Finance the Ride / Business finance
Can You Refinance a Car Loan With a Low Doc Loan?
Some lenders refinance business vehicle loans on low doc terms. Here's what they check and the costs to weigh first.
- No credit check to enquire
- Free to enquire, with no obligation to go ahead
- A licensed broker calls you, usually within one business day
Check my eligibility
About 60 seconds. No credit check to enquire.
Short answer: Yes, some lenders will refinance a business vehicle loan on low doc terms if you have an active ABN, the vehicle is used mainly for business and you can verify income with BAS, business bank statements or an accountant's declaration. Whether it's worth doing depends on your payout figure, break costs and the value of the vehicle.
What low doc refinancing means
A low doc loan lets self-employed borrowers show income without full tax returns and financial statements. Refinancing on those terms means a new lender pays out your existing car loan and you repay the new lender instead. It is generally available only for business-purpose lending, which is usually outside the consumer credit rules in the National Consumer Credit Protection Act. That means fewer built-in protections, so read the contract carefully.
What lenders usually check
- ABN and GST history: Many low doc lenders want an ABN active for at least one to two years. Some accept less, especially if you have property.
- Your current loan's conduct: Repayment history on the loan you are refinancing is one of the first things reviewed. Arrears make it much harder.
- Income evidence: Recent BAS, three to six months of business bank statements, or a signed accountant's declaration, depending on the lender.
- Vehicle value versus payout: If you owe more than the vehicle is worth, the lender may ask you to cover the gap.
- Vehicle age: Many lenders limit how old the vehicle can be by the end of the new term.
Refinancing costs to check first
| Cost | Where to find it |
|---|---|
| Payout figure and early termination fee | Ask your current lender for a written payout quote |
| Remaining balloon or residual | Your existing contract |
| New establishment and ongoing fees | The new lender's quote |
| Any broker fee | The broker's credit guide and quote |
Compare the total cost over the remaining term, not just the monthly repayment. Stretching the loan over a longer term may lower repayments but increase total interest.
When it can make sense
- Your business income and credit file have improved since you took out the original loan.
- A balloon is due and you can't pay it in cash.
- You want to change the structure, such as moving from a consumer loan to a chattel mortgage in the business name, and your accountant agrees it suits your tax position.
When it may not
- The break costs outweigh the interest saved.
- The loan is nearly paid off.
- Your BAS shows falling turnover or you have ATO debt that hasn't been sorted out.
Thinking about refinancing a business vehicle? Tell us about your situation in about 60 seconds and a licensed broker will call you. No credit check to enquire.
Related guides
- Low doc car loans explained for self-employed Australians
- Understanding early termination fees
- How refinancing can lower your car loan cost
- Low doc loans for cars, utes and vans
General information only. This isn't financial advice. Finance the Ride is a referral service and doesn't hold an Australian Credit Licence. Last reviewed September 2026.
About this guide. Written by the Finance the Ride team and last updated . It's general information for Australian borrowers, not financial advice, and doesn't take your circumstances into account. Finance the Ride is a referral service: we don't lend money or hold an Australian Credit Licence. About us