Buying a car is a major investment. You may be spending your life savings, took out a car loan, or borrowed money from a friend. It can be a commitment on your part. When buying a car, you need to take all the necessary precautions and care to ensure that there will not be any hassles once you purchase the car. Conducting a PPSR check is one of the ways you can protect yourself when buying a car. This article will guide you on the importance of a PPRS check.
What Is A PPSR Check?
PPSR stands for Personal Property Securities Register. It provides consumers with information when buying personal property such as a car, boat, or artwork. With this kind of check, you will be able to find out if the car you are buying has a security interest attached to it. It is likely that the person or business with the security interest will get the car back. For a minimal fee, you can do an online search where you will obtain a certificate with the details of your search.
PPSR is important because you want to make sure that the car you are buying is free from any financial obligations. Your search may yield that there is still a debt on the car. If the seller stops making payments, the finance company may end up on your doorstep to take away the car.
You must do the check on the day or before you purchase the car to ensure that you get the protection that such checks provide. If no records of debt appear, you can usually take the car free from debt. If someone else has searched online and you have a copy of the certificate, you can verify it online. Retrieving a previous search will be free of charge and will provide the details of the initial search. However, if you want an updated version, you will need to complete a new search.
What Other Information Will The PPSR Yield?
The search may also yield other useful information from the National Exchange of Vehicle and Driver Information System (NEVDIS). This may include details such as description, registration information, or stolen and written off status.
Tips Before Buying The Car
You can have the car inspected by a professional. They can confirm the identity of the vehicle by checking their VIN or chassis number ensuring that it has not been tampered with. In addition, you can have the service manual or odometer reading of the car checked to ensure its correctness and consistency.