A financed car has money attached to it. Buying a car with a clear title means you have full ownership of the vehicle, buying one with the associated title can be a messy process because The law is not on your side when it comes to property. Before renting or buying a car, search with PPSR to help you spot mortgages on properties even if the seller doesn’t know or conceal its existence. And if there’s any outstanding debt tied to the car, get one of these three measures.
The first choice when buying a sponsored car is to face the seller and ask them to pay off debt before selling. In an ideal situation, the seller would pay the financier. You can confirm by doing a second PPSR survey before completing the transaction. If the search returns no results, transfer ownership. But there are times when the seller won’t have enough money to pay for the car mission. As a buyer, you can still buy the car. Complete the transaction at the lender’s office. This way you pay for the car, the seller uses that money to pay the car loan, and you come home with a documented car.
Option number three and the last option that you can use when buying a car with finance is to repay the loan yourself. For this, a PPSR search report would be useful when negotiating used car prices. Let the seller know if you are ready to buy a car at a sale price, taking into account the amount due. Then ask the seller to contact finance for a final quote on the amount due. When you have this quote, pay it outstanding debt to the lender. Complete the sale and transfer of ownership with the seller and you will have a debt-free car.
Although the PPSR search report won’t help you decide which brand and model to choose to buy, it can help you make better decisions about cars, especially when it comes to dealing with used cars. Remember to always research used cars before buying them.