No Doc Truck Loans & Truck Leasing

No Docs is essentially more of a classification of the loan applicant rather than a specific loan type. While these loans are generally referred to as No Doc Loans, this term covers generally the full selection of finance products. banks and lenders can offer the complete portfolio of commercial finance products: Chattel Mortgage, Leasing, Commercial Hire Purchase and Rent to Own (Rent to Buy).

A No Doc Loan may be that you require minimal paperwork to apply for a loan. This can vary between lenders and banks. Applicants must have a current ABN and provide identification. The goods must be predominately for commercial or business use. From that minimum level, if the applicant can provide additional documents and financial information then that will improve the quality of the application and the prospect of achieving a better loan offer. The type of extra docs involved might be BAS statements, tax portal information or trading account bank statements. If a No Docs Loan application does not have essentially any docs, the application for financing could be also be subject to stricter criteria such as property ownership, their credit score and the age and condition of the truck being purchased may be taken into consideration.

Your consultant will listen to your requirements in particular to the reasons as to why you do not have all the docs required for a standard loan. After taking your brief, the consultant will go through the application form, requesting the information as required. It’s a good idea to your business details on hand – ABN, bank details etc. They will also require information around the truck you are purchasing, who you are purchasing off. An application generally provides background of your business and the business owner. Assets and liabilities are also normally required. A credit check is also normally required by the proposed lender or bank to confirm your credit history and credit score.

All secured commercial heavy vehicles are structure with a fixed interest rate. A fixed interest rate provides you with certainty moving forward as it establishes the monthly loan repayments at a fixed amount. Unsecured business loans and overdraft facilities could be variable rate.

Yes, in general terms. No Docs Truck Loan service for the purchase of all types of trucks, across the light, medium and heavy vehicle categories. Loans extend to major manufacturers such as Kenworth, Mack, Isuzu, Iveco, Hino, Scania, Mercedes-Benz, Freightliner, DAF, Volvo and Western Star. Both Australian-built and imported vehicles are included.In the category area, No Docs Loans can be achieved for the purchase of tippers, two trucks, dump trucks, curtainsiders, pantechs, semis, prime movers, rigid body, refrigerated, agitators, crane, flat beds and many more.