No two years of tax returns? Low doc options may help.
Many self employed Australians do not have two years of returns ready. We compare lenders on our panel that may assess you on bank statements, BAS or an accountant's letter, and explain how they differ.
Australian Credit Licence 509582. Lender fees may apply. Lender criteria apply.
Can you get a car loan without tax returns in Australia?
Self employed Australians can apply for a low doc car loan without two years of tax returns. Some lenders on our panel may assess bank statements, BAS, an accountant's letter or an ABN declaration instead. Approval, rate and loan amount depend on the lender's assessment.
- Bank statements, BAS, an accountant's letter or an ABN declaration may be considered in place of tax returns
- You usually need an active ABN, and how long it has been held matters to many lenders
- Loan amounts depend on your income evidence, the vehicle and the lender
- Low doc pricing and conditions can differ from full doc loans
- Some lenders may consider low doc applications with impaired credit, where a deposit or steady bank statements can help
- No upfront assessment fee. Lender fees may apply, and we may receive commission if your loan settles
Reviewed by Simple Loans Editorial Team · Last reviewed
The Simple Loans Editorial Team researches and reviews every car finance guide published on simpleloans.au. Simple Loans holds Australian Credit Licence 509582 and is a member of AFCA.
Why choose Simple Loans.
Fewer Tax Documents
Some lenders may assess bank statements, BAS or an accountant's letter.
Simpler Paperwork
Less paperwork to gather, though lenders still verify your income.
Self Employed Friendly
Designed for business owners, contractors and freelancers.
Rates Set by the Lender
Your rate depends on the lender's assessment of your circumstances.
Many Vehicle Types
Cars, utes, trucks and equipment may be considered, depending on the lender.
No Upfront Fee
No upfront assessment fee. Lender fees may apply.
How Low Doc Car Loans Work in Australia
Standard car loans usually rely on payslips and tax returns, documents that many business owners, freelancers and contractors do not have in the format a lender expects.
Low doc car loans use other evidence of income, depending on the lender:
- Bank statements: recent statements showing regular business income
- BAS statements: recent Business Activity Statements showing turnover
- Accountant's letter: a letter from your accountant confirming your income
- ABN declaration: a declared income statement supported by your ABN registration
The lender still has to assess whether you can afford the repayments. It simply looks at different evidence.
Who Low Doc Car Finance May Suit
Low doc car loans may suit:
- Newly self employed people who do not yet have two years of tax returns (our self employed car loans guide covers every option)
- Contractors and freelancers with income across different clients and projects
- Seasonal business owners with income that rises and falls through the year
- Gig economy workers such as delivery and rideshare drivers
Whether an option is available depends on your income evidence, your credit history and the lender's assessment. We compare eligible options from our panel of 50+ lenders and explain how they differ.
ABN holders and low doc car loans
If you have an ABN and do not have two years of tax returns, some lenders on our panel may assess bank statements, BAS or an accountant's letter instead. How long your ABN has been registered affects which lenders are open to you, and each lender sets its own rules.
| ABN age | What a lender may ask for | What helps |
|---|---|---|
| Under 12 months | Fewer lenders, often bank statements, and sometimes a larger deposit | Contracts, invoices and consistent statements |
| 12 to 24 months | More options, BAS and bank statements are common | BAS lodged on time and a clear business account |
| Over 24 months | Many lenders may consider tax returns or low doc | Returns, BAS and an accountant letter if returns are weak |
See also car loans for an ABN under two years, self employed car loans and bad credit self employed car loans.
Low Doc vs Full Doc: Which Should You Choose?
If you could apply either way, here is how to think about it:
Full doc may suit you if:
- You have tax returns that reflect your income
- You want access to the widest set of lenders and pricing tiers
Low doc may suit you if:
- You do not yet have two years of tax returns
- You are a new business owner with a short trading history
We compare both options for your situation and explain how they differ, including any difference in rate and fees.
Simple Loans holds Australian Credit Licence 509582 and is a member of AFCA. This page is general information and does not take your personal circumstances into account.
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Frequently asked questions.
Can I get a low doc car loan with a new ABN?
Some lenders may consider an ABN under 12 months, usually with bank statements and sometimes a larger deposit. Fewer lenders are open to a very new ABN, so the lender matters. Approval depends on the lender's assessment.
What do lenders use if I have no tax returns?
Some lenders on our panel may use bank statements, BAS or an accountant's letter instead of returns. The documents accepted vary by lender, so we check before you apply.
What is a low doc car loan?
A low doc (low documentation) car loan requires less paperwork than a standard loan. Instead of tax returns and detailed financials, some lenders may consider bank statements, BAS, an accountant's letter or an ABN declaration as evidence of income.
Who can apply for a low doc car loan?
Low doc loans are aimed at self employed borrowers who do not have payslips or two years of tax returns to show. You usually need an active ABN, and lenders differ on how long it must have been held. Approval depends on the lender's assessment.
Are low doc car loan rates higher?
They can be. Low doc pricing depends on the lender, your credit history, the vehicle and the evidence you provide, and it may be higher than a full doc loan. We compare eligible options from our panel and show you the total cost, fees included.
What's the difference between low doc and no doc?
Low doc loans require some documentation, usually bank statements and an ABN declaration. Lenders are required to verify your financial situation, so true no doc lending is rare.
Can I get a low doc car loan with bad credit?
Some lenders on our panel may consider low doc applications with impaired credit, usually at a higher rate. A deposit and a steady recent bank statement history can help. Approval, rate and loan amount depend on the lender's assessment and responsible lending requirements.
How much can I borrow with a low doc car loan?
It depends on your declared income, your bank statement evidence, your expenses and the lender's policy. Larger amounts may need more documentation or a deposit. We work out what your options may look like before you apply with a lender.
Does applying affect my credit score?
Submitting this enquiry does not itself create a hard credit enquiry. If you choose to proceed with a lender, a credit check may be required. We will explain that step before a formal application is submitted.
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No upfront assessment fee. Lender fees may apply. We compare eligible options from a panel of 50+ lenders.
Simple Loans is a finance comparison tool. Holder of Australian Credit Licence No. 509582. All applications are subject to lender approval. Terms, conditions, fees and charges apply. This information is general in nature.