When you talk about car loans, the very first thing that comes across is the stacks of paperwork. What if you do not have enough documentation? Does that mean there is no chance of getting the finance that you need? It might be possible that you are capable of paying for a loan but do not necessarily have the papers to back it up.
If you are the one who is struggling hard for a loan, due to inadequate documentation, then a low doc car loan is there for you. Have a look at the benefits that you can expect from a low doc loan:-
Requires minimum paperwork
Loan doc loans usually require a declaration of income and property that is used as a guarantee for the loan. Thus, it is the best option if you are unable to provide the usual documentation required for car loans. It is a great idea even if you are self-employed, unemployed or new in business.
Get loan even with bad credit
You need a car loan, but you have bad credit. It’s time to apply for a low doc car loan. You only need to show your declaration of income and a letter from your accountant.
You can expect a faster application process with low doc car loan as compared to the regular loan. It involves lesser paperwork and you just need to provide a signed declaration of income.
Boost up your business
If you are a business owner and has obtained the car finance with low doc home loan, you can claim the tax deductions and GST benefits. Even if you have struggled to secure a car loan in the past, you will find it much convenient with a low doc car loan.
Thus, with so many benefits, low doc car loan in Australia is a worth try for anyone who feels the traditional loans are out of his reach.