If you are self-employed, getting a car loan without payslips - often called low doc loans - for personal or business purposes is difficult - but we could help!
Yes, it's possible to get a self-employed car loan even if you have bad credit. At Rapid Finance, we understand that life events can impact your credit score, and being self-employed presents its own set of financial challenges.
Here's how we could help:
Tailored Solutions: Every individual's financial situation is unique, especially when you're self-employed. We work closely with you to understand your specific circumstances and find a loan solution that fits your needs.
Specialist Lenders: We have access to a large lending panel, including specialist lenders who consider applications from those with bad credit or unconventional income sources - such as self-employment.
Credit Improvement: If your credit score is a concern, we offer services to help you understand and potentially improve your credit profile over time.
Transparent Process: While having bad credit might affect the terms or interest rates available to you, we ensure a transparent process, helping you understand every aspect of your loan.
However, it's important to be upfront about your credit history and provide all necessary documentation - even for low doc car loans. Being proactive can increase your chances of securing a car loan tailored to your situation.
Always remember, while getting a bad credit car loan can be a hurdle, it's not an insurmountable one. With the right guidance and a tailored approach, there are financing options available for self-employed individuals with diverse credit backgrounds.
In the dynamic world of finance, not everyone fits the conventional standard when it comes to proving their income or creditworthiness. This is particularly true for self-employed individuals, sole traders, freelancers, or those with irregular income sources.
"Low Doc" is short for "low documentation". These loans are designed for people who might find it challenging to produce the typical range of documentation required by traditional lenders. This might include payslips, consistent tax returns, or other employment verifications.
Being self-employed often means a fluctuating income, depending on business performance or contract work. While you might be earning enough to comfortably repay a car loan, you might not have the steady stream of payslips or a consistent employment record that lenders usually look for. Low doc car loans bridge this gap, offering a solution tailored to the financial profiles of self-employed individuals.
At Rapid Finance, we've been helping Australians navigate their financial journeys for over 20 years. Our expertise lies in understanding unique financial situations, such as those of the self-employed. We believe everyone deserves a fair chance at securing finance, no matter their employment status or the documents they have on hand.
Ready to take the next step? To check out your options and discover how we can assist you, simply complete the short "Free Financial Assessment" form at the top of this page. Let's make your car ownership dreams a reality!
Learn your chances of loan success with a free Rapid Finance credit check. It’s fast and easy, and it won’t affect your credit rating. Request your score today – it only takes a few minutes!
Each type of business car loan has its own unique benefits, suited to different sets of business requirements. Deciding on the most suitable car loan for your business is as simple as weighing your requirements against the different benefits each type of loan offers.
Read moreJust because you think you'll struggle to get finance while self-employed, doesn't mean that's definitely what will happen. Here are our expert tips on what you can do to get a car loan while working for yourself.
Read moreAre you self-employed? Or are you a sole trader? Here's how you could get a better car loan deal with ABN car finance.
Read moreA self-employed car loan is specifically designed for individuals who work for themselves and may have difficulty proving their income through traditional means.
Rapid Finance has over 20 years experience in this area, assisting small business owners, sole traders and ABN holders get the car finance they need.
At a glance, both "low doc" (short for "low documentation") car loans and self-employed car loans might seem similar, as they are both tailored for borrowers who might not have the traditional forms of income documentation that lenders typically require.
However, there are distinctions:
In essence, while both loan types are designed to cater to non-traditional income verifications, the self-employed car loan is more niche in targeting business owners and freelancers, whereas the low doc car loan has a broader appeal for anyone with limited documentation.
If you're unsure which loan type best suits your circumstances, it's always a good idea to speak with a finance professional, like Rapid Finance, who can guide you through the best options tailored to your needs.
Our car loans for self-employed typically range from 2-7 years, depending on the loan amount and your affordability.
An ABN car loan is a type of financing specifically designed for business owners or contractors who hold an Australian Business Number (ABN).
While some lenders might require you to have your ABN for a set period, at Rapid Finance, we assess each situation individually, so we could still be able to assist if you are a new startup. It's best to reach out to us to get started. Complete the short form at the top of this page, or call us on 1300 467 274.
A commercial hire-purchase is a contract where the lender purchases a vehicle on behalf of the business, and then the business hires the vehicle back over a set term. Once the final payment is made, the ownership of the vehicle is transferred to the business.
With a commercial hire-purchase, you don't own the vehicle until the final payment is made. With a standard car loan, you own the vehicle from the start, while repaying the loan.
Learn more about rent to own car agreements.
A chattel mortgage is a type of business car loan where a vehicle (the chattel) is used as security. Once the loan is paid off, the mortgage is removed, and the business owns the vehicle outright.
A chattel mortgage might offer tax benefits for businesses, such as claiming GST, interest, and depreciation. Always consult with your accountant to understand the specific benefits for your business.