It is common knowledge that the REVS check has become the PPSR where you can get information about the car you are planning to buy. You can know whether there is any loan on the car which has not been paid. Unless you know the information, you could end up buying a car that has an unpaid loan on it. The PPSR protects you from this danger.
You know that you can check the vehicle details on the PPSR. But, how do you use the PPSR? Let us see how can go about finding the details of the car you plan to buy.
How To Do A PPSR Search?
The most common use of the PPSR is to find whether the car you are planning to buy has an encumbrance on it. An encumbrance means any financial burden that has not been paid for. There are three ways you can search for it.
You can search using the name of the person who is selling the car to you. The search will tell you whether there is any financial burden on it. But when you buy the car the easiest way to search is by the Vehicle Identification Number or the chassis number. This will show you all the details you need to find out.
How To Register Your Financial Interest On A Car?
This is another use of the PPSR. You can register your financial interest on a car which you don’t want to be sold without paying off your loan. This information which you post on the PPSR will be useful for any prospective buyer of the car. The method to register your interest is very simple.
Before you register the financial interest on the car, you should understand that the PPSR is only a notice board for people to collect information from. It doesn’t in any way promise you repayment of the sum you have lent someone. It is only a car history check register.
You should have a proper agreement for the loan you have given. The PPSR will only help people know of your financial interest. This will help them to contact you and pay off the loan before they buy the car.
You must first create a PPSR account. You must give a few details like your e-mail id and a physical mailing address. You should also give your contact number. You can also nominate someone else, if it is a company, for being the account administrator who can make changes in your PPSR account.
Once you have created the account, you can go on and register the interest. You will be prompted at each stage for whatever information is required. Even if you can’t complete everything in one go, you can save and continue later.
You should provide detailed information about the car on which you are giving a loan. You should also include the collateral type. The details of the person whose car you are taking as collateral should also be given. If any other parties are involved their details must also be given.
You should take a copy of the verification statement to the owner of the car after registering the account.