It’s widely recognised that self-employed households in Australia are vital to a thriving economy, yet many lenders are hesitant when it comes to Car Loans for self-employed people.
At G-Force Finance Solutions, we have access to loans designed for self-employed borrowers. Whether you’re looking for alternative ways to verify your income or greater flexibility around borrowing to expand your business, G-Force has out-of-the-box solutions to keep up with your ideas.
As a small business owner you have already demonstrated a sense of entrepreneurship and you understand that success in business comes down to getting the details right – so it should be no different when it comes to choosing the right Car loan.
We specialise in helping self-employed people secure cost effective low doc loans
Supporting Self Employed
If you’re interested in seeing what kind of vehicle Loans are available for self-employed individuals, one option to consider is called a low documentation loan – also known as a low doc loan. These are a simple type of loan for people who have an income and assets, but are unable to provide the required financial statements or tax returns.
Understand how you are being assessed
Understand that banks use different methods of assessment for self- employed people, some use the average of your last two years income, others the lower of the last 2 years while others use a variance method. We check to confirm that you are considered to be really self-employed, if you are a contractor or sub-contractor you may get away with being seen as an employee with some lenders.
Is your financial information up to date?
Have your last 2 years financial statements, income tax returns and notice of assessments up to date and ready. Banks rarely will accept financial statements that have not been lodged with the Australian Taxation Office. We look at every possible scenario to determine your current financial position together with the future potential of your business.
What are your Loan Options
Each person has unique requirements when applying for a vehicle loan. With hundreds of different products available, we will tailor a loan package that is right for you. We can also discuss strategies that can help you reduce your debt faster and help you implement them
Think about your future
Assessing how your financial needs are likely to change might save you from having to re-work or re-structure your loan regularly. We recommend you look forward 3 – 5 years. Make your cash flow work for you to save interest – idea such as a facility where you can “park” your GST payments before you need to remit them the tax office
Understanding Business Owners like us!
Our advisers will discuss your personal and business circumstances such as business income, outgoings, future plans and savings. The application process is different for low doc loans due to the lack of normal documents being provided. We can help you with this process.
Our application process is quick & easy. G-Force Finance Solutions has national coverage, systems and advisers that can get your application approved fast. If you haven’t yet found the right vehicle or asset, that’s ok as we will help organise pre-approval, knowing exactly what you can afford, so you can find the right asset with peace of mind.
We are ready when you are ready to make the move – your advisor will prepare the paperwork, liaise with the lenders every step of the way to the settlement.
Our advisers will discuss your personal circumstances with you, such as your income, outgoings, plans and savings, together with the end to end process and steps involved in buying your next vehicle, – we seek to understand your short, medium and long term goals.
Visit our Loan calculators today and take the next step by clicking the “Quick Quote” Button and our finance advisers will then get to work on sourcing you a tailor-made package from our trusted panel of lenders and will work tirelessly to get you the right solution.