Why Should You Do A PPSR Check?
Buying a second-hand car is always a gamble, and particularly in Australia. An old car can turn out to be a great investment or a big pile of junk. A PPSR report can give you the look into the future and enable you to tell one from the other. With over 4.5 million vehicles registered on PPSR, it will be easy to find useful and relevant information about the one car you fancy. As a new car owner, there are several reasons why running a PPSR search is in your best interests. Below are the top three reasons why conducting a PPSR check is a great move for any used car buyer.
Three Reasons to do a PPSR Check as a Buyer
Financial and Legal Security
A PPSR check provides buyers with details pertaining to the car they are purchasing which could influence their legal and financial standing.
For instance, a PPSR report lets buyers know whether there is financial owing on their vehicles. Financial owing refers to the situation whereby an individual used the car as collateral to obtain a loan. In this case, the financier holds a security interest in the personal property and can repossess it should the debtor, in this case, the seller, default on payment for the loan. As a buyer, a PPSR search report will help you know to decide whether to take on the money owing in a property in case there is one. You will know the financial repercussions of purchasing a financed property.
Similarly, a PPSR check details the stolen, written-off and registration status of a property. With it, you can take the necessary steps to prevent legal blowback in case you decide to take ownership of a property. For instance, getting a PPSR report enables you to know whether the personal property you obtain is stolen. You can report the vehicle as stolen to the authorities if it turns out to be such.
Peace of Mind
Knowing the status of a property helps buyers with their peace of mind. People will worry less when they know that the property they are acquiring has no debt tied to it, or when they are sure the car, rights or even boats they are coming into possession of are not listed as stolen.
Conducting a PPSR check is a small price to verify a clear title for the property you are buying.
In case there is ever a dispute involving a property you purchased, the report you obtained after conducting a PPSR check will serve as proof of the status of that property at the time of purchase. The PPSR search report could especially come in handy in legal proceedings involving the property in question.
There are many other reasons that you should do a PPSR check, including verification of an existing search, but these are just a few. Conducting a PPSR search is such a simple procedure and has numerous benefits to you as a buyer, so why not take one today?