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Outstanding finance can be a real issue when buying a used car. Unfortunately, it’s not always all that simple to avoid. Nevertheless, there are ways to avoid getting a set of wheels with outstanding finance; in line with this thought, we’ve outlined a few key things you should know to help you make the right choice.
Buying a car with outstanding finance can be notably risky. Indeed, it’s not unheard of to get caught out with such purchases; still, buying a financed car can leave you in a lot of hot water overall. And there are several reasons for this.
First, it’s vital to remember that the seller does not legally own the car to sell it if it’s financed. In this instance, the financing company actually owns part of the car. As a result, the seller is potentially breaking the law by selling something that’s not theirs to give away.
In addition, it’s worth noting that you’ll likely end up liable for the debt. That’s potentially a massive increase to the price you paid for the car itself. As a result, avoiding a financed car is crucial to keep things affordable.
However, we should point out there is an exception. Dealerships will often settle any outstanding finance at the point of sale. As such, usually, buying from a dealer won’t have this risk – although there’s no harm in checking.
Making sure you aren’t buying a financed car is actually very easy. So, if you’re at all worried, be sure to keep the following steps in mind.
Of course, you could just ask the seller. If they admit to there being finance in place, you know to avoid the sale (likely an innocent mistake). However, just because the seller said no doesn’t mean that’s necessarily true.
So, what can you do to double check? Well, running a outstanding finance check is the next best thing. These simple checkers allow you to see quickly whether the vehicle you’re looking to buy is genuine. As part of the software, you’ll be able to quickly view information such as the car’s details, MOT history, mileage records, financing and write-off status, and more. As such, these quick checks provider the optimal opportunity to take control of your purchase and verify your new car.
We are here to help, and assisting customers in buying a car with a good history is at the heart of what we do. So, don’t take the risk of investing in a vehicle second-hand without running a check. It’s just not worth the stress.
Buying a car with outstanding finance is a risky move, and it’s one that’s not always easy to avoid. Luckily, though, there are ways you can make sure that your purchase is genuine, and running a car finance check first is often one of the best places to start. It only takes a few moments, but this can help highlight whether there is any outstanding finance you should be aware of. In turn, this can help you make a safer choice overall.