Purchasing a used car comes with high-risk factors when you failed to research it. One such factor is the outstanding finance on the car. When you acknowledge it before or informed by the seller, you are ready to spend double the amount. If not, then you are going to end up in financial loss unwittingly.
The situation would turn worse when you are failed to notice the financed car with stolen or already write-off one. As you never know, the used car market filled with issue-free vehicles alone. Thus, need a vehicle inspection to clear out the doubts and to have a safe purchase. Here are few tips about the importance of an outstanding finance check and what to do when you left with the financed vehicle.
Rights Of Having A Vehicle With Finance On It:
If the car you purchased is still on hire purchase, what are the rights to keep the vehicle with you?
You can keep the vehicle with the “good title” even if it is still an outstanding hire purchase.
When you purchased such a vehicle unwittingly, and you never know about the financial agreements.
When you are a private buyer- it means you don’t purchase cars to hire or sell.
Most importantly, you are the first private buyers to purchase the “financed” car. Suppose if you are not the first buyer, you still have a good title only when the previous owner had it.
Various consumer acts protect the buyers who don’t have a good title to the car. Either they purchased it from a private seller, trader or company, there is a chance of getting back the money spends on it. In the end, it is a risky one where you can’t keep the vehicle without stress. You need to pay for the car and follow the finance company procedures. It is why you are advised to take the instant car check and save the money from the dodgy seller.
Why Is A Finance Check Important Before A Used Car Purchase?
We all know car finance has become more common in recent years and nearly 80% of the UK vehicles are bought on the finance only. Hence a car with outstanding finance has also become common. You might not know the car you have desired to buy has finance pending. There are also chances that the seller could hide from you the financial status of the car. Then, how will you know if the vehicle you are buying is genuine? The only option left for you is the vehicle finance check.
The outstanding finance check will help you know if the vehicle has any pending finance and the type of agreement the car has with the finance company. It will also showcase the pending amount, the end of the finance agreement etc. A premium check from car analytics will give you the finance check and the written-off status of the vehicle, stolen history of the car, the value of the car, and much more for less than ten pounds through an instant car check.
What Happens If I Buy A Vehicle With Finance?
If the vehicle is under finance, it is not completely owned by you unless you pay back the pending debt. If you unknowingly bought a car with finance, then the vehicle will be ceased by the finance company for sure. Ultimately you become the victim of the used car scam. But you can still fight for your rights. As soon as you find the vehicle has a finance company, you should take the issue to the ears of your insurance company. They will make the legal enquiries. However, you will not get the entire amount you spent on the vehicle.
The other option you have is you can talk to the finance company and pay back the pending settlement and own the car. It is double the amount where you can buy a new car itself. It is the reason why we strongly recommend you to check outstanding finance on the car.
Buying a vehicle is a long-term investment and moving for a second-hand car is more money-saving. Hence, don’t hesitate to make a car check that helps you out of all the potential risk factors.
Komentarji