Car Loans • Self-Employed
Self-employed car loans: What paperwork do you actually need?
When you're self-employed, applying for a car loan can seem daunting. The paperwork requirements are different from a standard PAYG applicant. This guide clarifies exactly what documents you need to prepare.
What are the key takeaways (TL;DR)?
- Full-doc applications win when your tax returns and BAS are clean.
- Low-doc options still need bank statements and accountant support.
- Organised paperwork shortens approval timelines.
Amelia Hart
What is the full-doc loan checklist?
A full documentation (full doc) loan will generally get you a better interest rate. For this, lenders typically require:
- Tax Returns: Two years of full personal and business tax returns.
- Notices of Assessment: Corresponding ATO Notices of Assessment.
- Business Financials: Profit and loss statements and balance sheets, especially if your tax returns are not recent.
“Well-prepared financials are the fastest way to a 'yes' from a prime lender.”
What are the low-doc loan alternatives?
If you don't have two years of tax returns, a low-doc loan is a great option. The paperwork is less intensive, but the interest rates can be higher. You'll generally need one of the following:
- An accountant's letter confirming your income.
- Business Activity Statements (BAS) for the last 12 months.
- Business bank statements for the last 6-12 months.
Which other documents are essential?
Regardless of the loan type, you will also need to provide standard identification documents, such as:
- Driver's license
- Medicare card or passport
- Proof of ABN and business registration
What are the next steps?
Getting your paperwork in order is the first step to a successful car loan application. We can guide you on whether a full-doc or low-doc loan is right for you. Contact us for a confidential discussion. Send your documents securely to info@newgenfinancebrokers.com or call 0451 414 800.