Instant Outstanding Finance Check Online
When you purchase a car, you must do a finance check to ensure there is no outstanding finance on the vehicle. This is important if you’re buying a used car, as the previous owner may have taken out a finance agreement and not paid it in full. If outstanding finance occurs, the finance company may repossess the vehicle. In the UK, it’s estimated that one in ten used cars has some form of finance outstanding. As such, it’s essential to do a finance check before agreeing to purchase a car.
You can obtain outstanding finance checks from a number of companies, and many will offer instant results. Knowing there is no outstanding finance on the vehicle can give you peace of mind when purchasing a car.
Is it possible to sell a car that has outstanding finance?
Technically, it isn’t possible without consulting your finance provider. The car cannot be sold on credit since it is not your legal property. Selling the car on finance is like someone telling you to pay their debt. In other words, when you buy a vehicle with outstanding finance, the lender will ask you to repay the former owner’s debt.
The rightful owners will take the car away from you as long as you don’t comply with the laws, since they are the rightful owners and are on the right side of the law. You can either pay off the finance yourself or then sell the car. You can sell the car to a dealer who can arrange for the outstanding finance to be paid off.
Is there any way to know how much finance is pending on a car?
Run an outstanding finance check and review the report to find out the status of pending car finance, finance agreement date, finance company name, contact number, agreement type. In this way, you’ll be able to determine if the car has any outstanding loan. This report can provide you with important information such as whether the vehicle has any debts against it or has ever been in an accident or stolen.
And you can also contact them using the details provided on our report to know about the outstanding balance on the vehicle and you can make the final payment if required.
If you plan to purchase a used car from a dealer or garage, here are some things you should keep in mind. In such a case, you might be able to ask them to conduct these checks on your behalf, or you might find an appropriate check service yourself if you’re unsure of the seller’s reputation.
Why should you bother if your car has outstanding finance?
When you sell your car on finance, it’s like you’re being told to pay back someone’s debt. If you purchase a vehicle with outstanding finance, you will be asked by the lender or finance company to pay the previous owner’s debts. It is likely that they will take the car from you if you don’t take action, since they are the true owners, and to be honest, they are on the right side of the law.
What happens if you try to explain your situation to the finance company? You wouldn’t have a chance of becoming the owner of the car if you were to talk to them and ask for the full amount. Because of this, you don’t have many options after you finance a vehicle.
To ensure a smooth used car purchase, it is important to always do your due diligence before buying one. You should also consider private dealers if you feel they can be trusted.
How do you get rid of a car with Outstanding Finance?
A lender may be willing to work with you on a payment plan if you are struggling to pay the outstanding finance. If you have outstanding car finance, you may also want to speak with a debt charity for advice.
Checking for outstanding finance can be done in a few different ways. You can check your outstanding debt online using an outstanding debt checker.
You can check if the car has outstanding financing by entering its registration number.
If you are having trouble contacting the DVLA directly, another option is to contact the finance house.