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Traditional 'full doc' car loans typically require two years of tax returns, notices of assessment, and detailed financial statements — paperwork that many self-employed people, contractors and small business owners either don't have readily available or that doesn't fully reflect their current earning capacity. Low doc car loans are designed specifically to bridge this gap.
Instead of relying solely on tax returns, low doc lenders assess your borrowing capacity using alternative evidence — typically recent business bank statements, a signed income declaration, and your ABN registration history. Drive Select Finance works with a panel of lenders who specialise in low doc lending, helping self-employed Australians get into a vehicle without the paperwork burden of a full-doc application.
Low doc lending exists because standard lending criteria don't always reflect how self-employed income actually works.
Recent business bank statements and a signed declaration can often replace two years of tax returns.
Most low doc lenders require your ABN to have been active for a minimum period, commonly 12-24 months.
Because the lender is taking on more assessment risk with less documentation, rates can be marginally higher than full-doc loans — though still competitive when compared across our panel.
With less paperwork to prepare and submit, low doc applications are often faster to put together and assess.
Low doc lending suits a specific set of circumstances — here's how to know if it's the right path for your situation.
If you operate as a sole trader or run a small business and your tax returns lag behind your actual current income (a common situation for growing businesses), a low doc loan lets a lender assess your recent bank statements instead, which can better reflect your current earning capacity.
If you've recently moved from PAYG employment to contracting or running your own ABN, you may not yet have two full years of tax returns to show a full-doc lender. Low doc lending can allow you to qualify sooner, provided your ABN meets the minimum active period and your bank statements show consistent income.
Most low doc applications require your ABN details, 3-6 months of recent business bank statements, a signed declaration of income, and standard identification. Your broker will confirm the exact requirements for the specific lender best suited to your situation before you apply.
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If you're self-employed, a contractor, or run a small business and don't have full financials ready to go, get a free, no-obligation quote and let us match you with a lender suited to your situation.
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