Private Sale – the purchase of a vehicle or equipment from a person who is not a dealer or supplier.
We often receive inquiries on whether we can finance the purchase of a car or other equipment from a person who is not a dealer or supplier.
The good news is we can! It is known within our industry as a “private sale”.
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. We will work with you on what is required.
Typically this includes:
- The seller producing evidence that they own the goods (such as the original invoice from a dealer or supplier). Confirmation of payment OR a payout letter from the financier if the asset is currently under finance.
- The seller signing a Statutory Declaration that they are the owner of the goods. Generally only needed if the above evidence cannot be provided.
- A Certificate of Registration (if registered goods).
- If an individual seller a copy of their drivers licence (to enable the search to be undertaken on the PPSR).
- Confirmation of the seller’s bank account details for payment. Eg a copy of a deposit slip or top section of bank statement with transaction details removed.
- An inspection of the equipment by us or a representative for us.
- A search of the Personal Property Securities Register (“PPSR”) (insert link) that confirms the details of the goods and whether any encumbrance (such as finance is with a financier) exists (this is completed by us)
Whilst the above can look daunting, the advantages of a private sale might be that you are able to negotiate 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.
CALL NOW – 02 9453 0300