Tips to help get into your truck sooner! – Low Doc Loan

Tips to help get into your truck sooner! – Low Doc Loan

If you follow this Tip sheet, you will have a much greater chance of obtaining a positive approval.

Please feel welcome to discuss any concerns that you may have.  We are here to help and make sure you get a positive outcome.    Since we have access to more than 20 lenders, we will work out for you which lenders that you are elligible for, before any formal application is lodged.

Bank statements:  (Some lenders don't need bank statements if loan less than $40,000 and you have clean credit).

However if you are seeking more than $40,000 or are a startup business or have bad credit, then the chances are that bank statements will be required.

- Low doc lenders generally need to see 3 months of bank accounts

- Bank statements showing NO dishonours or overdrawn amounts 

- Statements showing income regularly deposited & consistently being deposited into the account

- 10-15% Working Capital (savings) available is ideal.E.g.If your seeking to obtain a $100,000 truck, then showing that you have $10,000 to $15,000 in your account will give lender confidence that you have enough funds to get your business off the ground and cover your expenses such as Fuel, maintenance, Tolls, Finance payments for the first couple of months while you are waiting to get paid from the company that your contracting to.

- If there are regular transfers from your business account to/from your personal account/s, lenders will probably ask for 3 months personal bank statements too.You may consider ceasing electronic transfers from company account to personal account if you prefer to avoid providing personal bank statements for any reason.

We use www.bankstatements.com.au to make it easier for our clients to transmit bank statements and the automated report.   We will provide you with a unique weblink to follow so that the report gets sent to us, since approx 50 banks and hundreds of brokers use this system.

Credit File:

- Clear credit file, with any defaults listed as “Paid” or "Settled" instead of showing as "Outstanding”.

- No current Bankruptcy showing on credit report.

- Credit score of greater than 500 is preferred, however lower credit scores can also be considered.

- We can complete a quick credit check to find any Credit File Issues which might be holding you back.If you have credit impairments, we can refer you to a credit repair agency to assist you resolve any unjust credit impairments or we have contacts in Debt Negotiation company who is very good at negotiating unsecured debt settlements.

Remember, we cover the costs of the credit file, and the bankstatements analysis report and we will not lodge any applications with any finance companies, unless you are happy with the written quote that we provide to you.

Income: (Work source letter of Intent OR Contract)

- Work Source Letter of intent showing work is available once you get your truck

- Needs to show your expected income or expected hours & hourly rate

- Needs to be from a reputable, long-standing company which has a website.

  -  See Template attached.

  - Also see Sample attached.  This is just an example and it will be different depending on type of work you are doing, however it just gives you an idea.

Liabilities:

- No Tax Debt.If borrowing over $50K, most lenders require a copy of the ATO portal to show that BAS lodgements have been done and there is NO outstanding GST, PAYG.  Depending on the loan amount, the “Integrated Client Account” is sometimes requested by the lender to see if you have any significant personal tax’s owing.

- Any current loans being paid on time – no dishonours/late payments

- Credit Cards and Overdrafts below their credit limits

- If you are paying off a property, make sure that you mention what your monthly mortgage payments are.

General:

- We can accept assets of any age, however, vehicles less than 20 years gives you a wider choice  of lenders willing to accept your application!   The Oldest would be approx 45 Years old at the end of the loan term.

- Being honest and accurate with your information at all stages results in better approval outcomes!