Yes we can finance private sales, as per our blog, “Am I Able To Finance A Private Sale”, but please don’t shout at us when we ask you for everything under the sun!
The last couple of years, the banks and finance companies have been hit with high end fraud and it is only on the increase. Equipment and cars are being financed but they do not exist so when the deal starts to go sour, the finance companies have nothing to repossess and the vendor is long gone!
Our job is getting more and more detailed and the amount of paperwork and cross checking we have to do is becoming more and more every day.
So if the Vendor can not come up with the following – alarm bells should start ringing.
Vendor will need to provide: –
- Copy of current rego papers
- Copy of the original tax invoice of sale from when they bought the equipment, this it to check the title flow and make sure that they are the owner of the equipment, and have the right to sell it
- Payout letter from finance company if applicable
- Confirmation of their bank details, to make sure that the money is going into the right account. This is in the form of copy of a bank encoded deposit slip or bank statement disclosing the bank, the vendors name on the account, BSB number and Account number
- We will then need to organise a vehicle inspection with photos, which in some cases we can do, or we engage a third party, “Red Book Inspect” to inspect the goods, they make sure all identifiers are correct and that the goods exist
We have had many people complaining about this, but it does protect you as the buyer as much as protecting the bank, so please don’t shout at us we are only doing what is required in this climate and protecting you in the process.