Checking outstanding finance on the car clarifies if the money is owed to the vehicle. The report reveals the finance agreement details if the car has or it shows a green signal to buy a used car with peace of mind.
One in three used cars has an untold history; thus, check whether the vehicle has outstanding finance or other issues. It is better to check the car history before you decide to purchase.
There is a chance of losing the vehicle after purchasing a financed car when you can't be able to repay the debt amount. It is because you are liable for repaying as you are the current owner. Also, you can't get the ownership until settling the debt amount.
Selling the financed car is an offence and is against the law. If it happens without informing the buyer, then the finance company has the right to repossess it. Suppose the seller informs the outstanding finance on a car, then it is your choice to proceed with.
There is no free outstanding finance check as it is important to decide the seller's trustworthiness and the vehicle's worth. So, don't believe the ads showing “you can check if the car is financed for free.”
Buyers are likely to buy a car through financing. However, the real risk is paying for the used car, which already has outstanding debt. A vehicle finance check helps the buyers pay for the right vehicle. The Auto Experts full check report tells you the name of the finance company, agreement details and contact number.
These details help you to visit the finance company to resolve the issue directly, or you can walk away from the deal.
No, it's unlawful in the UK to buy or sell a car having debts pending against a finance company. If you purchased the vehicle unwittingly, you must settle the remaining debts as soon as you become the vehicle's registered owner. The car belongs to them as the legal owner until all money owed against it has been settled up. Know how to avoid buying a car with outstanding finance.
It is okay to spend a few pounds on your huge investment. Other than the outstanding finance check report, you can also find the following: