As a new business owner your plate is always full of tasks required to get your business up and running. Having access to the right vehicle is critical. However, having the time to source, compare and apply for finance is very hard for new business owners and requires endless paperwork. BUT it doesn’t have to be this way with Swoop’s low doc vehicle and asset financing options for businesses with new ABNs.
What is a low doc vehicle loan?
Low doc (low documentation) car loans are typically taken up by people who are self-employed. These are also commonly referred to as “car loans for ABN holders”. The main difference between a normal car loan and a low doc car loan is what information you’re able to give a lender when applying (usually your income).
Instead of your bank statements or tax returns (which you might not readily have access to), lenders will often ask you to sign a declaration of income to verify your income.
The low doc loans options for new businesses available on Swoop can be approved without the need for financial documents.
Who is best suited for a Low Doc Vehicle Loan?
They’re especially useful for new business owners and the self-employed who may struggle finding the time to access and collate the necessary paperwork including tradies, bakers, event planners and farm workers.
Swoop low doc loan options for vehicle and assets are available across all industries, so long as the vehicle will be used predominantly for business purposes.
You’ll simply need a deposit in order to qualify for a low doc vehicle loan with us – there’s no need for property ownership, financial statements and tax documents as long as you have a clean credit history.
Why apply for a Swoop low doc vehicle loan option?
By using the Swoop platform to apply for a new low doc vehicle loan you’ll save valuable time and have access to greater resources including a dedicated funding manager to guide you from start till end. Swoop will also allow you to:
- Have your finance in place before you go to the dealership so you can drive a better bargain on your new car
- Access to greater lending providers than traditional dealerships and brokers
- Get approval in under 24 hours
Start your funding journey with Swoop today and discover funding options across loans, equity and grants for business needs.
Written by Edmund Bale