need to submit the details to the lender for unconditional approval.
No, you don’t have to contribute a deposit when applying for low doc car finance. Most lenders will finance 100% of the vehicle’s purchase price (including GST and stamp duty) if you meet their eligibility criteria.
However, offering a deposit can work to your advantage and potentially help you negotiate a lower interest rate, as it decreases the lender's risk by lowering your loan-to-value ratio (LVR).
Yes, you can get a low doc car loan with a balloon payment. This is a residual lump sum due at the end of the loan term to pay the outstanding loan balance.
Choosing a balloon payment option lowers your regular repayments but results in a larger amount owed at the end of the loan term. You’ll also pay more interest overall. That’s because you'll effectively pay interest on the full balloon payment amount over the entire loan term (instead of paying down the full loan amount gradually).
Your balloon payment can range from 20-40% of your loan amount depending on your arrangement with the lender.
Yes, low doc business car loans can finance various types of new and used vehicles, including utes, trucks and vans.
Money.com.au data shows the average used car loan amount requested in 2023 is $32,528 for borrowers buying a car through a dealer. For private sale car loans, the average is $26,396.
Based on analysis by Money.com.au, most lenders have a cut-off of 12-15 years for used cars. The maximum age of a car eligible for a used car loan varies depending on the lender. Used vehicles typically attract higher rates.
It's not strictly necessary to apply for a low doc car loan through a finance broker, but it can be a good idea if you're not familiar with car finance and are short on time. A car loan broker will know a wide range of lenders and their eligibility criteria. They will be able to advise you on which providers may be most suitable and will offer you the best deal.
Shopping around for the right loan can save you thousands of dollars in interest and fees.
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Where to next? Read our other car loan guides to understand more about your options for financing your next car.
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