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What is a Private Sale?

Car Finance

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.

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