How to check if a car is on Finance?

Can you check if a car is on finance?

Over the past few years, there was a significant rise in the selling of used vehicles with hidden details. Because of this hidden information, buyers have found themselves in difficult situations, which they must manage legally. However, there is one hidden detail (outstanding finance) about the vehicle, which can be exposed by an outstanding finance check free.

Car finance check is essential with more than 90% of used car buyers utilizing it to buy their vehicle smarter. It indicates the finance agreement and its details, whether they have been paid or not, until and unless the outstanding finance is paid off, the owner does not officially own the cars. 

Outstanding Finance

Financing organizations will not allow the individual to sell the vehicle until the loan is entirely paid off. There are cases where the law is broken, and some people continue to sell their vehicle with an outstanding finance. Which is why it is best to check outstanding financing on car before buying.

Why outstanding finance check is important before you buy a used vehicle?

It is always best to buy a used vehicle after getting the full vehicle history check, it will help determine the vehicle's working condition before you purchase. Buying a car with outstanding finance, may be troublesome for you since you will be charged with debt. If you are not the loan borrower, the finance company can and will seize the car from you. As a result, there is a larger danger of losing the money spent on the car.

Whether you don't know how to verify if a car has outstanding finance, you should do a vehicle check to know any hidden history of the vehicle. If you find that the vehicle has outstanding financing during a vehicle history check, you must know how much finance is still owed on your vehicle. Buying a used car without completing a car outstanding financing check is risky unless you understand and trust the seller.

Vehicle Outstanding Finance Check

Know whether there are any visible damages during the vehicle check, and find out outstanding finance, mileage, and write-offs and so on. If you have bought a car with outstanding finance, there is an imminent risk of losing both money invested and the car, it is essential to make a more informed decision when buying a used car.

Outstanding finance check on car with CarDotCheck

At CarDotCheck, you can get a free vehicle check to know the basics about the used vehicle before getting a full report so that you know which vehicle suits you best. This helps you make a better decision before you buy a used vehicle.

Selling a car with Outstanding Finance

Sell my car with Finance Outstanding

What is Outstanding Finance?

When the former owner already owes money on the car but sold it instead of settling the finance, then it is known as outstanding finance. They are defrauding the next owner by selling the car without reporting it in any documents, this is illegal and it shouldn’t be done.

 Outstanding Finance

Can I sell my car with Finance Outstanding?

It is illegal for the vehicle's keeper to sell the car without the permission of the owner. The keeper must pay off their agreement to become the owner before they can sell the car with outstanding finance. The finance company is likely to track you down and repossess the vehicle if you sell a car with outstanding finance without consulting the buyer. 

can I be buying a car with Outstanding Finance?

If a car owes finance payments, the car belongs to the finance company. You will receive debts if you are the ‘owner' of the car, even if you bought it in good faith, and it will be your responsibility to pay it off.

If you have already paid for the car, you could be unable to take legal action, which may be costly.

That's why it's necessary to obtain proof that the debt has been paid off before buying a vehicle. If you can't access anything from the seller, an outstanding finance check complete car search would give you the contact information for the finance company, which you will use to ensure the loan has been paid off.

Outstanding finance deals are often settled at the point of sale when buying a used car from a dealer. This is very normal, but you can talk to them about it before paying over the money and get written confirmation that they can pay off the debt.