The Asset Is Part of the Application
Unsecured lending underwrites a person. Asset-secured lending underwrites a pair: the borrower and the thing they’re buying. A vehicle loan decision without the vehicle’s details isn’t a decision — it’s a guess with paperwork, because the year, condition, and sale context of the asset change what can be financed, on what terms, at what rate.
This application captures both halves properly. It’s built for vehicle finance and asset-secured purchases: the car yard, the bike shop, the caravan, the privately-sold ute found through a classifieds site at half the dealer price.
The Vehicle, Precisely
Year, make, model, and variant as structured fields; odometer reading as a number field; age computed from the year — because asset age and type drive the terms before the borrower’s income enters the conversation. The form asks for specifics rather than ‘a 2015 sedan’ because variant trims genuinely change values, and values are the security.
Dealer or Private Sale — the Fork That Changes Everything
One yes/no routes two different applications:
- Dealer purchase — the dealer’s name and the quoted drive-away price; the dealer relationship often smooths documentation.
- Private sale — the seller’s details, and a prompt about the title check: outstanding finance on a privately-sold vehicle is the classic trap, and the form tells the buyer the lender will require a clear-title search. Buyers who learn this at application instead of settlement day are the reason the question exists.
The Trade-In Arithmetic
Two figures most buyers conflate: what the trade-in is worth and what’s still owed on it. Both get their own number fields — the difference is equity or shortfall, and it lands inside the new loan either way. Capturing both prevents the settlement-day surprise where the trade’s payout is bigger than its value.
The Structure of the Deal
Deposit amount, term from a dropdown, and — where the product offers it — whether a residual/balloon fits the buyer’s plans. That last question is framed honestly: the balloon lowers repayments and defers a lump sum; the form asks whether the buyer’s actual intended endgame — keep, sell, refinance — matches it.
Capacity, Kept Brief
Income and existing commitments, asked once and lightly — the asset carries the security, so this application spends its questions on the asset rather than the biography. Supporting documents attach via document upload, and settlement expectations travel back to the buyer automatically via respondent notification. Adjacent retail-finance formats sit in the make-sales category.
Frequently Asked Questions
Does buying privately really change the application?
It changes the checks: clear-title search, sometimes age or condition limits, occasionally different rates. The fork exists so private buyers know the requirements before they’ve shaken hands on a vehicle they can’t finance.
What is a balloon, and should I want one?
A deferred lump sum at term’s end that lowers regular repayments. Right for buyers with a real plan for that sum; expensive for buyers who just wanted smaller numbers. The form asks the endgame question precisely to force that honesty.
Can I include insurance and on-road costs in the finance?
Often yes, as part of the amount financed — declare them in the structure section so the quote covers the whole purchase rather than the vehicle alone.
How is this different from a personal loan for the same car?
Security and price: a secured loan uses the vehicle as collateral, typically at lower rates, while a personal loan takes no security and charges for it. Buyers choosing between the two should compare total cost — the form supports the secured path.