Matt. 21.3 "The Lord hath need of them" - In His capacity as the Creator, the Lord lays claim to them since the entire creation belongs to Him. Commentators usually take the ass to be representative of the Gentiles and the colt, the Jews. Actually the reverse is the truth: the ass represents the Jews and the colt, the Gentiles.

From Mark's account (11.7) we see that the Lord rode upon the colt, with the ass no doubt following, thus signifying that the Lord has His hand upon the Gentiles and that the Jews are following. It is most difficult to ride a colt; even an ass expert is not able to, such as a Pharisee has no means of control over the Gentiles. Spiritually speaking, before anyone is saved they are like a colt. But when saved, they are like the colt which the Lord can ride easily on. The horse speaks of war, while the ass speaks of peace. In this instance now, the Lord as the Prince of Peace rides on the colt, that is, a young ass (Matt. 21.5). Israel has lost her youth, what they once were. At His second coming He will ride on a militant white horse.

Bethpage means "house of unripened figs" - Jews are not ready to accept Christ, not even a remnant (that will be left for the day of the Lord's return). The ass is "loosed", let go, even by Matt. 13 (and completely lossed in Matt. 23); if it were not so, then why does the Lord spend his nights at Bethany (see 21.17; cf. also Mark 11.11-12,19). It is because Jerusalem has become a rejected entity. The Colt was not tied, free as the Gentiles now who have come to Christ and let Him ride them.