Self Declaration Car Loans
Businesses purchasing vehicles for work use have the ability to access car loans using a self declared income facility. This enables you to purchase motor vehicles, vans and utilities without having to provide proof of earnings through profit and loss statements or finalised Tax Returns.
Guidelines for Self Declaration Car Loans
Each lender providing self declaration car loans will have specific guidelines customers need to meet in order to qualify for non financial car loans.
- ABN Holder. You must have an active ABN in order to qualify for a self declared car loan. Most lenders do not require GST registration if your annual turnover is less than $75,000.
- Deposit / Trade In. If your a home owner or buyer, you can obtain a self declaration car loan and borrow 100% against the vehicle. If your not a home owner / buyer, then most financiers will ask for a contribution toward the loan of up to 30%. This can be from cash deposits or from your trade in.
- Replacement Loan. If you are replacing your existing car loan and your new loan repayments are not increasing by over 25%, then you can access self declaration car loans without having to contribute cash deposit or have equity in the loan. Most lenders will acknowledge good comparable credit history and allow you to increase your loan amount.
- Finalised Car Loan. If you have finalised a car loan within 6 months of your application, lenders will accept this as checkable credit history, allowing you to obtain a self declared car loan without deposit or trade equity contribution.
What Do I Need To Apply?
Contact our professional finance consultants on 1300 350 118 or email firstname.lastname@example.org to discuss your self declaration car loan needs and objectives. They will ask a few qualifying questions to establish if you meet the lenders guidelines for a self declared car loan. If your happy to proceed, the broker will take an application over the phone or they can email / fax an application pack for you to fill in at your leisure. Once received, the broker will source the most appropriate lender suitable to your business structure and requirements, perform background checks and affordability calculations on the income you have declared. Once the application has been approved, they will present you with the loan documents to view and answer any questions you may have. Once you have accepted the loan documents, then the broker will proceed to settlement.
You may need to provide additional documentation such as trust deeds, identification or a car loan ledger if the lender cannot obtain a credit reference from your existing loan.
Self Declaration Car Loans are ideal for new business ventures, business’ that have been operating less that 12 months, or financial statements do not reflect the actual business turnover.
Need To Know More?
Contact iCREDIT on 1300 350 118 or email email@example.com to discuss your business car loan needs and objectives.