What is the purpose of a car outstanding finance check?
The ability to check a vehicle's outstanding financial history is a very useful service. It can provide a wealth of information about a vehicle’s history and is the one of the best ways to gain a better understanding of what has happened in the legal side of a vehicle's life rather than just the mechanical side.
It is a fantastic way to uncover potentially dangerous facts that could save your life in the future, a vehicle with outstanding financing might cause you a lot of trouble since legally, a financed vehicle is still held by the lender, and they can seize your car or bike to pay off the due finance.
We strongly advise you to check your vehicle outstanding finance to give more confidence while purchasing a used car without any unpleasant financial difficulties. If there are any complications before you buy the vehicle in either of those circumstances, and you are unable to meet the finance agreement criteria, you may have problems with ownership.
In any event, even if you have purchased the automobile, it may be confiscated or returned to the financing company, leaving you with nothing to show for your efforts and, in many cases, hundreds of pounds worse off.
Selling a car with outstanding finance also creates a major problem, if a seller proceeds with selling a car without informing the buyer. If as a seller, you don't notify the customer, you've committed fraud and may face legal action accordingly.
What happens if I sell a car with outstanding finance harmony?
It's critical for buyers to check for outstanding finance on a car, and CarDotCheck was created specifically to help people avoid buying a car with outstanding finance on the private market. Because it is possible to sell a financed car even if you are not the legal owner, this safeguard is in place. However, doing so can land the seller in serious legal trouble.
If a buyer finds they purchased a car with unpaid finance, they can charge the seller with fraud, and file a lawsuit to recover the money they paid for the car. A fraud conviction can result in a prison sentence as well as severely limiting your ability to obtain credit in the future.
If you trade in a car with outstanding finance, your car loan does not go away. Your car's trade-in value, on the other hand, becomes credit toward your loan. This credit may be sufficient to cover the entire balance. If it doesn't, your dealer will refinance your loan, merging the deficit with the sum owing on your new vehicle. Consolidating your debts into a single new loan allows you to better manage your payments. Before trading in a car with outstanding finance you must check your car have any remaining finance.
If your vehicle has an outstanding loan or financing arrangement, our car outstanding finance check will tell you about it and our fully verified report will commit you a full breakdown of the history of the vehicle and whether there are financial agreements or outstanding outlays and guide to you how to check outstanding finance on car.
People know that when they buy a used car, they are cutting back on expenses, but being unaware of outstanding finance could ruin that expectation.
Find out if a car is on finance via CarDotCheck which provides required used car data such as mileage, age, VIN check and so on.
CarDotCheck values your time and money, we only give quality to our customers.
Want to check outstanding finance on car?
Get an outstanding finance on car check free, it will help you confirm whether a used vehicle is currently on finance or not.
Know other information as well such as if it has been stolen, or written off etc.
Get complete details for your car by just entering your car reg number.Learn more..
Outstanding Finance Check means to figure out the amount of money that has to be paid by the current keeper of the car to the finance company.
If you discover that there is outstanding finance owed after buying the car, it will be more difficult to prove you have a legal right to owning the vehicle.
You will have to convince the finance company you are an ‘innocent buyer’ which can be difficult.
If unsuccessful, they can take back the car.
Getting a car check is quick to do online with the CarDotCheck-Vehicle History Check – just provide a Reg Number only.
