You’ve found the car.
It’s the right model.
The kilometres look reasonable.
You’ve driven it.
The price works.
And you’re ready to buy it.
At this point, most buyers are thinking about:
the finance approval.
But there’s another part of the transaction that matters:
the car itself.
A lender isn’t necessarily assessing only:
whether you can afford the loan.
Depending on the lender and finance structure, the vehicle may also need to meet:
certain requirements.
That means when you tell a broker:
“I’ve found the car,”
we’re going to want to know considerably more than:
the colour.
A Real Used-Car Transaction
A buyer in Newcastle has been looking for a replacement SUV.
After several weeks of searching, they find:
a 2021 model
with approximately:
62,000 kilometres.
Purchase price:
$39,800.
It’s being sold by:
a licensed dealer.
The buyer likes the vehicle and wants to move:
quickly.
They contact Thrive Broking and say:
“I’ve found it. What do you need?”
Now we have moved from:
general car-finance discussion
to:
a specific transaction.
And one of the first things we need is:
the vehicle information.
Start With the Basics
If you’ve found a used car, send us:
the year,
make,
model,
purchase price,
kilometres if known,
and whether you’re buying from:
a dealer
or
private seller.
If you have a:
listing,
dealer quote,
invoice,
purchase order,
or other relevant vehicle information,
send that through too.
Depending on the lender and transaction, additional information may be required.
Why Does the Vehicle Matter?
Because car finance can involve:
both the borrower
and
the asset.
The lender may have requirements relating to matters such as:
vehicle age,
vehicle type,
value,
condition,
and the proposed transaction.
Requirements vary by lender.
That’s why:
“I’ve been approved for $40,000”
doesn’t necessarily mean:
“I can buy absolutely any $40,000 vehicle.”
Age Can Matter
Consider two cars.
Both cost:
$40,000.
Car A is:
three years old.
Car B is:
12 years old.
Same purchase price.
Very different vehicles.
Depending on the lender and product, the age of the vehicle may affect:
whether the vehicle is acceptable,
the available loan term,
the finance structure,
or the lender options that can be investigated.
The Age of the Car at the End of the Loan Can Also Be Relevant
Sometimes buyers only think about:
how old the car is today.
But depending on lender requirements, the age of the vehicle at:
the end of the proposed finance term
may also be relevant.
For example, financing an older vehicle over a longer term can create:
a different scenario
from financing a late-model vehicle.
That’s why we want:
the actual vehicle details.
Kilometres Tell Part of the Story
A used car with:
35,000 kilometres
is different from the same model with:
185,000 kilometres.
That doesn’t automatically mean:
one can be financed
and
the other can’t.
But kilometres can form part of understanding:
the vehicle.
Tell us the actual odometer reading if:
you know it.
Don’t Guess the Vehicle Year
This sounds basic.
But when buyers are moving quickly, information gets:
mixed up.
Someone might say:
“It’s a 2022.”
The documentation shows:
2021.
Or they’re referring to:
when it was first registered
rather than the vehicle’s model/build information.
Send us:
the actual vehicle details.
Make and Model Matter Too
A:
2021 Toyota SUV
isn’t automatically the same finance proposition as:
a 2021 specialist performance vehicle
simply because they cost:
the same amount.
Vehicle type can matter.
If you’re buying something unusual, modified or specialist:
say so.
What if the Car Has Been Modified?
Tell us.
Perhaps the vehicle has:
suspension modifications,
performance modifications,
aftermarket accessories,
specialist equipment,
or substantial alterations.
Don’t assume modifications are:
irrelevant.
Depending on the vehicle and lender, they may need to be:
considered.
Accessories Don’t Automatically Add Dollar-for-Dollar Value
Suppose the seller says:
“I’ve spent $15,000 on extras.”
That doesn’t necessarily mean the vehicle is worth:
$15,000 more.
Accessories and modifications don’t automatically translate into:
equivalent vehicle value.
If the purchase price is substantially higher because of:
aftermarket additions,
we need to understand:
what you’re actually buying.
Price Matters
Our Newcastle buyer has found the SUV for:
$39,800.
Now imagine similar vehicles are generally selling around:
$34,000.
Why is this one:
nearly $6,000 more?
Perhaps there is:
a legitimate reason.
It may have:
lower kilometres,
a higher specification,
valuable factory options,
or another characteristic affecting value.
But the price still needs to:
make sense.
A Seller’s Asking Price Isn’t Automatically the Vehicle’s Value
This is particularly important with:
private sales.
A seller can advertise a vehicle for:
whatever amount they choose.
That doesn’t necessarily mean:
a lender will accept that figure as the vehicle’s value.
Why Would a Lender Care About Value?
Where the vehicle forms part of the finance security, the lender has an interest in:
what is being financed.
If someone wants to pay substantially more than:
a vehicle appears to be worth,
that may require:
closer consideration.
Don’t Assume “It’s Worth It to Me” Solves the Valuation Question
A buyer might say:
“I know it’s expensive, but it’s exactly what I want.”
That’s a personal purchasing decision.
The finance assessment may still need to consider:
the vehicle value.
Those are:
two different things.
Dealer Purchase or Private Sale?
Tell us:
immediately.
The seller type affects:
the transaction.
With a dealer purchase, there may be:
dealer documentation
supporting the sale.
With a private purchase, additional information may be required about:
the seller,
vehicle,
ownership,
existing finance,
and settlement.
Private-Sale Used Cars Need More Than a Screenshot of the Advertisement
A marketplace listing might show:
photos,
price,
description,
and suburb.
That’s useful for:
shopping.
It may not be enough for:
settlement.
Depending on the transaction, further information may be needed.
Who Actually Owns the Car?
This becomes particularly important:
privately.
The person advertising the car should have:
the legal ability to sell it.
If the seller’s details and vehicle ownership information don’t make sense:
stop.
Don’t simply transfer money because:
the car is sitting in their driveway.
What if the Seller Says the Car Is in Their Partner’s Name?
Tell us.
Perhaps there is:
a perfectly legitimate explanation.
But the transaction needs to reflect:
the actual ownership position.
Don’t wait until settlement to mention:
“Technically it’s registered to someone else.”
What if the Car Still Has Finance Owing?
This is extremely important.
A seller may still have:
an existing loan secured against the vehicle.
That doesn’t automatically mean:
you can’t buy the car.
But the existing finance needs to be:
properly dealt with.
Don’t Accept “I’ll Pay the Loan Out After You Pay Me”
Imagine a private seller says:
“There’s about $18,000 owing. Just transfer me the $36,000 and I’ll clear the loan afterwards.”
That should not simply be treated as:
a normal settlement arrangement.
If existing finance is secured against the vehicle, the payout and settlement need to be:
properly addressed.
This deserves its own article, and we’ll cover it next in the car-finance journey.
What Is a PPSR Search?
The Personal Property Securities Register can be used to search:
whether certain security interests are registered against personal property, including vehicles.
For a vehicle search, the relevant identifiers need to be:
correct.
A PPSR search can form an important part of:
checking a used vehicle transaction.
But it isn’t a mechanical substitute for:
understanding the whole purchase.
Write the VIN Down Correctly
One incorrect character can create:
a problem.
If you’re providing:
VIN,
registration,
or other vehicle identifiers,
check them.
Don’t rely on:
what you think you saw.
Use the actual vehicle information.
What About Written-Off Vehicles?
A vehicle’s history can matter.
Don’t assume:
a repaired vehicle
or
a vehicle with an unusual history
will automatically be treated the same as:
an ordinary used vehicle.
If you know something relevant about:
the vehicle’s history,
tell the broker.
What About Imported Vehicles?
Again:
say so.
An imported vehicle may require:
different consideration
from a standard Australian-delivered vehicle.
Don’t describe it simply as:
“a 2020 Nissan”
if there is something materially different about:
the vehicle.
What About Classic Cars?
Specialist and classic vehicles can be:
a different finance proposition.
Vehicle age,
valuation,
market,
and lender appetite
may all become more important.
If you’re buying:
a classic,
collector,
specialist,
or unusual vehicle,
start with that information.
What if the Vehicle Is Very Cheap?
The other end of the market can also create:
different considerations.
Someone looking for:
a $7,000 car
isn’t necessarily dealing with the same lender options as someone buying:
a $40,000 late-model vehicle.
Lenders may have:
minimum loan amounts
or
other requirements.
Rather than assuming:
“It’s only $7,000, so finance should be easier,”
tell us:
what you’re trying to buy.
What if the Vehicle Is Expensive?
The same applies at:
the top end.
A $95,000 vehicle may require:
a different assessment
from a $25,000 vehicle.
The applicant,
asset,
loan amount,
and overall transaction
all matter.
The Purchase Price Can Change After You Start Finance
Suppose the Newcastle SUV is advertised at:
$39,800.
The buyer negotiates it down to:
$38,500.
Tell us.
Now we have:
a different transaction amount.
Or perhaps accessories are added and the final invoice becomes:
$41,200.
Tell us that too.
The finance should be based on:
the actual purchase.
Be Clear About What Is Included
Suppose the dealer adds:
accessories,
an extended warranty product,
or another item.
The final amount being financed may no longer match:
the original advertised vehicle price.
We need:
the final transaction details.
What if I Pay a Deposit?
Tell us:
how much.
Suppose you pay:
$1,000
to secure the car.
The purchase price is:
$39,800.
That deposit forms part of:
understanding the final settlement position.
Don’t simply say:
“I need $39,800 finance”
without mentioning:
money already paid.
Keep Evidence of Payments
If you’ve paid a deposit:
keep the receipt
or
other evidence.
Don’t hand over cash without:
appropriate documentation.
What if I’m Trading Another Car?
Now we’re dealing with:
two vehicles.
We need to understand:
the car you’re buying
and
the car you’re disposing of.
If finance is owing on your trade-in, we also need:
the payout position.
Don’t Tell Us the Trade-In Is Worth $20,000 if That’s Only Your Estimate
There is a difference between:
what you hope it’s worth
and
what the dealer is actually offering.
Once you have:
the real trade figure,
send it through.
The Finance Payout on Your Current Car Can Be Just as Important
Suppose:
trade value:
$17,000.
Current finance payout:
$9,000.
There’s potentially:
positive equity.
Now suppose:
trade value:
$17,000.
Payout:
$22,000.
There’s potentially:
a shortfall.
Those create:
different replacement transactions.
Vehicle Condition Matters to You Even Beyond the Finance
Finance approval doesn’t mean:
the car is mechanically good.
This distinction is important.
A lender assessing or accepting a vehicle doesn’t replace:
your own due diligence.
If you’re buying used, consider whether you need:
an independent mechanical inspection,
vehicle-history checks,
and other appropriate enquiries.
Don’t Interpret Finance Approval as a Mechanical Warranty
The lender isn’t necessarily saying:
“This is a great car.”
Finance assessment and:
vehicle quality
are not the same thing.
The buyer still needs to make:
their own purchasing decision.
The Same Applies to the Broker
Thrive Broking can assist with:
the finance transaction.
We’re not inspecting:
the engine,
gearbox,
brakes,
body,
or service history.
If you need specialist advice about:
the vehicle itself,
obtain it.
Service History Can Matter to the Buyer
A complete service history may make one used vehicle more attractive to:
you.
But don’t confuse:
good service history
with
automatic finance eligibility.
The finance still needs to be:
assessed.
Why We Ask So Many Vehicle Questions
Sometimes a buyer thinks:
“Why does the broker need all this? I just need the money.”
Because the transaction isn’t:
a cash personal loan handed to you without reference to what you’re buying.
Depending on the finance product, the vehicle can be:
an important part of the transaction.
Getting the details right early can prevent:
problems later.
A Common Problem: The Buyer Changes Cars and Doesn’t Tell Anyone
Imagine finance discussions have been based on:
a 2021 SUV for $39,800.
Then that vehicle sells to:
someone else.
The buyer finds:
another car.
It’s:
older,
higher kilometres,
and being sold privately.
Purchase price:
$41,000.
The buyer thinks:
“It’s roughly the same amount, so it won’t matter.”
It can matter.
Tell us:
the vehicle has changed.
Another Common Problem: The Advertisement Doesn’t Match the Documentation
The listing says:
one model year.
The documentation shows:
another.
The advertised kilometres differ from:
the current odometer.
The seller name doesn’t match:
what was expected.
Those inconsistencies need to be:
understood.
Don’t ignore them because:
you really want the car.
Another Problem: The Buyer Has Already Promised Settlement Today
This is where:
urgency
creates trouble.
The buyer says:
“I’ve told them they’ll have the money by four.”
But the finance hasn’t:
settled.
Don’t promise a seller:
a settlement time
before the finance process supports that promise.
What if I Find the Used Car on Saturday?
Send it through.
Thrive Broking is available for car finance enquiries:
seven days a week.
If you find a used car on Saturday or Sunday, send us:
the vehicle details,
purchase price,
seller type,
and where you are in the purchase process.
We can start working through:
what is required.
Weekend Availability Doesn’t Remove Settlement Requirements
In some circumstances:
weekend settlement may be possible.
But that depends on:
the lender,
application,
vehicle,
seller,
documentation,
verification,
and settlement arrangements.
The fact that Thrive is working:
doesn’t mean every other party or process required for settlement will necessarily be:
available.
We’d rather tell you:
what can actually happen
than make:
a promise we can’t control.
The Newcastle Buyer Sends the Vehicle Through
Our buyer sends:
the dealer listing,
purchase price,
vehicle details,
and relevant applicant information.
The vehicle is:
a 2021 SUV.
Approximately:
62,000 kilometres.
Purchase price:
$39,800.
Dealer sale.
Now the broker has:
a real asset
and
a real transaction
to work with.
If additional vehicle or applicant information is required:
we can identify it.
That’s considerably more useful than:
“I want about forty grand for a car.”
What Should I Send Thrive When I’ve Found a Used Car?
Start with:
the vehicle listing or dealer information,
year,
make,
model,
purchase price,
kilometres if known,
dealer or private seller,
and whether you’ve paid:
a deposit.
If you’re trading another vehicle, tell us:
the trade value
and
whether finance is owing.
If it’s a private sale and you know the seller has finance owing:
tell us immediately.
Don’t Wait Until the End to Mention Something Unusual
If the vehicle is:
imported,
modified,
very old,
specialist,
previously written off,
or there is another unusual circumstance,
say so:
at the beginning.
It may affect:
which finance options can be investigated.
Found the Used Car You Want?
You don’t need to send Thrive a message saying only:
“Can I get $40,000?”
Send us:
the car.
Tell us:
what you’ve found,
what it costs,
who is selling it,
and where you’re up to.
If you’ve found the vehicle over the weekend:
contact us then.
We’re available:
seven days a week.
From there, we can consider both sides of the transaction:
the person borrowing the money
and
the vehicle they’re actually buying.
Because once you’ve found the used car, the finance question isn’t only:
“Can I afford the repayments?”
It’s also:
“Is this particular vehicle and this particular transaction something the lender can finance?”