When it comes to financing your new car it’s possible to use either a low-doc car loan or a full-doc car loan.
As the name suggests, low-doc loans require less documentation but have some other costs involved, while full-doc loans might take longer, but work out cheaper. Each has its own set of advantages and disadvantages:
Low-doc car loans - Advantages
Low-doc car loans - Disadvantages
Full-doc car loans - Advantages
Full-doc car loans - Disadvantages
When looking for a car loan, it’s important that you assess your situation and know what your options look like. If you’re not sure
where you stand, it’s best to speak to a finance broker who can examine your loan requirements and compare your options.