🚛 Introduction
If you're looking to finance a truck for your business using a low doc loan, it’s important to understand the application process. With minimal documentation required, low doc loans offer a simplified option for businesses without the need for full tax returns. However, understanding how the application process works is key to ensuring a smooth and successful application.
In this article, we break down the low doc truck loan application process, the documents you’ll need, and tips to improve your chances of approval.
💡 Step-by-Step Process for Applying for Low Doc Truck Loans
-
Choose the Right Vehicle
Before applying for a loan, decide on the truck you want to finance — new or used, and check if the model fits within the lender’s criteria (e.g., age limits, condition). -
Collect Required Documents
While low doc loans require minimal documentation, you still need to provide:
-
- Active ABN (usually 6–12 months)
- Business bank statements (typically 3–6 months)
- BAS statements or accountant’s letter (optional but helps)
- Purchase invoice or supplier quote for the truck
- Proof of business use (50%+ of truck use for business)
👉 For more information on applying, visit: Truck and Prime Mover Finance.
⚙️ Step 2: Submit Your Application
Once you have your documents ready, submit the loan application to the lender. You can do this directly with a bank, through a broker, or via online application platforms.
📋 Step 3: Loan Assessment
- Credit Check – Even though it's a low doc loan, lenders will still check your credit history to assess your ability to repay the loan.
- Bank Statement Review – Lenders will review your business bank statements to ensure consistent income and that your cash flow is sufficient to cover repayments.
💬 Step 4: Loan Approval & Offer
If your application is successful, you will receive a loan offer with the proposed terms, including:
- Interest rate
- Repayment terms (monthly, quarterly, etc.)
- Loan amount
- Deposit (if applicable)
Make sure to review the terms and negotiate if needed before accepting.
💥 Step 5: Finalizing the Loan
After accepting the offer, you’ll sign the contract, and the funds will be disbursed either directly to the seller or to your business account, depending on the agreement.
💬 Tips to Improve Your Approval Chances
- Organize your documents – Have all required documents ready and make sure they are clear and up-to-date.
- Maintain consistent income – Lenders look for stable business income, so make sure your bank statements reflect this.
- Offer a deposit – Putting down a 10-20% deposit shows commitment and reduces the loan amount, increasing your approval chances.
- Work with a broker – Brokers can help you navigate the application process and find the best loan options for your needs.
🚀 Final Thoughts
The low doc truck loan application process is simple, but preparation is key. By having your documents ready, understanding the process, and following best practices, you can streamline your application and increase your chances of securing the truck finance you need for your business.
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.
