How Quick PPSR Helps Customers Make Better Car Decisions

• Apr 01, 2018

Buying a car or at least leasing one is a crucial step for most people. Are you ready to buy or rent cars in Australia? If you are like most people, then you are asking yourself ‘how do I know which cars are the best to buy in the region?’ And better yet, how do you buy a used car in Australia without fear that it is not stolen, keeping in mind the nation’s high car theft statistics? While checking VINs and theft reports might be a good idea while looking for a used car, it is not feasible. At Quick PPSR, we offer one solution that can help you answer the theft question: the PPSR search option.

What is a PPSR Search?

 If you are a buyer, especially a buyer of a used car, you need to know the history of a vehicle. What is the make and model of the car? Who previously owned the vehicle? Has the vehicle ever been damaged and if so, from what? All these are questions you should have answered as before you purchase your car. One way to get that history would be to conduct a complete car history check. However, if you are only interested in knowing the financial owing status of your vehicle, the cheaper, more convenient option would be for you to conduct a PPSR search.

A PPSR search is a search report on the financial owing on a car or other vehicle. Quick PPSR provides PPSR search reports to potential buyers, therefore enabling them to know if their desired cars have been listed on federal records as a security interest. Now, it is not impossible to buy a car that has been financed. However, it poses a risk that most buyers are not willing to take on. Think about it like this. When you buy a financed car, you will be taking on the risk that should your seller default on paying the loan or fulfilling the obligation tied to the car, their lender can reclaim your car under the law if the car is registered in the PPSR.

PPSR Search and Better Car Decisions

Before deciding to buy or rent cars in Australia, buyers need to know if they carry financial risk by taking on ownership of the property. A Quick PPSR search avails that information to them. When prospective buyers use Quick PPSR, they get a PPSR search report that highlights the money owing on the car they are buying, as well as a PPSR certificate, which details the outstanding debt tied to a car as well as car-specific details drawn from the state-sponsored NEVDIS database.

Buyers with this information can then make an informed decision about whether to continue with the sale or not.

For instance, a Quick PPSR customer with an affirmative report on their car can choose to purchase a different vehicle. The reason for this is that a car listed as a security interest can be repossessed at any time by the third party holding it as collateral for a loan. If you do not want to deal with any financial tangles or end up without a leg to stand on when your car is repossessed, then this would be the best option for you.

However, if you are really interested in a vehicle (maybe it was your dream car), you can always go through with the purchase of a car despite the PPSR search report detailing the loan taken against it. There are a number of ways you can deal with that situation to avoid hitting the tarmac when you own the car.

Buying a Financed Car

A financed car is any that has money owing tied to it. While buying a car with a clear title means that you have complete ownership over the vehicle, purchasing one with a tied title can be a murky process because the law is not on your side when it comes to owning it. Before renting cars or buying them, conduct a PPSR search to help you know the encumbrance on the property even just in case the seller does not know or hides the fact that one exists. And if there is an outstanding loan tied to the car, take one of these three measures.

The first option to buy a financed car is to confront the seller and request that they pay off their owing before making the sale. In an ideal situation, the seller will pay off the financier. You can confirm that with a second PPSR search before finalizing the transaction. Should the search yield no results, make the transfer of ownership.

There are times, however, when the seller will not have adequate funds to pay off the car’s encumbrance. As a buyer, you can still buy the car. All you have to do is make the transaction in the offices of the financier. That way, you pay for the vehicle, the seller uses those funds to clear the debt on the car, and you go home possessing a car with a clear title.

Option number three and the final one you can use when buying a car under finance is to clear the debt yourself. For this one, a PPSR search report will come in handy when negotiating the price for the second-hand vehicle. Let the seller know what selling price you are willing to purchase the car for, taking into consideration the finance owing on it. Then have the seller reach out to the financier asking for a final quote on the money owing. Once you have that quote, pay off the loan owed to the financier. Complete the sale transaction and transfer of ownership with the seller and you will have yourself a debt-free car.

While the PPSR search reports from Quick PPSR might not help you decide which make and model to buy, they help you make better, more informed car decisions, particularly when dealing with second-hand cars. Remember to always research used cars before buying them. Save yourself huge encumbrances today by using Quick PPSR’s cheap PPSR search option.