No docs or low docs are terms which refer to not having all the documentation which is traditionally required to meet the loan conditions of most banks and some financial lenders.
It doesn’t mean having absolutely no identification or proof of income, it refers to not having perhaps annual company accounts over a set period or not having tax returns or bank statements, etc.
There can be many reasons why you don’t have all documents that many banks and finance companies usually request to support a loan for truck finance.
Perhaps you’re just starting out as an owner-driver, having a change of occupation, setting up a new business, newly arrived in this country, documents have been lost in a disaster or during change of location or any number of other reasons.
A lot of banks will not approve loans to applicants without all the supporting documentation that is demanded by their company.
But that doesn’t always apply ‘across the board’. Talk to the right people, such as a truck finance broker and they will take on board your circumstances and assist you by tailoring a deal to exactly suit your personal details.
Being a no docs applicant does not necessarily exclude from being offered a very attractive truck finance deal. Talk to a truck finance broker and they can structure your application around your special no docs circumstances.
You will require some basic documentation, such as an ABN and an income declaration to meet the requirements of most no docs loans, but a broker will advise you of that during your initial discussion.
So if you don’t have all the documents but you really need that finance to purchase a new truck to keep your business going or to expand your fleet to meet a new contract, don’t despair.
If you’re not sure what sort of monthly repayments you will be up for with your truck loan and you want to get some idea before you even speak with finance people, then there is a great service available – the online truck finance calculator. It’s confidential and discrete, no one has to even know you checked it out!
You can get a ballpark estimate on your truck loan using an online truck finance calculator