HOW TO CHECK IF A VEHICLE IS UNDER FINANCE

Posted on August 27, 2022

REGISTRATION CHECK

You may have valid questions raising in your mind. That you want answers or confirmation to while you are buying a used vehicle. You may be having doubts or second thoughts about the authenticity of the used car. It could be stolen, it could have a major mechanical problem, or it could be under finance.

Assurance should always be one of the steps of the decision-making process, and to do that. Several websites offer rego checks which will help you get a free registration check only by putting in the number plate or vehicle identification number (VIN) of the used car you have your eyes on in your state’s or territory’s transport authority website.

By doing so, you will be able to know the car’s registration status, expiry date, make, model, and the details of its CTP insurer with its expiry date.

MOVE FORWARD, BUT BE CAUTIOUS OF COSTLY PPSR

Since you have your rego confirmed, you can now move forward and find out if your prospective used car is debt free or not which is why you will have to conduct a search of the PPSR (Personal Property Security Register).

There may be plenty of websites that will promise you a well-informed PPSR report that will include if the car has ever been stolen, written off, or under finance, and also put in the vehicle valuation among them.

You need to be aware of these fake promises and think your options through. Some websites may try to con you by falsely identifying them as PPSR’s official website and asking you for a huge sum of up to $35 to search PPSR.

Is PPSR free?

You may think the government would provide such information for free but they don’t, although PPSR check is not free it also does not require the huge amount of money that those con websites demand you for the report.

You can get all the needful information from the official website of PPSR. And get the PPSR search done which will cost you $2 only, which is close to free. If you don’t want to pay a single penny for the service and wish to get the PPSR for free. You will have to hand over your details to the insurance company that offers a Free PPSR car history check on their website.

IS CHECKING THE FINANCE STATUS OF THE CAR IMPORTANT?

With the inflation and costly car prices in Australia, it is better to be assured that you are not buying a vehicle with debt that has to be paid somehow. Not doing so, will be unwise and irrational. You never know when you face a scammer or a deceiver. You always should be aware of the fact that behind an innocent mask can be an evil face.

Besides, private sellers don’t need to inform you whether the car is under debt or fully paid. Which could lead to the selling of a vehicle with debt attached which will then become a problem for the new owner.

The finance companies that issue the loan on the car maintain the interests until the money is fully paid and the car is legally owned by the owner.

Which gives them a legal right to claim the loan from the car owner regardless of who was the original debtor. And if you are not careful, enough that remaining debt along with financial interest would be your problem.

If you are unable to pay the remaining debt. You will lose your new used car which will be sold off to pay them. And you won’t be able to do anything about it.

Finally

All things considered, you have to be as cautious as possible of the potential problems your new used car can get you into. You may feel like your seller should be the one providing you with a PPSR report.

These may not be an ideal way but you cannot have control over it. All you can do is be clear from your side, do your investigation. Check and make sure that the used car you are looking to buy is not under any debt. And save yourself from the troubles of after-purchase of your new property.

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