Outstanding finance check
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Buying a car without noticing that it has an outstanding finance agreement can cause a lot of trouble. In this situation, the seller would not have had the legal right to sell the car to you, and the car would still be considered the property of the company that arranged the finance agreement.
Performing a simple outstanding finance check before buying a car can prevent this challenging situation.
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Performing a Full Car History Check before buying a car is a smart move to ensure peace of mind when purchasing a car. With 24/7 customer service, we've got you covered. In this guide, we'll highlight the essential tools at your disposal to uncover outstanding finance in a vehicle's history.
We'll also highlight the crucial information an outstanding finance check report provides, including important DVLA details. And if you discover that you've unintentionally acquired a car with a hidden finance agreement, we'll walk you through the necessary steps to resolve the situation.
Why consider an outstanding finance check before purchasing a car?
An Outstanding Finance Check provides essential information about a vehicle's ownership status, making it a crucial step for both buyers and sellers. This check ensures that there are no outstanding financial claims on the car, assuring the legality of the transaction.
Failure to perform this check poses the risk of the vehicle being repossessed by the finance company, which can result in the loss of legal ownership for the buyer. Verifying whether a car has outstanding finance can save you from potential future complications, financial burdens, and undue stress, making it a prudent choice before purchasing a car.
What does an outstanding finance check reveal?
Our Outstanding Finance Check offers a comprehensive report that includes details such as:
- Finance agreement date
- Finance agreement type
- Finance agreement term
- Finance agreement number
- The contact number of the finance company
These details can be used to contact the finance company and determine the current financial status of the vehicle. In addition to outstanding finance, our vehicle history check can also inform you about other critical information, including:
- Whether the vehicle has been declared an insurance write-off
- If the car has been reported as stolen by the police
So, with our Outstanding Finance Check, you can gain valuable insights into a vehicle's financial and legal history.
What happens if you buy a vehicle with outstanding finance unknowingly?
You should pay off the remaining debts even though you purchased them unknowingly. Seek legal advice if you cannot settle the debts; the lender will repossess the vehicle. Why so? The finance company is the legal owner, so you can only enjoy the ownership once the debt has been paid.
You are fortunate if you get help from your insurance; mainly, the packages won't be applicable for settling someone's vehicle debt for you. Better yet, always consider whether covering the previous owner's debt sits right with you. Learn more about how to avoid buying a financed car.
Answering Your Questions
Yes, if you're purchasing from a dealer, you can request them to provide the HPI clearance, which is free. However, for your peace of mind, you can verify a vehicle's financial status through Car Analytics, although this service is not free.
The paperwork remains the same whether selling a financed car or one they own outright. However, as a buyer, you must be watchful here and read the documents carefully for a hassle-free deal.
- The V5C document contains the keeper's name, and they could also be the owner. To verify the logbook's originality, check for the DVLA's watermark.
- The car's service history explains how healthy the car you will buy is.
- MOT history is also mandatory to know the MOT's status and due date. It also explains the system failures during diagnosis and the advisory notes.
- Check if the car has outstanding finance through online reports revealing the type of financial deal, finance company, date and term, and contact number. You can also confirm it directly with the finance company.
While it may seem like an attractive option to roll the remaining balance into the new car loan, there are a few things to consider before making this decision.
- You will need to pay more interest on the new loan than you would if you first paid off the old one.
- Paying more may impact your credit score, and you will be considered a high-risk borrower.
However, purchasing a vehicle without ensuring clearance of previous debts is not a good idea. You need to be aware of car finance scams before you buy one. It might seem like the most straightforward choice at the time, but it can cause several legal and financial problems down the road.
Selling a car with an outstanding finance agreement is against the law since the lender retains legal ownership of the vehicle. It is not permissible to sell a car privately until any outstanding finance has been completely resolved.
If you intend to sell a car with outstanding finance, you must first clear the remaining balance with your lender or locate a buyer who is willing to settle the outstanding amount on your behalf.