“Low doc” essentially just means a “low documentation” car loan. Often used by people who are self employed or those who can’t provide a strong track record of steady income, low doc car loans could demand a bit more from the consumer, yet require less paperwork. Low and no doc car loans often have a higher interest rate, and various other limitations. Read on to find out more about low doc car loans.

In the market for a new car? The table below features car loans with some of the lowest fixed interest rates on the market.

Lender

FixedNew1 year
More details
Approval within 24 hoursEarly payout available
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
Approval within 24 hoursEarly payout available

New Car Loan - Special (Fixed)

  • Required: Good credit history, stable employment history. Aus citizenship or PR.
FixedNew1 year
More details
Approval within 24 hours
  • Save the planet. Save thousands on your car loan.
  • Get a discounted rate if you buy electric
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
Approval within 24 hours

Green Car Loan Fixed

  • Save the planet. Save thousands on your car loan.
  • Get a discounted rate if you buy electric
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
FixedNew99 years
More details
Loan amounts from $2k to $75k
  • Available for any new motorised vehicle
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
Loan amounts from $2k to $75k

New Car Loan

  • Available for any new motorised vehicle
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
VariableNew1 year
More details

New / Demo Car Loan (Variable)

    FixedNew1 year
    More details

    New / Demo Car Loan (Fixed)

      FixedNew, Used99 years
      More details

      New or Used Car Loan Special

        FixedNew, Used7 years
        More details
        No ongoing fees
        No ongoing fees

        Plenti Car Loan (Refinance)

          FixedNew, Used99 years
          More details

          Unsecured Car Loan Excellent Credit

            FixedNew5 years
            More details

            Fixed Car Loan (New)

              FixedNew, Used7 years
              More details

              Secured Car Loan

                VariableNew, Used10 years
                More details

                Car Loan

                  FixedNew, Used99 years
                  More details

                  Car Loan

                    Important Information and Comparison Rate Warning

                    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

                    The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

                    Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of June 24, 2024. View disclaimer.

                    Low and No Doc Car Loans

                    Applying for most any loan these days requires a fair modicum of paperwork, as well as a pretty strong track record of income and savings. But what if you’re self employed, your income ebbs and flows, or you don’t really have that history? That’s where no or low doc car loans come in.

                    The specific details vary from lender to lender, but generally you could be paying a higher interest rate than other types of car loans, as you are likely determined as a bigger risk by the lender. There are various commonalities with standard full-doc car loans, however. You often get a choice between fixed and variable loans, and lenders could let you purchase a used vehicle, provided it’s roadworthy.

                    Even though you may not need as much evidence of income, you could still require a signed document from your accountant or other income professional to say you can pay off the loan. You will probably be required to have proof of business ownership, and a good credit history, too.

                    What other options do I have?

                    If you just ‘CBF’ with paperwork, then you might be ‘SOL’ (s..t outta luck), as like with most applications, car loans require a fair bit of it. However, if you’re a small business owner or someone with a short or bad credit history, you might have a few options up your sleeve. Options could include:

                    • Chattel Mortgage: If you’ve got a business, a chattel mortgage is essentially a secured car loan for it. They also usually allow you to claim GST and interest paid back on tax, as well as depreciation.

                    • Hire Purchase: You are essentially agreeing to ‘rent’ the vehicle from the financier for a set period, after which they sign the title over to you, usually involving some type of balloon payment. You usually also have the option of purchasing at any time. Could also come with tax/GST benefits.

                    • Personal/Unsecured Loan: A personal or unsecured loan doesn’t use the car as collateral in case you default on the loan. As this is seen as riskier by the financier, you likely face higher interest rates than if you secured the loan. This rate could be higher still if you have a poor credit history.

                    In the business realm, there are quite a few options you have. And this doesn’t just extend to vehicles - you can also often finance equipment and machinery. However, as always, keep an eye on the specific terms of the loan, and the interest rates and fees.

                    Savings.com.au's two cents

                    Low doc car loans sound fancy, but they are essentially just a subset of car loans where you may not need a steady income history. Most likely of use to small business owners - especially ones just starting out - a low doc loan could be the ticket to getting a set of wheels and being able to grow your business further. However, this could come at the expense of the interest rate, which might be higher than other types of car loans. Keep in mind the lowest fixed car loans over five years are usually around the 5% p.a. mark, so it could be useful to use that as a yardstick and go from there.