Can I get a low doc truck loan if I am self-employed?

If you are self-employed and looking for a truck loan, you’ve come to the right place. You might be able to apply for a low doc truck loan, which is usually the same as a traditional loan, except that you won’t need to apply to your lender with as much documentation as you normally would. This can be especially useful if you are self-employed, and do not have payslips or a regular set income to give proof of.

Read on below to find out more about low doc truck loans.

Can I get a low doc truck loan if I am self-employed?

Being self-employed does not mean that you can’t get approved for a truck loan. There are loans aimed at helping those who are self-employed to get financed easily. One such loan is a low doc loan, which some lenders also use for vehicles.

In this case, low doc truck loans generally involve your lender approving your loan using less documentation than a traditional loan. Low doc loans are usually aimed at those who might have difficulties proving their income, such as someone who is self-employed with their own business, freelancers, and contractors. These types of loans may prove useful to those who need truck finance, but do not earn a regular income.

If you are self-employed but looking to apply for a low doc truck loan, a lender might ask to see tax returns, as well as financial statements when considering your loan application.

In some cases, a specialist lender may be needed for a self-employed loan. If you have a bad credit score or have been in business for less than 18 months, you may need to apply with a specialist lender. Generally, most private lenders will be able to offer self-employed loans, and you may find that they have an easier approval checklist compared to traditional lenders.

Can you use your truck for your business?

If the truck that you are looking to purchase will be used more than 50% of the time for business purposes, you should be able to purchase it as a business vehicle. This means that you may be entitled to claim some costs associated with the vehicle on tax and that your company could own the truck and be responsible for the repayments.

However, if your truck will be used for less than 50% of business purposes, the typical truck loan process would have to be followed. The truck loan would be in your name personally, and you would be responsible for making the repayments and everything relating to the upkeep.

How can you apply?

In the case of a low doc truck loan, you may not need to supply as much as you would if you were to apply for a traditional loan. While each lender may have differences in what they will need to see, generally, you may be asked to provide:

Personal details such as your name, address and proof of your identity. These can usually be provided in the form of your licence or passport.
Bank statements of any accounts in your name, and personal tax returns
Your ABN number if you are self-employed
The value of the truck you are wishing to purchase
If the truck will be used as a business vehicle, your lender may need to see financial records relating to your business.

Where does Tiger Finance come in?

If you’re looking for truck finance, look no further. We have helped countless Australians with both good and bad credit ratings to be funded for their perfect truck. With Tiger Finance, we can help to get you a loan in four easy steps. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved. You won’t find an easier way to get approved for a bad credit truck loan.

How we can help

Tiger Finance is here to help you to get approved no matter your credit score. We can make the process simple and pain-free. With our quick application process, we can have you approved on the same day that you apply if you’re able to meet our criteria. Our loan specialists will make the entire process stress-free.

If you’re ready to drive away in your new truck, call us today for your free initial consultation with one of our loan specialists.