Lo-Doc loans explained
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Lo-Doc loans explained
I often get asked about this type of product and find there is a lot of misinformation and myths out there so I though it was the perfect article for our first newsletter.
As the name suggests Lo-Doc loans are low in documentation. That's not to say there isn't any paperwork, there are still loan contracts to sign of course, but what they do away with is the reams of financial statements and tax returns that are usually required by the banks. These days, Lo-Doc style loans are solely for business or commercial purposes. This is because Australian Credit Laws govern personal or consumer credit so if the loan is for personal use such as a boat or the family home, the law states that the financier must verify the suitability of the loan which includes proving it is affordable.
No Tax Returns required
The reasons a product like this might be suitable are numerous. E.g. My Accountants still working on them, The Accountants on holidays, I've been too busy running my business to do them, etc. The reason isn't important, what matters is that with these policies we can turnaround an approval in a few hours without anything but the basic information and a credit check. We understand your time is valuable.
No need to pay a premium
In the past theses products were targeted towards people who had no tax returns, or perhaps returns that didn't quite meet the Banks criteria, and were initially offered mainly by fringe financiers. For these reasons the customer was paying a premium for the product. I.e. a higher interest rate or substantial fees. This is no longer the case as the financiers we deal with realize that quite often the strongest clients will have good financial figures but are simply too busy to be tied up filling in applications and explaining themselves each time they change over a car. So these days the best deal is often available as lo-doc whether financials are provided or not.
Would you qualify?
There are many different financiers with different criteria, you don't necessarily have to own your home or be in business for a certain time etc. Most require a good clean credit record, but we still have options if you don't! Some require you to be paying off your own home or be contributing a large deposit, but again, many don't. We can arrange a pre-approval with the right financier to suit you. If you would like to discuss your individual circumstances please contact us (see back page).
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Car Buying Service
Having worked in the car industry for over fifteen years we have established many contacts throughout various new and used car dealerships and also wholesalers, through people we know and have worked with personally. We also might know a few to avoid!
Save time and money!
If you know what you're after but don't have the time or the patience to locate the right car and negotiate the right price, let us take care of that for you.
Putting your needs first is what we pride ourselves on, so let us know what you're after, when you need it etc and we'll do the running around.
We can help you; secure a competitive deal, liaise with the dealer, arrange all the paperwork and finance and organize delivery. Simple and easy!
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