7 Things Nobody Told You About PPSR
Mar 07, 2018
Are you looking to buy a pre-owned car and realise that REVS check is no longer available? That’s because it has been replaced with PPSR – the new government database for compiling information on all registered securities interests.
At Quick Revs, this means that most of our PPSR searches are related to cars for persons who are used to REVS reports. But, it means that you can also check on other items in the database. REVS checks and PPSR reports are important parts of buying a used car in Australia, but many people have never even heard of them. But you can learn Everything You Need to Know About REVS checks, Car History and PPSR reports
Or, let’s go through the 7 things that nobody told you about PPSR in Australia.
1.What is PPSR?
PPSR is the abbreviation for Personal Property Securities Register. It is a national electronic online register that allows the registration of security interests in personal property and the data can be searched according to the Australia Personal Property Securities Act 2009. The operation of Australia’s PPSR started in January 2012. And the Government authority responsible for the PPSR in Australia is AFSA - The Australian Financial Security Authority.
The PPSR is a completely electronic register and it is available 24/7 for users. The registration and search platform are accessible from any location and any state.
2.What Sort of Information can you get with the PPSR?
PPSR is important for individuals, businesses, consumers, and creditors because of the type of information it offers. And millions of searches and registrations are conducted in the PPSR every year.
The PPSR provides online searching and maintenance of financing statements and registrations. It also gives you information on personal property items in lease arrangements, hire purchase, and loans.
The Personal Property Securities Register can, therefore, provide information to protect buyers when they plan to invest in personal property like cars or boats. PPSR, however, does not include items such as real estate property.
When you use the PPSR Check before you buy a vehicle, you can find out whether the car you are buying has any security interest associated with it. This is important because if you buy a vehicle that is subject to the security interest, there are chances that the owner of the security interest can repossess the vehicle.
3.How PPSR works – Finance Check
PPSR reports provide several types of information on a vehicle which it draws from a variety of government database including the National Exchange of Vehicle and Driver Information System (NEVDIS). Together, these databases provide information on finance check, write-off check, stolen status indicators, and registration details if you are running a car PPSR search.
·PPSR Report Finance check
The PPSR is accessible to both individuals and business organizations. It is, therefore, important that both persons and businesses with financial interest register that security interests on PPSR because it can protect their property against bad credit, debt and in case of a customer’s insolvency.
When you have your security interest registered in the PPSR, you will stand a better chance of retrieving the debt. This is because Section 66 of PPSR Act determines priority between security interests.
It allows a lender for the purchase of a personal property such as a car, to register their interest in that property. But, as a buyer, if you buy a machine on hire purchase, or you take out a loan to buy a car, your details will be uploaded to the PPSR until the debt has been cleared.
Therefore, PPSR can help both individuals and business organizations to protect their investment. For professionals, it also works as a risk management tool.
4.Information in the report
You will get the car history report on the PPSR Check
. It will provide basic information regarding the financial interests, stolen vehicles and written off records. You can know more about the vehicle history and in every report the following information is included.
- Written off record
- Registration details
- Finance owing
- Stolen vehicle check
5.Quick Revs PPSR Check
Now you might be wondering why Quick Revs is in the 7 things nobody told you about PPSR. And though it might seem that we are tooting our own horn, this is information that you will really wish you had read before ordering a PPSR report elsewhere.
Doing a PPSR check means being able to access all the necessary information on a car so you can make a decision whether to buy or try elsewhere. Quick Revs is a platform that allows persons to access PPSR reports. For satisfaction and peace of mind when you are planning to buy a new car, it is important that you check for any unexpected issues with the Quick Revs PPSR check.
The PPSR Check will provide you the information registered within the national Personal Property Security Register. Our checks will deliver the data about the individuals or companies that have a financial interest in the vehicle. This information is very important when you are buying a new vehicle because it will let you know whether you can have the clear title of the property or not. If you cannot get the clear title, your vehicle can be repossessed by any organization or individual.
Apart from the information regarding the clear title, PPSR Check will provide you other information related to the car. You will get complete status and car history report from the NEVDIS.
With the help of a Quick Revs PPSR Check, you will get all the data you need so that you can buy your new car with confidence.
6.PPSR Check for individuals
Individuals can use the PPSR Check for their motor vehicle search. Quick Revs, for example, provides you with an online tool to conduct the search to find out the financial interests and other information on the car that you are planning to buy.
Before January 2012 the service was under the control of the state-based VSR or REVS. It was based on the state in which registration of vehicle took place. Now, you can access this registry across the country.
When you are ready to have the PPSR Check at Quick Revs, it would be a better option to get the comprehensive car history report. With the help of report, you will get an in-depth analysis and other important details regarding the second-hand vehicle you are planning to buy.
The PPSR Check will only give you the basic information whether the car has a financial interest or not. However, having a complete report will protect you from many scams that could hurt your pocket.
7.PPSR Check for businesses
With the help of Quick Revs PPSR Check, you can find out details about the PPSR security interests associated with the assets of an organization. The personal property of business organizations consists of inventory, products, machinery, and plants. The intangible property like intellectual property and accounts are included as well.
The business productivity and dealings are affected by Personal Property Security Register. The secured lending can impact any business organization who is supplying products on conditional lease or sale.
In Australia, PPSR has been created to set the rules and regulations related to security interests in personal property. The territory, number of states and commonwealth registries are replaced by the national online register. This makes it easier for you to be able to register your business security interests in personal properties.
And where you need information on a particular property or individual, a Quick Revs PPSR Check will make it easy for you to identify existing security interests that any borrower might already have granted by other creditors or lenders.
Get your PPSR Check report now
Quick Revs PPSR Check is easy to use and you can quickly access it to conduct searches in the register. It will provide you the protection you need while buying property like vehicles and other personal assets.
With Quick Revs you can get the PPSR information or the car history reports
within seconds. At an affordable rate of $5.89, all you have to do is place the 17-character VIN number in the tool at https://www.quickrevs.com.au/ppsr
. The report will be generated according to your requirements and the PPSR Check will help you make the right decision.