Are you looking out for low-interest and effective motor vehicle finance? If yes, then you have reached the right place. In this blog, we have curated different methods through you can obtain motor vehicle finance in a seamless manner. Here you go.

Full Doc

As the name suggests, full doc is an ideal method to obtain a loan who can demonstrate serviceability with up-to-date detailed financial statements that have to cover a minimum of two financial years.

Approach an alternative lender in Australia to know more about Full Doc method.

Low Doc

Low Doc motor vehicle finance, known as lite doc, or alt doc loans, is aimed at those who cannot provide the usual required documents such as tax returns and financial statements when applying for the motor finance. This financial solution is usually available to ABN holders who have been trading for more one year and have a positive credit history to demonstrate. If the borrower meets this criterion, then low doc motor vehicle finance can be availed of without producing documents related to financials or tax returns at competitive priced interest rates.

Non-conforming

A non-conforming loan is a loan that fails to live up to the bank criteria for funding. Reasons may include the loan amount is higher than the conforming loan limit, bad credit history or the collateral backing. Non-conforming facilities are usually available to borrowers who may have had not so perfect credit history, thereby failing to meet criteria of traditional car loans.

So these are three methods you can get your motor vehicle finance through. In case you don’t have the documents required to meet criteria of traditional banks or have bad credit history, go for alternative financing solutions.

Alternative lenders have created a buzz in the Australian banking sector. Here are some of the major benefits of using this option:

Less stringent qualifications

Traditional banks require an applicant to provide a number of documents in order to qualify for the loan applied. Sometimes, it becomes quite tough to arrange all the papers for small business owners and self-employed and as a result, they fail to qualify for the loan. When it comes to alternative financing solutions, all you need to prove that you are responsible enough to repay the amount.

Lower Interest Rates

Alternative lending sources allows little flexibility in terms of interest rates. Being a highly competitive market, alternative lending solutions drive interest rates down for borrowers.

Faster approval process

As you need not work upon a patchwork of documents, your application would be approved easily within shortest time possible.