Our application process has two stages: the rate estimate and the application.
The rate estimate gives you an indicative interest rate. If you are using a car you are purchasing as security for the loan, on the rate estimate form you will be asked to provide details of the vehicle, including who you will be buying it from. Before your loan application can be finalised MoneyPlace will need to contact the vendor — either the dealer or private seller you are buying your vehicle from — in order to verify information about the asset to be purchased.
If you are using a vehicle as security that you already own, or are refinancing, as part of your full loan application you will be required to use a service called Verimoto to verify your ownership of the vehicle. If you are purchasing your vehicle in a private sale the seller will be required to use Verimito to verify the asset. This is a simple way to ensure the integrity of the asset being sold and eliminates the need for any physical inspections.