🚛 Introduction
Trucks are essential for many businesses — from logistics and transportation to construction and delivery services. However, purchasing a truck can be expensive, and many small business owners or sole traders don’t have full tax returns or financial documents. This is where low doc loans come in, offering an easier way to finance a truck with minimal paperwork.
In this article, we explain how to finance a truck using a low doc loan, what you need to apply, and how to increase your chances of approval.
💡 Why Use Low Doc Loans for Truck Finance?
- ✅ Finance both new and used trucks without providing full financials
- ✅ Flexible repayment terms to suit your business cash flow
- ✅ Quick approval process, so you can get your truck on the road faster
- ✅ Preserve working capital for other business expenses
👉 Explore your truck finance options here: Truck and Prime Mover Finance.
⚙️ What You Can Finance with Low Doc Loans
- Light-duty trucks
- Delivery trucks
- Refrigerated trucks
- Prime movers
- Specialized trucks (e.g., flatbeds, tippers, cranes)
📋 What You Need to Apply
- Active ABN – Generally, lenders prefer a business with 6–12 months of activity.
- Business bank statements – Lenders will want to see your last 3–6 months of bank statements to evaluate your cash flow.
- BAS or accountant’s letter – If available, these can help strengthen your application.
- Supplier quote or invoice – A quote from the truck dealer showing the price of the vehicle.
- Proof of business use – Typically, at least 50% of the vehicle must be used for business purposes to qualify for finance.
💬 Tips to Improve Approval Odds
- Offer a deposit – A 10–20% deposit can help secure better terms and improve your approval chances.
- Work with a broker – A broker who specializes in truck finance can help you find the best lenders and rates for your business.
- Ensure clean bank statements – Lenders prefer to see consistent business income, so make sure your bank statements reflect this.
- Choose reputable dealers – Work with well-established truck dealers to improve your application’s credibility.
- Prepare explanations for irregular income – If your income is seasonal or irregular, be prepared to explain this to lenders.
💥 Benefits of Financing a Truck with Low Doc Loans
- Quick approval – Low doc loans are designed for fast approvals, so you can get your truck on the road quickly.
- Manageable repayments – Flexible repayment options that suit your business’s cash flow.
- Access to newer or more reliable trucks – Low doc loans help you upgrade to newer trucks without full financials, improving your business operations.
- Tax benefits – Check with your accountant to see if you can take advantage of any tax benefits from the loan.
🚀 Final Thoughts
Financing a truck with a low doc loan can be a smart solution for businesses that need to get on the road without the stress of full documentation. With the right preparation, documentation, and a solid lender, you can secure the truck you need to drive your business forward.
DISCLAIMER
The information provided on this website is general in nature only and has been prepared without considering your financial needs, circumstances and objectives and should NOT be construed as financial, taxation or legal advice. For more information, get in touch with our experienced partner brokers today.
