What lenders usually ask for
- An inspection or valuation of the asset, often done by an independent service. Higher-value or older assets may need a full valuation.
- Proof the seller owns it, such as the registration papers, and the seller’s ID.
- The seller’s bank details, so the money goes to the right person.
- A payout letter if the seller still owes money on it. The loan has to be cleared at settlement.
- A private sale invoice signed by the seller (and sometimes by you).
Things to know
- Not every lender does private sales, and some don’t on low doc.
- Some lenders charge a little more for a private sale, or cap the amount.
- Some lenders won’t finance a sale between related parties, such as family members or your own companies.
- Check the asset yourself too. A lender’s inspection is for the lender’s purposes. It doesn’t tell you the asset is in good condition.
What we do
Tell us what you’re buying, who from, and the price. We’ll tell you which lenders on our panel are likely to consider it and what paperwork they’ll need, so you can line it up with the seller early.
The lender assesses the application and decides.