What documents do I require for a Low-doc car loan?
Application Form – This can be completed by yourself or by Us (in conjunction with you). This car loan application includes your personal information such as name, telephone, email, home address, employment history, assets, and liabilities.
Driver’s Licence both sides (certified) — Used to confirm your identification and your home address. Needs to be certified by a JP, Pharmacist or Australia Post, with current residential address AND dated within 3 months of the car loan application.
Medicare card — a copy is required to demonstrate your residential status (colour) and your dependents. If you have non-dependents or other family members listed on your card, these need to be identified and written on a photocopy of the cards and signed by you.
Tax invoice – from the Dealership to your company for the total price of the vehicle and its accessories. The invoice should state the correct address, the full deposit to be paid to the dealership, and the amount to be paid by this car loan.
Rates notice (if applicable) – on a council-issued rates notice, not older than 12 months, to confirm your property ownership (if you have one). It is worth noting that if the property is NOT in your name, then legally you are not the owner.
Proof of Rent paid (if applicable) – demonstrates how much you are paying in rent. This may be a current Rent Receipt or Tenancy Agreement in your name and is important in demonstrating your monthly expenses.
Comprehensive Insurance Policy – Lenders will not lend money on a car loan unless the car is comprehensively insured. This is because the car is used as collateral for the loan (chattel mortgage). In most circumstances this will include the Lenders name noted on the policy as an interested party, and the Vehicle Identification Number (VIN) listed as well. This policy will need to be ACTIVE before settlement can occur.
2 x Personal contacts – these contacts must not reside at the same address as each other or the car loan applicants. The lender would require their telephone number, relationship to you, and residential addresses.
Proof of address (potentially) – when the loan applicant’s address does not appear on the applicant’s Drivers licence.
Trust Deed – if the applicant is a Trust.
Partnership agreement/Letter from Accountant – if the applicant is a Partnership. A letter would need to be on letterhead and stating the Partnership name and ABN, Full Name, Address and DOB of each partner, Establishment date, stating that one partner can sign solely, & stating vehicle is for business use.
