There are several options for checking the finance on a vehicle, including free rego checks from the state you live in. However, this option may not give you all the information you need to make an intelligent purchase.
Keep reading to learn how to use a finance checker and what the best options are.
Why Do I Need to Know if a Car Has Finance Owing?
When you buy a used car, you need to check if there are any loans against it. The previous owner might have taken out a loan against the car, meaning that there are multiple security interests.
If they sell the car to you before paying off the loan, you may become liable for paying the money owed on the vehicle. The finance company could seize the vehicle to recoup the money they are owed, leaving you without a vehicle and potentially in debt.
Private sellers are not obligated to tell you if there is money owing on the car, so as the buyer, you need to do your due diligence. The best way to do this is through a PPSR check.
How to Check Vehicle Finance in Australia
The personal property securities register (PPSR) can tell you if there is a security interest registered against a second-hand car. In other words, it will show you if the previous owner took out a car loan and if there is a chance it could be repossessed.
You might also hear this called a REVS check, which was the name for this search before the PPSR.
A PPSR check can also tell you other things, including:
- Make, model, and colour
- Stolen status
- Written off status
- Safety recalls
However, PPSR cannot tell you how much finance is owed on a vehicle. As a result, you are still left in the dark about some important information.
There are other things left out of a basic PPSR check, including:
- The car's registration status
- Outstanding fines
- The car's history
- Odometer reading
A PPSR search costs $2, so it isn't free, but it's worth it to obtain the PPSR report and peace of mind. You can also get a free rego check for more information.
What Can a Free Rego Check Tell Me?
Rego checks are another good idea when buying a used car. You can check the car's registration online through your local government's transport authority. Usually, all you need to do is enter the vehicle identification number (VIN) or number plate, and you can receive details on the rego for free.
A free rego check can tell you some important details, including:
- If a car has valid rego
- The registration expiry date
- Any registration restrictions
- Any concessions (which will be transferred to the new owner)
- The compulsory third party (CTP) insurer and policy expiry date
This is all important information. If a car needs to be re-registered, you may need to pay for a check to ensure it is roadworthy, especially in states like New South Wales and the ACT.
Meanwhile, if the owner had any concessions on the car registration, you will be liable to pay off the difference before transferring the rego to yourself. Make sure you check this so you can negotiate a lower price with the private seller and factor this into your budget.
How to Check a Car's Finance and Rego
It's possible to check the finance and rego of a used car all in one place through a car history check. Carify's comprehensive car history checks explain everything you need to know about a car before you buy it, ensuring you can make a smart decision.
Our checks include a detailed PPSR search with everything you receive in a normal certificate. Furthermore, Carify automatically checks for changes in the security interest status with a new PPSR search 6 times per day for 14 days, alerting you if there is an update or new car loan you need to know about.
There is also a rego check, which consults registration records throughout Australia whether you are in South Australia, Western Australia, the Northern Territory, or beyond.
You can also learn additional things about the car, including:
- If it was written off, including a visual damage report to help you see potential issues
- Vehicle valuation to help you know if you're getting the best price
- Stolen check to alert you if the vehicle was ever stolen
- Odometer check, so you can see if a used car has been tampered with
- Japan import check
- Manufacturer recall check
The report goes far beyond standard rego checks to help you ensure that you can buy without risk and get the best price for a used car.
Before purchasing, get a car history report here; you only need the VIN number or chassis number to get started.
Final Thoughts
When you buy a used car, it's essential to do your due diligence and ensure it's a smart purchase. You must check if there is a car loan you might need to pay off, whether the owner had any concessions on the rego, and if there is any potential damage to the vehicle. The last thing you want is to have your new car repossessed, so all of these checks are vital.
If you want an extra layer of protection compared to standard PPSR and rego checks, check out the history reports from Carify.
FAQs
The top three questions on vehicle finance checks. Visit our FAQ page for more.
1. How Can You Check if a Car is on Finance?
A standard PPSR check can tell you if a secondhand vehicle has finance owing on it. The government PPSR website offers a certificate for $2, which tells you if there are additional security interests in a vehicle. However, the standard PPSR search does not include some key information, such as how much debt is owed and if the car has a valid rego.
2. Can I Buy a Vehicle with Finance Owing?
Yes. It's possible to buy a car that has money owing on it, but you need to be careful. If you buy the car and the loan is not repaid, it could be repossessed, leaving you without a car after paying for it. Fortunately, you can negotiate a better price with the seller if you know about any finance owing, which is why it's vital to conduct a PPSR search.
3. Can I Check Car Rego for Free?
Yes. Each state offers a way to check vehicle registration for free via its transport website. However, free rego checks are very basic and don't include some of the critical details about vehicle history. It's better to pay a little for a comprehensive report if you want peace of mind when buying a car.
