Frequently Asked Questions
The number one requirement for No Doc car loans and Low doc car loans is the length of ABN registration, the longer the better. WE have so many different options that we can cater for, short term ABN’s and longer term ABN’s. Property ownership can help in some instances, but its not needed. A deposit can help, but again its not needed. Just complete out Quick Quote Form and we will shoot back a quote for you really quick.
As long as you qualify for No Doc Car Finance then you will not need to supply us with any documents for your approval. You will simply fill in our 5 minute online application then we can submit an application to the most appropriate lender that suits your profile and usually receive an approval within 2 – 24 hours.
Sometimes we need to move to a Low Doc Car Loan option which requires 6 months business bank statements. Various reasons for this may be bad credit, really old vehicle, brand new ABN, but once you submit your application and we run our checks we will notify you if this is the case, but generally 95% of our car loan applications are No Doc Car Loans.
Once you find a suitable vehicle, we will email you the loan documents to sign and you will sign them email back to us. Depending on which lender we are using, you would then generally have to also send us a copy of your drivers licence.
We can cater for dealer sales and private sales.
This depends on the demand from each lender but generally it take take anywhere from 2 hours to 24 hours for approval.
We always run a soft check when we receive your application, this tells us straight away whether you will qualify for a loan with the lender we intend to use. This credit check does not effect your score in any way and there are no marks left on your credit file. Once we do submit the loan application to the lender most of the lenders will run a credit check, but by us running our own checks first we pretty much know the loan will be approved before we submit the application to the lender, rarely would a loan be declined after we have submitted the application to the lender.
We have a range of lenders that deal with bad credit car loans. All of these lenders will need 6 months business bank statements due to the extra risk. However if you just have a small telco or utility default under $1000 and its been paid we can generally get these types of deals approved with a few of our mainstream lenders. Bad credit car loans are case by case as each situation is unique so just send through your car finance application and we will run our checks and get in contact with you to discuss.
A Chattel is defined as personal property which is movable unlike land or buildings. In answering the question What is a Chattel Mortgage, we would start by saying a Chattel Mortgage is a loan which is secured by a chattel rather than land or buildings, like in a traditional mortgage. In a business context a chattel might include a car, truck, excavator, or some other piece of plant & equipment used for business purposes.
The lender holds the “lien” in a Chattel Mortgage which gives the lender the legal right to sell the goods if the debtor defaults. The lien holder is the finance company that has provided the finance for the goods, and this lien is released at the end of the loan period when the amount is paid in full.
Business’s tend to use Chattel Mortgages to take out a loan to buy new business equipment which will help their business grow rather than taking cash from the business to buy the equipment outright. Financing their equipment ensures the business has the capital needed to grow the business.
Chattel Mortgages when used in a business may give the business tax efficiencies and depreciation benefits. Generally the business will claim the interest charges on the loan, and also claim the depreciation for the asset that has been purchased.
And for business’s that are registered for GST on a cash basis, they may also claim back the GST as an input tax credit on their next BAS. This GST tax credit is a major incentive for most business owners when deciding to finance their equipment using a Chattel Mortgage.
Still have you any problem for solutions?
