When you are a business owner, there are things that you have time for, and things that you don't.
Customers and growing your business - Yes.
Sorting through paperwork and spending hours on the phone organising finance - No.
When you're time poor, or lack the paperwork necessary for a regular loan, a Low Doc loan can be the saviour of the small business owner.
So What Is A Low Doc Loan?
A Low Doc loan works in the same way as a regular loan, except the only paperwork you need is a declaration of income, a signed privacy form, the application form and proof of identification.
It gives you access to similar rates and loan types, but without the need to run around trying to find all the necessary business documents you need for a traditional loan.
Plus, it isn't just confined to cars. You can get a Low Doc loan to finance cars, caravans, equipment and more, so long as it is deemed Fit for Purpose (ie. it is necessary, and will be used for business-use).
Who Do They Suit?
A Low Doc loan is available for small-business owners or self-employed workers who may not have access to, or the time to collate, the necessary paperwork to apply for a regular loan.
Criteria for a Low Doc loan varies from lender to lender, which is good news for Sole Traders, Business Partnerships, Trusts and Pty Ltd's with a clean credit history, because it means there is generally a Low Doc loan available to suit your circumstances.
See our handy checklist for examples:
Without the paperwork usually required to apply for a loan, such as tax returns, bank statements and accountant's letters, a Low Doc loan will usually require security to fall back on.
Being a homeowner gives your lender confidence that you are suitable for finance, however, if you don't own a home, most lenders are happy to take a deposit from you as security.
Plus, if you have had finance within the past six months, we're happy to chat to your lender, and use that history to get you financed again. No running around trying to round up paperwork all over again!
How To Apply?
stratton works to make sure that you can get financed, even if you don't have the documentation available. If you own property, or are able to pay a deposit, stratton can get you financed quickly and easily.