🚛 Introduction
Commercial trucks are a significant investment for many businesses, whether it’s for deliveries, logistics, or transportation. If you're a business owner who doesn’t have full financials, low doc loans offer a convenient and flexible financing option. With minimal paperwork required, you can quickly secure the truck you need to keep your business moving.
In this article, we’ll cover how to finance commercial trucks with low doc loans, the necessary documentation, and how to improve your chances of approval.
💡 Why Use Low Doc Loans for Commercial Truck Finance?
- ✅ Minimal paperwork required
- ✅ Flexible loan terms tailored to business cash flow
- ✅ Fast approval process, ideal for businesses that need trucks quickly
- ✅ Finance new or used trucks
- ✅ Preserve working capital for other business needs
👉 To learn more about low doc truck finance, visit: Truck and Prime Mover Finance.
⚙️ What Types of Commercial Trucks Can You Finance?
- Light-duty trucks
- Delivery trucks and cargo vans
- Freight trucks and semi-trailers
- Refrigerated trucks
- Tippers, flatbeds, and specialized vehicles
📋 What You Need to Apply for a Low Doc Loan
- Active ABN – Typically, lenders require an ABN that’s been active for 6–12 months.
- Business bank statements – Lenders typically ask for 3–6 months of bank statements to assess your cash flow.
- BAS or accountant’s letter – These help strengthen your application if available.
- Supplier quote or invoice – A quote from the truck dealer or supplier showing the vehicle you want to purchase.
- Proof of business use – The truck should be used for business purposes at least 50% of the time.
💬 Tips to Improve Your Chances of Approval
- Offer a deposit – A 10–20% deposit can lower the lender’s risk and improve approval chances.
- Clean up your bank statements – Ensure your business bank statements reflect steady income and consistent transactions.
- Provide additional documents – Offering BAS or an accountant’s letter can help back up your low doc application.
- Choose a reputable dealer – Financing through a well-known and trusted dealer or supplier can improve the credibility of your application.
- Work with a broker – Brokers who specialise in truck finance can help you navigate the process and find the best loan options.
💥 Benefits of Financing Commercial Trucks with Low Doc Loans
- Quick approval – Low doc loans are typically approved faster, so you can get your truck and start your business operations without delay.
- Flexible repayments – Repayment terms that suit your business cash flow, including seasonal repayment options.
- Access to newer, more efficient trucks – Upgrade to newer models without the full financial documentation required by traditional loans.
- Lower initial costs – Financing allows you to acquire a commercial truck without tying up all of your cash in a single purchase.
🚀 Final Thoughts
Financing a commercial truck through a low doc loan can help you expand your fleet and grow your business without the burden of full financial documentation. By preparing the right documents, offering a deposit, and working with a broker, you can improve your chances of securing the loan and get your business moving faster.
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.
