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General information only: This guide does not consider your objectives, financial situation or needs and is not financial advice. Credit eligibility, rates and terms depend on the lender's assessment.
Start with the written conditional outcome
This checklist starts after a financier has issued a conditional outcome. If you only have a repayment estimate or an eligibility result, use the car loan pre-approval page first to understand the assessment stages and prepare an application.
Before contacting sellers, list the unresolved conditions, approved or indicative limit, expiry date, permitted vehicle age, seller restrictions and evidence still required. Convert each written condition into a rule you can test against the cars you inspect.
Treat the amount as a ceiling for assessment, not a recommendation to spend. Keep registration, insurance, transfer costs and an emergency buffer outside the vehicle-price decision.
Protect the deposit before you commit
Ask whether the lender must approve the vehicle, valuation, seller and final invoice or sale agreement. A conditional borrower outcome does not establish that a particular car is acceptable security. Read the seller’s deposit terms and use an appropriate finance condition where one is available; do not assume a deposit is automatically refundable.
- Match the vehicle age and type to the stated conditions
- Confirm dealer or private-seller eligibility
- Record the exact model, variant, VIN, price and included costs
- Make any deposit expressly subject to suitable finance conditions where appropriate
- Avoid a non-refundable commitment before vehicle acceptance
Send the exact transaction for final assessment
Provide the invoice or sale agreement, selected vehicle details, seller information and any requested insurance, valuation, inspection or payout evidence. A private sale can require seller identity, PPSR and controlled-settlement checks that do not arise in the same way for a dealer purchase.
Recheck approval when the deal or your circumstances change
A higher price, smaller deposit, different term, new job, additional debt, different seller or expired approval can require reassessment. Before signing, confirm the final amount, interest rate, comparison rate, fees, repayment, total repayments, conditions and approval status in the lender documents.
Sources and further reading
Primary sources checked when this guide was reviewed:
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