Those who are self-employed or are in seasonal employment have long since been severely disadvantaged when it comes to seeking finance, particularly in the way of auto loans. But this is an area that has significantly improved in recent years. Realising the need to cater for this section of the work force, more and more lenders are now providing specific auto loan products especially for these clients. They are known as no doc car loans.

No doc car loans are loans that are designed for people whose income on paper does not truly reflect their earnings. Self-employed people are one such group. Once they take off their allowable deductions, it appears that they have made a lot less than they actually have and because of this, they may find that in most cases they do not qualify for a conventional car loan. Seasonal workers are another group that can benefit greatly from no doc car loans. These people earn most of their annual income during one part of the year and so they cannot provide proof of consistent earnings.

So, what are no doc car loans? They are essentially motor vehicle loans that you can apply for where you do not need to provide formal proof of income. You will still be required to supply some personal information such as your full name, birthdate, employment status and so on, and you may also need to provide bank account balances to the lender, so that they are comfortable that you have the full capacity to repay the loan. Taking advantage of no doc car loans will mean that no other information will be required in most cases.

No doc car loans have made the entire process so simple and easy for those people unable to obtain a loan any other way. They are also a suitable loan product for those with a bad credit history, because not needing any supporting documents may also mean that there will be limited credit checks as well. This may not always be the case, however there are lenders who offer no doc car loans with no credit checks either.

Alongside the traditional lenders of no doc car loans, there are also online lenders that can offer the same deals, and in certain circumstances, even better interest rates on the loan. The benefit of obtaining your loan through an online lender, besides having the option to choose loans that require few, or no documents, is the fact that the entire process is a lot more convenient and quicker than through traditional means. Online lenders often approve loans the very same day they are applied for and the whole process of transferring the loan funds into your bank account is quicker as well.

No doc car loans can be a good option for many people, and for those with poor credit scores or lack of financial evidence due to being self employed, they can be a real life saver. Choose your lender wisely, and always try to get the lowest interest rate that you can.

Source by Jason Deberry