27 Jul 2022

Getting a Truck Loan Without Financials

The turn of the financial year has seen business owners switch gears with many executing their new plans for the year. Our asset and machinery finance team are getting an increased volume of enquiries regarding low doc heavy vehicle or machinery finance. Business owners reach out to us and ask, “How can I get a truck loan without financials?”. Another common question is, “Can I get low doc finance approved without a deposit?”.

Today I am going to talk about a recent deal for a truck purchase before the close of the financial year.

Lo Doc Truck Loan

Our client, a removalist, approached me about the purchase of a truck to support new business demands in container transport. In fact, he was already in negotiations with the dealer to purchase a brand new ISUZU FSR 120/140-260 LWB 7.8L Turbo Diesel 6Spd Auto Cab. To be able to close the deal he needed a lo doc loan because his financials were not yet ready. Moreover, the financials would not have been reflective of the potential income this truck would generate from the new container transport jobs.

The challenge in this deal is that this sort of truck costs $120K+ but usually lo doc loans cut off at $100K maximum where no financials were submitted. In addition to this, for a non property owner, lenders would require a 20% deposit.

Optimising the Lo Doc Truck Finance Deal

Our objectives in this deal were to obtain the maximum loan amount possible to preserve the client’s cash. We also aimed to settle the loan within a week so the client could take the truck off the market. Taking delivery before 30 June meant that the client would benefit from the tax write-offs. We were also after a lender that would be comfortable with lending without any traditional income statements including tax returns and financials.

To make this deal work, I wrote up a detailed scenario enquiry that was tested (without submitting an application) with the asset finance lenders that were key players for this sort of scenario. At the same time, I kept the Isuzu dealer updated on progress to ensure the truck would not be sold to someone else.

The Low Doc Truck Loan Approved

Our network with a panel of lenders allowed us to come through with a solution for our client. After submitting the application around mid-June, the deal settled on 24 June, i.e. about one week turnaround. The client took delivery of the truck before the end of the financial year.

For a purchase price of $125K, we secured lo doc truck finance, with no income documents for a $122.5K loan and 10% deposit. Therefore, we achieved beyond the normal $100K cap and 20% deposit.

Contact our Asset Finance Specialist

If you are in the market for equipment and machinery and looking to get a loan without financials being ready, please feel free to reach out to me today. I am more than happy to have a chat to help you to find a lender and get an approval over the line. Contact me on: or +61498880033.

Fill out our Online Assessment Form

We have created an online assessment form for clients who would like to leave a few details about their scenario before my team gives you a call to discuss. This can be done on your mobile, tablet or desktop and takes a few extra minutes to complete:

https://www.sfcapital.com.au/online-assessement-form/