You can quickly find out if a car has outstanding finance, also known as a finance agreement.
Enter the registration number of your car to see if there is any outstanding finance.
It is illegal to sell a car with unpaid debt. But some people sadly still manage to do it. If you own a car with outstanding debt, you must show your ownership rights, which can be challenging given that the finance company holds legal ownership of the vehicle. If you don't pay off the remaining balance on your loan, the finance company may take back your car.
To overcome these issues, conducting an outstanding finance check is essential. This will give you complete peace of mind to ensure that the seller has cleared the finances before you take ownership of the vehicle. Do not take any chances when buying or selling a car. Protect yourself and your investment with an outstanding finance check from our team.
Why perform an Outstanding Finance Check?
1 in 3 of our checks reveals hidden vehicle history.
Therefore, taking the time to perform an outstanding finance check is a cautious move when buying a used vehicle. It's your shield against financial risks, legal webs, and potential fraud. To ensure a safe and secure purchase, do your due diligence to ensure a new set of wheels appeals to you.
What does an outstanding finance check reveal?
Our comprehensive check provides the complete status of the vehicle, such as whether there is any outstanding finance on it.
Also, the report reveals the finance company's name, contact number, agreement date, type & term. This information might be essential for anyone purchasing or selling a car as it guarantees the legality of the deal and the safety of both sides.
What should I do if I bought a car with outstanding finance?
After buying a used car, if you discover there is outstanding finance after buying a used car, you will need to seek legal advice and prove that you are an "innocent buyer" who was unaware of the unpaid debt. To avoid these difficulties, running an outstanding finance check before buying any used vehicle is advisable.
Before buying a used car, if you find any outstanding finance through our vehicle report, you can contact the listed finance company and confirm whether the account has been settled or if payments are due.
If the money is still unpaid, you should contact the owner or seller of the vehicle to settle the payment before continuing with the sale.
Can I sell a car with outstanding finance?
Selling a car with outstanding finance in the UK is possible, but it's essential to follow specific procedures to ensure that you do so legally and transparently, like informing the buyer about there is outstanding finance on the vehicle. You should be transparent about the financial situation and the remaining balance on the loan or lease. Failing to do so can lead to legal issues.
It is crucial to maintain transparency throughout the process to avoid potential legal issues or disputes. Selling a car with outstanding finance can be more complicated than selling a car with no finance, so it is essential to handle the situation carefully and in accordance with the law.
Answering Your Questions
Yes, you can check if a car has outstanding finances in the UK. You will typically need the car's registration number to perform a check. Once you enter the VRM, our car check report will uncover any financial obligations associated with the vehicle at the lowest cost of £9.99.
The different types of car finances are Hire Purchase (HP), Unit Stocking, Personal Contract Purchase (PCP), and Personal Loans.
If a payment is missed on HP or PCP finance, the finance company can take the vehicle back.
Generally, personal loans are not secured against vehicles, so they can be sold and the balance settled afterwards.
A car with outstanding hire purchase (HP) finance can only be sold if the lender holds legal ownership of the vehicle once the loan has been paid off. To sell a car with outstanding finance, you need to end your HP agreement. To do this, you have to get in touch with your finance company and ask them for a settlement payment.
