Finance the Ride / Business finance
How Do BAS Statements Affect Your Car Loan Approval?
For self-employed borrowers, BAS is often the main income evidence. Here's what lenders read on it and how to get it ready.
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Short answer: For self-employed borrowers, especially on low doc loans, BAS statements are often the main evidence of income. Lenders use them to check your turnover, whether it is steady or growing, and whether your tax obligations are up to date. Consistent, on-time BAS that match your bank statements make an application far easier to assess.
What lenders read on your BAS
- Total sales (G1): Your GST turnover for the period, which is the headline figure lenders use.
- Trend: Two to four consecutive quarters show whether turnover is stable, seasonal or falling.
- Lodgement dates: Late or missing BAS raise questions about how the business is run.
- GST and PAYG amounts owing: Large liabilities, especially unpaid ones, reduce the cash available for repayments.
Lenders usually compare BAS turnover with deposits into your business bank account. If the figures don't line up, for example because personal and business money is mixed in one account, expect more questions.
How BAS fits into different loan types
| Loan type | How BAS is typically used |
|---|---|
| Full doc | Supports tax returns and financial statements |
| Low doc | Often the main income evidence, alongside bank statements or an accountant's declaration |
| No-financials or "asset-backed" business loans | May be requested only to confirm the business is trading, depending on the lender |
ATO debt and BAS
An ATO debt doesn't automatically rule you out, but lenders want to know about it. Many will want to see that it is on a formal payment plan and that the plan is being kept. The ATO can report certain business tax debts to credit reporting bodies, generally where an ABN holder owes at least $100,000 that is more than 90 days overdue and hasn't engaged with the ATO. Check the ATO website for current rules.
What if you're not registered for GST?
You must register for GST once your turnover reaches $75,000, or from your first trip if you drive for a rideshare service. Below that, many sole traders aren't registered and don't lodge BAS. Lenders then rely on other evidence, such as tax returns, notices of assessment, bank statements or an accountant's declaration. Not being registered isn't a problem in itself.
Getting your BAS application-ready
- Lodge any overdue BAS before applying.
- Download copies from ATO online services or ask your accountant or BAS agent.
- Run business income through one dedicated business account.
- Be ready to explain seasonal dips or a one-off large quarter.
- If turnover has recently dropped, say so upfront and explain why.
Self-employed and relying on BAS to show income? 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 without GST registration
- Using an accountant's letter for a low doc loan
- Documents needed for ABN car finance
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