The Why are we asking this? part of your form is called
As Kathryn Whitenton of NN/g puts it for form design:
The best design solution for any given form depends on many factors:
The length of the form, the context of use, and the data being
collected. The exact implementation you should use may vary in certain
circumstances, but this is no excuse for ignoring guidelines
Yet, in the context you specify (Car loan application), hints might serve a sensible purpose, as users might end up wondering at times of why you require that specific information. I would refrain from repeating the text
Why are we asking this? with each hint text though, since it is obviously a hint.
Also, its not necessary to incorporate hint text for each and every form field. For example, you could leave out hint for trivial form fields such as name, address etc. as it would be obvious to the user that you require that information in order to process their loan request.
Placeholders in Form Fields Are Harmful