What You Need to Know When Buying A Personal Property
Buying personal property has some advantages to it. Personal property refers to movable objects like cars, motorcycles, caravan, trailer, boats and other motor vehicles. When you buy a personal property, the resale value tends to be lower. If in this case, you want to buy a car, it is important that you check if the property has security interest attached to it.
In Australia, there is an online registry that helps protect the consumers by providing information like security interest. The registry is called PPSR (Personal Property Securities Register), which is administered by The Australian Financial Security Authority. A security interest is a legal right given by a debtor to a creditor to repossess the property in case the debtor defaults in making payments.
How can ppsr help you?
PPSR is a great resource for car buyers. It will allow you to search if there is a debt or security interest attached to a particular car before buying it. Remember that if the car has a security interest, there is a good chance that the finance company listed on the PPSR will take it away or repossess it.
How to check PPSR?
It is advisable that you complete your search one day before you purchase the car to ensure that you have the latest update. You just need to search by providing a PPSR registration number.
How to ensure that the search provided is true?
If you want to be sure, it is better to conduct the search personally. Car owners or dealers may provide you with a certificate but you have to think that sometimes they are not being honest. The best thing that you should do is to verify the details of the certificate online. If you want to verify the certificate online, you simply need to retrieve the search, which has no cost. If you want to update the search, you need to conduct a new search.
How do you know if the car is road registered?
PPSR provides more than security interest information. It has a field that allows the user to locate the car registration details like view the State Vehicle Registered and Registration Expiry. You can also view a copy of the current registration to check the registered owner. The registration certificate will also give you details about the plate number, and Vehicle Identification Number (VIN) to make sure that they match.
What else should you do before finally buying a car?
As soon as you confirmed the details about the security interest and other certificates, it is advisable that you have the car inspected by a professional. You can always ask the State Road Assistance Association to confirm the vehicle’s identity by examining the VIN. It should not show any signs of tampering. It is also advisable if you check the car’s service manual odometer reading records to ensure that it is consistent and correct.
Knowing PPSR will ensure that you have a trouble-free purchasing. It won’t take much of your time so do not hesitate to go through the process. Do not make the mistake of buying blindly.