18 Feb

Yes we can finance cars and equipment bought privately

It could be a cheaper option to buy a car or equipment privately and did you know you can finance it as well.

These purchaser’s do come with some risk, but these can be minimised if you do a little digging.

Buying a car privately -

Buying a car through a private vendor means that the car does not come with a statutory warranty, so if you have anyproblems with the vehicle it may be difficult to get any assistance or compensation from the private sale vendor.

So before you hand over your money, do a little digging -

  • Have the car checked out by a licensed mechanic before you purchase to make sure that it is mechanically safe.
  • Go to http://www.carhistory.com.au/ - to get a comprehensive check to see if there are any encumbrances (financing).  This report will give you –
    • PPSR (previously REVS) - Money owing
    • Written off check
    • Stolen check
    • Flood/storm damage check
    • Odometer wind back check
    • Vehicle details
    • Valuation

If encumbered make sure you pay off the relevant finance company BEFORE you pay the vendor.  You do not gain title to the car unless the previous finance company has been paid out.

Verify ownership - Ensure that the person you are buying the car from is its registered owner and authorised to sell you the car. Ask to see a copy of the current vehicle registration papers and check maintenance records.

The finance companies will also do their own checks and if they are not satisfied then it is likely the finance company will not finance the car, but the good news for you, is that you are not getting a car this is not quite right.

Plant & Equipment

Is not as easy to check up on as a motor vehicle but at least you can check the personal property security register (http://www.ppsr.gov.au), which will tell you if the goods have any encumbrances owing.  You will have to do your own history checking.

Motors Vehicles and plant and equipment can both be financed if you are buying from a private seller, but these items do take a little longer to organise.

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