Buying a used vehicle will have associated risks, and among those risks, the important one to consider is to avoid purchasing a car with outstanding finance. Although it is illegal to sell a vehicle on finance, it does not stop people from doing it, and therefore, 1 out of 3 of our checks show hidden vehicle history. Before you buy a car, it’s essential to check finance on car history to avoid hidden debts and unexpected liabilities. Learn how to conduct a thorough finance check and make informed decisions when purchasing a vehicle.
So, it has become crucial to know how to check if there is any outstanding finance on a used car before settling on a deal.
If you know there is outstanding finance and have yet to purchase the vehicle, contact the listed finance company to determine whether the account has been settled or if payments are still owed. If money is still owed, you should request that the owner Settle the Account before proceeding with the sale.
Owning a finance-pending vehicle is a severe problem because the car ownership belongs to the finance company, and they may take the vehicle back from you if you don’t settle the finance yourself. So, getting an outstanding finance check is a clever idea to be safe from fraud and to drive knowing that the Car belongs to you.
Table of contents
- 1 What is an outstanding finance check?
- 2 How much do I have to pay for an outstanding finance check?
- 3 What more will you get with an outstanding finance check?
- 4 How can I check outstanding finance on a car?
- 5 What steps should be taken if your inspected car reveals outstanding finances?
- 6 Does a motorbike have outstanding finance?
What is an outstanding finance check?
Outstanding finance is the debts pending on a vehicle which has to be settled by the current owner. The Car belongs to the finance company until the Outstanding finance is paid off. The person driving the Car on finance is called the vehicle’s keeper, not the owner.
How much do I have to pay for an outstanding finance check?
The auto experts offer a comprehensive vehicle history report, including outstanding finance checks, for just £9.99, the lowest price across the UK. Moreover, we offer our customers a data guarantee of £30,000 to provide the driver with peace of mind.
What more will you get with an outstanding finance check?
When buying a used car, consider a few more crucial aspects before settling on a deal, such as knowing insurance write-off or scrapped Cars, number of owners, plate changes, MOT, Mileage history, and vehicle valuation. Our comprehensive report includes all the above information with 5-bands vehicle valuation and more for just £9.99.
How can I check outstanding finance on a car?
It’s essential to check for outstanding car finances before buying it to avoid legal complications. There are a few different ways to do this. One has to run a car finance check, which will tell you if the Car has any debt since outstanding finance occurs when the owner has financed it.
Another way is to ask the seller for proof of ownership – if they can’t provide this, the Car likely has outstanding debt. They can tell you if there is an Outstanding loan on the Car. Checking for Outstanding finance is a simple but essential step in buying a used car – ensure you do it before handing over any money!
What steps should be taken if your inspected car reveals outstanding finances?
If you still need to buy the vehicle, it’s advisable to communicate with the seller and recommend settling the finances before purchasing. Only finalize the transaction once the outstanding finance is resolved.
If you’ve already bought a car with an existing finance agreement, it’s essential to inform the credit lender promptly, as legal ownership of the vehicle remains with them.
If the finance is settled recently or after purchasing the report, it will reflect within a few days as we do not have direct control over the data processing time from the DVLA.
Any update to the data will be reflected in a new report as it may tend to change over time.
Does a motorbike have outstanding finance?
Before purchasing a motorbike, it is essential to check for outstanding finance. It can be done by conducting a motorbike reg check.
It will provide information on whether the motorbike has been used as security for a loan. If the motorbike has outstanding finance, the new owner will be responsible for repaying the loan.
As a result, they may end up paying more for the motorbike than the purchase price. For this reason, it is always advisable to perform a motorbike HPI check before buying a motorcycle.
Answering your questions
How to check car history with VIN for free?
No car history provider offers it for free in the UK. If you find anyone claiming it is a fraud, stay away. Because we are charged for providing such detailed information, how can one offer it for free? Plus, it is illegal to provide this information for free.
What is an outstanding caravan finance check?
Enter the registration number here, and we will provide a comprehensive report of the caravan’s history. We will instantly alarm you if there is any outstanding finance or other adverse history.
Who is my car finance with?
Yes, our comprehensive report not just tells you about pending finance but also tells you the finance company name and contact. So, you can also confirm the pending finance with them.
Is selling a car with outstanding finance illegal?
Yes, selling a car with outstanding finance is illegal in the UK because it’s the property of the finance company. You can only sell it once the finance is settled. Still, you will find sellers involved in this illegal act.