Low Doc Car Loans
Most financers require business buyers to be able to provide 2 years of financial documents in order to get a loan for a car. These documents help lenders understand the buyer’s capacity to repay the borrowed amount.
Self employed buyers who earn varying amounts of income or have been unable to earn a steady amount of income for a few months a year due to contract jobs, can opt for low doc loans that do not require the buyer to submit these financial documents. A few other documents will have to be submitted to get such loans and these documents include but are not limited to, identification proof and details of assets and liabilities.
Low doc vehicle loans are offered to self employed individuals who cannot show a steady proof of income for the last few years. These loans ensure that people who earn varying amounts of income can get cars for business purposes provided they are ready to pay slightly higher interest rates.
Low doc financial agreements can help you own the car you want, without having to struggle with providing financial documents that you cannot procure or present.
No doc agreements are similar to low doc agreements. Low doc agreements are offered by both lenders and car finance brokers. Brokers who offer such financial agreements, can help you choose a lender that is ideal for you, based on your monetary and personal circumstances.
Second chance finance is not the same as low doc agreements, second chance finance agreements are offered to people with a bad credit rating and those people who cannot get a loan elsewhere. Similarly last chance loans are a personal financial product offered to people who cannot get a loan elsewhere and do not mind paying high interest rates to purchase a vehicle.