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Posted on 2018-06-23

Do the things you love! How to get leisure finance when you're self-employed.

There is often confusion around the types of loans available to self-employed ABN holders, especially when it comes to leisure purchases such as boats, jet skis and caravans.

This blog will let you know the types of finance you can get when you are self-employed and how you can make those dream purchases to make life long memories with your family and friends.

What type of finance do you need, to make a leisure purchase as a self-employed borrower?

Self-employed borrowers are usually unable to provide the same level of income related paper work than full time company employees. These documents include:

  • Pay slips
  • Bank statements
  • Tax returns

Most traditional banks and lenders will ask for the documents above to demonstrate proof of income for standard personal loans. However, if you are self-employed, there are specific finance products available to suit your particular situation.

These products include:

  • Low-doc boat loans
  • No doc ABN boat loans
  • Low doc jet ski loans
  • No doc ABN jet ski loans
  • Low-doc caravan loans
  • No doc ABN caravan loans and more!

Not all banks and lenders have options for self-employed borrowers with an ABN.

It's best to speak to a broker like the team at National Finance + Loans. We work with a panel of lenders including banks, peer to peer lenders, boutique lenders and more to find diverse finance solutions tailored to your unique finance set up.

Before you apply, use this guide to get fast approvals when you qualify:

  • Check your credit file to see what your credit score is (we can help!)
  • Do you have a mortgage? Is there equity there? Having a mortgage with equity can help demonstrate income and good financial habits to no-doc and low-doc financiers
  • Do you have any savings you can demonstrate? Showing some savings can better position you for a great low rate self-employed leisure loan

For more information on how to get a loan for a leisure item such as a boat, jet ski or caravan with an ABN, our team can help. Call us on 1300 844 970.

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