Low Doc Trailer Loans vs Full Doc: Which Is Best? 🔍🛻

If you're looking to finance a trailer for your business, you'll come across two options: low doc and full doc loans.

But what’s the difference? And which one will actually get you approved faster, with less stress?

Let’s break it down so you can choose the right path for your situation.

✅ What Is a Full Doc Trailer Loan?

A full doc (full documentation) trailer loan typically requires:

  • 🧾 2 years of tax returns
  • 📊 BAS statements
  • 📈 Profit and loss reports
  • ✔️ Evidence of GST registration
  • 💳 Clean credit file

Pros:

  • Lower interest rates
  • Higher approval limits
  • Stronger long-term finance options

Cons:

  • More paperwork
  • Slower approvals
  • Not suitable for new or low-doc applicants

Best for: Established businesses, companies with bookkeepers or accountants, or borrowers looking to borrow larger amounts.

📝 What Is a Low Doc Trailer Loan?

A low doc (low documentation) trailer loan requires far less to get started. Most lenders will accept:

  • ✔️ ABN (active)
  • ✔️ Driver’s licence
  • ✔️ Invoice or quote for the trailer
  • ✔️ 3–6 months of bank statements (optional)
  • ❌ No tax returns required

Pros:

  • Fast approvals
  • Minimal paperwork
  • Ideal for new businesses or sole traders
  • Still financeable even under 12 months trading

Cons:

  • Slightly higher interest rates
  • Lower maximum loan amounts
  • May require a deposit for older or used trailers

Best for: Tradies, sole traders, regional ABN holders, and startup operators.

🧠 Which One Should You Choose?

Choose low doc if:

  • You’ve just started your business
  • You don’t have up-to-date financials
  • You want the trailer ASAP and can provide basic info

Choose full doc if:

  • Your business is well-established
  • You want the lowest possible rate
  • You’re applying for a larger trailer or more expensive custom build

🚀 Need Help Deciding?

Still unsure which path is best? That’s what brokers are for. They’ll assess your profile and direct your application toward the most likely approval route, whether that’s low doc or full doc.

👉 Start My Trailer Finance Application

 

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.

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- No tax returns required

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All Your Questions Answered

What is a car loan and how does it work?

A car loan is a finance product where a lender provides funds for you to purchase a vehicle, which you repay over time with interest.

What’s the difference between secured and unsecured car loans?

Secured loans use the car as collateral, often leading to lower interest rates. Unsecured loans don’t, but usually have higher rates.

What loan terms are available for car finance?

Most car loans offer terms from 3 to 7 years. Find out what term suits you best.

How is interest calculated on a car loan?

Interest is based on the loan amount, term, and rate. Fixed-rate loans have predictable repayments, while variable rates can change.

Can I get a car loan for a private sale?

Yes, many lenders accept private sellers. You’ll need to provide extra documents.

Do government employees get lower interest rates on car loans?

Yes — many lenders offer better rates due to your stable income. Explore finance options for government employees.

Can I apply for a car loan while on probation?

Yes. Many workers are approved during probation.

What credit score do I need as a government employee?

A score of 650+ is ideal, but lower scores may still be considered.

Are corporate professionals eligible for low-rate finance?

Yes, especially if you're full-time with strong income.

Can I get car finance with a novated lease?

Yes, many government departments support novated leasing.

Can I get a car loan with no credit history?

Yes, it's still possible to get a car loan with no credit history.

What if I’ve been declined elsewhere?

A broker can help restructure your application for better results.

How do I check my credit score?

Use Equifax, Experian, or Illion for a free check.

Can I get finance if I have a current personal loan?

Yes, if your income supports both loans. A broker will assess your capacity.

What documents do I need to apply?

Typically: ID, payslips, and bank statements.

Can casual workers get car loans?

Yes, if you’ve worked consistently for 6+ months.

Can I apply if I’m self-employed with an ABN?

Yes. Consider a low-doc loan.

Can Centrelink be used as income?

Yes, when paired with PAYG income.

What’s the minimum income to qualify for car finance?

Most lenders prefer $30,000+ annually, but this varies.

Can I apply on a fixed-term contract?

Yes, especially if it’s government-backed.

Can I finance a used car?

Yes, most lenders allow used cars under 10 years old.

Can I get a loan for an SUV or family car?

Absolutely

Can I finance a caravan or motorbike?

Yes

Can I finance an EV or hybrid car?

Yes. You may even qualify for green car loan discounts.

Can I use my car for both work and personal use?

Yes you can.

What is a balloon payment?

It’s a lump sum due at the end of the loan term.

Can I make extra repayments?

Yes, many lenders allow this without penalty.

Can I pay off the loan early?

Yes — ask if there’s an early payout fee.

Is there a deposit required?

Not always.

What loan terms are available?

1 to 7 years is standard.

How long does approval take?

24–48 hours in most cases

Can I apply online?

Yes — most lenders and brokers accept online applications.

Is a broker better than going direct?

Often, yes. They can compare lenders for you.

Can I get pre-approved?

Yes — and it gives you better negotiating power at the dealership.

What happens after I apply?

Your documents are reviewed, and if approved, the lender issues funds to the seller.

Can I get a loan with a visa?

Yes, in some cases. see finance for visa holders here.

Do I need a driver’s licence to apply?

Yes, but learners may qualify with a co-applicant.

Can I apply with someone else?

Yes, joint applications are allowed.

Can I refinance my current car loan?

Yes — it can lower your repayments or get you a better rate.

Can I trade in my old car as a deposit?

Yes, many lenders accept trade-ins toward the deposit.

Can nurses get car finance?

Yes — see nurse-specific finance tips.

Can teachers apply while on contract?

Yes. Read how to get approved.

Do defence personnel get special car loan rates?

Yes, in some cases. Your job security is a major advantage.

Can FIFO government workers apply?

Yes — consistency in income matters more than job location.

Can I apply if I’m on maternity leave?

Yes, especially if you’re returning to work. Here’s how.

Can I use car finance to buy interstate?

Yes — just make sure the seller provides all required documents.

Can I finance a car from an auction?

Yes, but only through select lenders. Ask your broker first.

Will applying hurt my credit score?

Only if you apply to multiple lenders directly. Brokers help protect your score.

Can I get a car loan if I’ve been bankrupt before?

Yes — see bad credit car loan options.

What if I want to upgrade my car before the loan ends?

You can sell the car, pay off the loan early, or refinance.