No Doc Car Loans
There is no denying that getting your dream car brings so much joy to your face. However, one thing that keeps stalling that smile is the cost of your dream car. Usually, it spans into thousands of dollars, making it sometimes impossible to obtain it. It gets even worse when you try to obtain a standard loan, and you get refused due to inadequate documentation.
You can avoid that with a No Doc Loan. It allows you to access a car loan without the large attendant number of documentations that comes with it. This way, you can get right to purchase that dream car of yours.
What Is A No Doc Car Loan?
A no-doc loan is a finance option that allows you to obtain finance without providing any documentation. This option is suitable for partnerships, companies, and even sole traders that have no-income verification. Precisely, these lenders turn a blind eye to it which and provide you with the loan.
So, upon acceptance of your application, you receive the cost of the car. You can then proceed to purchase your car. As always, you remain obligated to pay back the loaned sum within a specified duration.
Who Can Use No Doc Car Loans?
This finance option is best suited for individuals who are self-employed or those who run small businesses. You can also use it if you are a contractor or freelancer. So, you can use it if you fall under any of the following categories.
- App Developers
- Event planners
- Fashion Designers
- Web Designers
- Real Estate Agents
- Life Coaches
- Personal Stylist and Hair Stylists
- Farm Workers
Advantages of No Doc Car Loans
When you opt for a no doc car loan, you stand to enjoy various benefits. They include:
- No documentation
- Tax breaks and GST for the holder of ABN
- Competitive interest rates
- Fixed interest rate throughout the loan term
- Flexible repayment structure
- Long term repayment, up to 84 months
Distinction Between No Doc Car Loans and Low Doc Car Loans
Although it is sometimes mistaken as the same, they are different finance options. Typically, while low doc requires minimal documentation, you do not need any documentation with no doc. As such, the low doc option works for you if you cannot meet the standard qualifying criteria. Or when you cannot show your tax returns or proof of income for a preceding two-year period. On the other hand, a no doc car loan works for you if you cannot produce any evidence whatsoever of your income.
Frequently Asked Questions
You can get your no doc car loan approved within 24 hours. This is even easier due to the absence of considerable documentation that results in red-tapism.