Things to consider when purchasing a motor vehicle or equipment from a private vendor
We often receive inquiries on whether we can assist with financing the purchase of a car or other equipment from a person who is not a dealer or supplier. The good news is we can. This sale type is known as a "private sale".
When purchasing under this scenario some key items to consider:
- Can the person selling confirm they have legal title?
- Is the car or equipment under finance?
There are additional requirements with a private sale to confirm the above and we work with the vendor on your behalf to obtain.
Typically this includes:
- The seller producing evidence that they own the goods (such as the original invoice from a dealer or supplier) and confirmation of payment OR a payout letter from the financier if the asset is currently under finance
- A Certificate of Registration (if registered goods)
- A search of the Personal Property Securities Register ("PPSR") that confirms the details of the goods and whether any encumbrance exists
- An inspection of the equipment by us or a representative for us
If the above steps are not taken, you could risk purchasing a vehicle or a piece of equipment that you don't get clear title to (ownership). In some instances this could leave you in the unenviable position of having a loan to pay but no vehicle or equipment.
To protect you from this scenario we and our agents perform all checks and obtain proof of ownership so you can enjoy the benefits of a private sale such as negotiating a better price than what you could obtain from a dealer or supplier.
Make sure you talk with us if you are wanting to finance a private sale.