Loan agreement: private borrower; secured on physical assets

This agreement sets out the terms of a loan to a person (not a company), secured on specific physical assets such as a vehicle or equipment.
Suitable for use in: England & Wales and Scotland
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About this document

In this agreement, the loan is provided to an individual, and secured by the borrower either taking physical possession of assets, or by leaving the assets in place and describing them in detail in this document so that there can be no dispute as to what is charged.

In addition, we have also included an optional provision to include a third party guarantor. That may be a more powerful incentive for the borrower than other forms of security.

The reason for lending is not important. The borrower may wish to buy a high value item such as a car, or consolidate existing debts, or use the money to start a business.

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You may also consider a deal where you lend based on a guarantee from a third party only. This may be particularly the case where the resale value of the asset on which the loan is secured may be uncertain, or the asset may be difficult to sell quickly. The agreement here suits that situation.


  • Definitions and important interpretation provisions

  • Borrower’s warranties

  • Amount of loan and how advanced

  • The security

  • Interest payable

  • Repayment provisions

  • What happens if things go wrong - notices, consequences and so on

  • The third party guarantee

  • A round up of legal matters

Drawn outside the Consumer Credit Act 1974, this agreement is not suitable for companies in the business of lending or providing credit to consumers.


This document was written by a solicitor for Net Lawman. It complies with current English law.

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