Self employed, need a new car or ute, and your tax returns are a year or two behind? You're not out of options. Low doc car loans let ABN holders prove their income with documents they already have, like BAS statements and business bank statements, instead of full financials. Here's how a low doc car loan works, what lenders usually ask for, and how to give your application the best possible shot.
What is a low doc car loan?
A low doc car loan is a car loan for self employed borrowers who can't easily provide the usual paperwork, such as recent tax returns and financial statements. Instead, the lender relies on other evidence that your business is trading well.
Low doc car finance is mainly built for vehicles used for business, so it's usually written to an ABN holder: a sole trader, partnership, company or trust. It's often set up as a chattel mortgage, where your business owns the vehicle from day one. Our chattel mortgage vs finance lease guide explains how that structure works.
If the car is mainly for personal use, responsible lending rules apply, and lenders need to verify your income properly. That usually means full documentation, even if you're self employed.
Low doc vs full doc car loans
| Full doc car loan | Low doc car loan | |
|---|---|---|
| Income evidence | Tax returns and financial statements | BAS, bank statements or an accountant's letter |
| Who it suits | Borrowers with up to date financials | ABN holders whose financials are behind |
| Main use | Personal or business | Mainly business use |
| Options | The widest range of lenders | Fewer lenders, criteria vary a lot |
| Pricing | Often sharper | Can be higher, because the lender sees more risk |
What documents do you need for a low doc car loan?
Every lender sets its own policy, but these are the documents most commonly asked for:
| Instead of… | Lenders may accept… |
|---|---|
| Recent tax returns | Your last few BAS statements |
| Financial statements | 3 to 6 months of business bank statements |
| An accountant's full set of accounts | A letter or declaration from your accountant |
| Payslips | A signed declaration of your income |
You'll also usually need:
- your ABN, and often GST registration
- your driver's licence
- details of the vehicle: an invoice, listing or contract of sale.
How to qualify for a low doc car loan
Lenders weigh up the whole picture. These things commonly help:
- Time in business. Many lenders look for an ABN that's been active for a while, often 12 to 24 months. Some will consider newer ABNs with strong experience in the industry.
- GST registration. It shows the business has turnover above the GST threshold.
- Clean credit. No recent defaults or missed repayments on your file.
- Owning property. Being "asset backed" can open up more options and a larger loan.
- A deposit or trade in. Putting money in lowers the lender's risk.
- Consistent bank statements. Regular deposits and few dishonours tell a strong story.
Low doc options are available up to $500k, subject to lender criteria. See our low doc finance page for more.
From the broker's desk
“A lot of the self employed people who call us assume they'll be knocked back because their tax returns are behind. Often they've got everything a low doc lender needs sitting in their accounting software already. The biggest mistake is applying with three or four lenders on their own and stacking up enquiries on their credit file. One well prepared application to the right lender beats five rushed ones.” Dayle Filliponi, Lend It Finance Group
The easy way to apply: give us a call
No need to work out the paperwork on your own. Call us on 1300 082 012 and we'll tell you exactly which documents you need, match you with a lender whose policy fits, and make sure you only apply once. Prefer to start online? Get a quick quote and we'll call you back.
Can I get pre approved for a low doc car loan?
Often, yes. Pre approval gives you a budget before you shop, which is handy at auctions and in private sales. It's usually subject to the lender approving the vehicle you choose.
With rates expected to rise, does a fixed rate help?
The September quarter CPI came in at 4.3% annually (ABS), and another RBA rise on 3 November is widely expected. Most car loans have a fixed rate, so your repayments are locked in for the term once you settle. Already have a car loan? Our refinance guide explains when switching makes sense.
How Lend It helps
We compare 70+ lenders for car loans and low doc finance, including lenders that specialise in self employed borrowers. We'll tell you up front which documents each lender needs, so you only apply once. Approvals can come through in as little as 24 hours.
Getting a quote doesn't affect your credit score. We may run a soft check, and a full credit enquiry only happens when you apply. We're based on the Gold Coast, help clients Australia wide, have 250+ Google reviews and we're open 7 days, 8:30am to 6pm.
FAQs
What is a low doc car loan?
A car loan for self employed ABN holders that uses documents like BAS statements, bank statements or an accountant's letter instead of full tax returns and financials.
Can I get a car loan if I'm self employed?
Yes. Self employed borrowers can apply for a full doc or a low doc car loan, depending on how up to date their financials are and how the car will be used.
Do I need an ABN for a low doc car loan?
Usually, yes. Low doc car finance is generally for business use, so it's written to an ABN holder.
How long do I need to have had my ABN?
It varies by lender. Many look for 12 to 24 months, and some will consider newer ABNs with strong industry experience, a deposit or property.
Can I get a low doc car loan with bad credit?
Sometimes, but options are narrower and pricing is usually higher. Get advice before you apply so you don't add extra enquiries to your file.
Can I buy from a private seller with a low doc car loan?
Many lenders allow private sales, subject to checks on the vehicle and the seller.
Let's get you on the road
Send us your last few BAS statements and the car you're looking at, and we'll show you which lenders fit. Get a low doc car loan quote or call 1300 082 012.
Researched with AI assistance, written and checked by Dayle Filliponi.
General information only. This article is not financial, tax or legal advice and doesn't take your personal circumstances into account. Talk to your accountant or a licensed adviser before you make a decision. Information current as at 30 October 2026. Lend It Finance Group is a credit representative (535206) of COG Compliance Services Pty Ltd, Australian Credit Licence 384428.