Why Outstanding Car Finance Checks Are Essential?

If the car has outstanding finance, it is illegal to sell it in the UK. However, it doesn’t stop people selling their cars. A car with outstanding finance can pose a problem as you will need to prove you are legally entitled to the vehicle. This will be difficult because the finance company technically still owns the vehicle. If you do not settle the outstanding finance, it is possible for the finance company to take the vehicle back. An car outstanding finance check check informs buyers about any debts on the vehicle, along with the finance agreement date, type and term.

What Does Outstanding Finance Checks Really Show?

Simply put, a outstanding finance check will reveal if there is any money owed to the vehicle. Did you know that one in three checks reveal hidden vehicle history? It’s worth doing a thorough finance check if you’re thinking of buying a used vehicle. The results will also reveal the name of who the finance agreement was with. It is a good idea for you to call the finance company to verify that the former owner has paid the finance or if someone owes money. You can buy the car with confidence if there is no outstanding balance. You are confident that the car has passed all necessary checks.

Why Should I Go For Outstanding Finance Checks?

While most people are honest, some aren’t. If you don’t do your research before purchasing a car, you could end up paying a lot of money to cover any outstanding finance. The risk is not worth it.

If A Vehicle Check Reveals It Still Has Finance On It?

If you receive a vehicle inspection, the finance agency shows that the vehicle has an outstanding balance, then you should contact either the seller or the owner of the vehicle to advise them to pay the account before proceeding with the sale. If the owner is unwilling to acknowledge that there is an outstanding balance or settle any financing, you should be concerned and walk away. If you’ve already bought a car, and a finance check shows that there is a balance owed on the car, you’ll need to contact the finance company to prove that you are innocent buyers who were not aware of the current finance. It can be very difficult to do this, so it is recommended to conduct a finance check before purchasing any used vehicle.

Wrapping It Up!

Buying a car with outstanding finance can cause you issues in the future, so by having an outstanding finance check carried out beforehand, you will know precisely what you’re getting into. The Full Car Check finance report is powered by Experian.