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Old 19-12-2009, 10:52 PM   #1
KeithTheBricklayer
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Default Need Help!!!

So i live in Perth


And this f6 ive looked at hasnt been paid off... but its been bought with there house mortgage..

So is it ok to buy a car that has been bought off a house? or does it still work the same as a car bought with finance an hasnt been paid for?

Sorry if some of this doesnt make sence


thanks!

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Old 19-12-2009, 11:02 PM   #2
Yellow_Festiva
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Not making much sense.

Been 'bought' with a house mortgage? The only way to do this from what I understand is you redraw from extra repayments (or re-finance and increase your loan) and pay cash for the car, meaning no money oweing.

But why would a seller mention this then?? Are there loan packages that involve the finance of a car into the security of the loan? Don't know?

Can you be more specific?
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Old 19-12-2009, 11:04 PM   #3
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Ring your R.T.A and find out if there is any encumbrances on the vehicle also i think you can do it over the web cost $20 to $30
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Old 19-12-2009, 11:06 PM   #4
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Quote:
Originally Posted by snappy84
Ring your R.T.A and find out if there is any encumbrances on the vehicle also i think you can do it over the web cost $20 to $30
You can do it on the web for free to start with, but if you pay you are assured that the certificate you get will be correct for the following 24 hours.
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Old 19-12-2009, 11:11 PM   #5
KeithTheBricklayer
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i mean he used his house mortgage to buy the car sorry if i still dont make sence

Umm so he borrowed on his house??
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Old 19-12-2009, 11:14 PM   #6
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If he borrowed on his house the car is free and unencumbered but get a REVS check done for piece of mind but if he is telling you the truth it will be ok.
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Old 19-12-2009, 11:16 PM   #7
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mmm, if he borrowed using a redraw facility or similar then he would have paid for the car outright, there would be no finance owing on the car.
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Old 19-12-2009, 11:19 PM   #8
KeithTheBricklayer
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ok thanks guys!
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Old 19-12-2009, 11:27 PM   #9
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you can check if the car has finance on it, from the vicroads link below. cheers

http://www.vehiclestatuscheck.vicroa...icleInput.aspx
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Old 19-12-2009, 11:38 PM   #10
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Here ya go, just punch in the rego and it will tell you if there's quids still owing.
http://www.revscheck.com.au/
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Old 20-12-2009, 12:12 AM   #11
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Should be okay, redraw = cash. His home loan just got a bit bigger! He just owes the bank extra now, whatever the outcome of the sale with you or anyone else.

Certainly use the links provided above to do the relevant legal checks though.

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