What does Outstanding Finance Check on a Car mean?
Outstanding Finance Check helps you figure out the amount of money which has to be paid by the current keeper of the car to the finance company. Until the full amount is paid by the keeper of the car, it is owned by the finance company. Sometimes the owner of a car differs from the keeper, meaning that the keeper is the one responsible for handling the car’s expenses.
How to Check if a car is on finance?
In the event that you purchase a vehicle, it is mandatory to have a vehicle finance check done so that if there is any finance issue, it would be ruled out before you lose the money you paid for the vehicle or have it taken by the finance agency. This is a genuine problem when obtaining a used vehicle, so utilizing a vehicle finance check to investigate its history is an essential move to make.
We understand that this is very important in terms of finding out about the vehicle; this indicates any remaining finances that need to be remitted or have not yet been remitted on time. This vehicle finance check will ensure the vehicle, van or motorbike you’re after is eligible to purchase.
Legitimate Vehicle Ownership
Legal ownership of the vehicle depends on the lender who has supplied the finances to purchase the vehicle, if in any case the borrower fails to remit the finances required to complete the payment on time, legal ownership of the vehicle resides with the lender in question. It is recommended that you perform a car finance check before buying any used car, to avoid any type of outstanding finance issue.
If in the event that you bought a vehicle without considering the outstanding finance check in mind, you could be purchasing a vehicle that isn’t legitimately yours. Where the finances have not been settled yet, the loan officials are inside their rights to repossess the vehicle, which means you could lose the vehicle and the cash you paid.
Check the Car Finance History
Our car outstanding finance check incorporates numerous evaluations to guarantee the car you’re purchasing is protected and legitimate to buy, including a logbook advance check. The outstanding finance remains with the vehicle so if you purchase a vehicle without checking its condition, you could be putting yourself in danger of losing the vehicle.
How can outstanding finance check be cleared?
In the event that a car finance check was made already, it could reveal that the dealer hasn’t yet remitted the unit stocking finance concerning the vehicle. That is why, it is important to ensure that the dealer gives affirmation to you about remittance before you take ownership. It is recommended to obtain such an affirmation in writing as a fail-safe.
Types of Outstanding Finance
Personal Contract Purchase Plan (PCP)
What can you expect from an outstanding finance check?
Provides an updated record from the finance company stating how much money is due in the finance term.
It is advised to proceed with a car finance check before buying from a dealer since it is not uncommon for dealers to forget about paying off outstanding finance.
People drive a used car without knowing about the outstanding finance on their car & may be clueless to the issues involved in it, until they come to the point where they sell it themselves.
Get a car history check done on any car for affordable rates. Along with outstanding finance, you can also know previous keeper history, written-off status, or if it’s been stolen.
As a result, buy a used car from a well-respected, reputable dealer. There may be times when it appears to be cheaper to buy private, but you’ll get peace of mind that’s almost priceless.
Check a used vehicle’s condition
Learn about hidden problems before you buy
No matter where you buy your next car
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