Car Finance Check
Instantly check outstanding finance and get peace of mind when buying a used vehicle.
Outstanding car finance check
When buying a second-hand car, motorcycle or van, the clarity of a vehicle’s financial history becomes paramount. With an estimated 1 in 3 cars on UK roads tied to an active finance agreement, it’s vital to ensure the car you’re looking to purchase isn’t one of them. Ultimate Car Check is your reliable companion, offering a comprehensive car finance check to protect your investment and help you buy with confidence.
Checking outstanding finance
Checking the full history of a vehicle is a crucial step when buying used. Our outstanding finance check, available with our full vehicle check reveals if the car you’re interested in has an active finance agreement in place, letting you know whether or not it’s safe to buy.
Buying a vehicle with an outstanding finance agreement – even in good faith could result in you losing both the vehicle and your money if the seller does not pay off any outstanding money they owe to the lender.
Our car finance check is thorough and alerts you to all finance agreements secured on the vehicle and includes information about the lender, type of agreement, start date and length of finance agreement.
Buying and selling a car with outstanding finance
In the UK, it’s not illegal to advertise or sell a vehicle that has outstanding finance on it, but it is considered illegal to do so without informing the buyer about the finance agreement. Here’s the crux of the issue:
- Legal ownership: When a car is purchased using a finance agreement (like Hire Purchase – HP or Personal Contract Purchase – PCP), the finance company owns the vehicle until the final payment has been made. Only after this final payment does ownership transfer to the individual who took out the finance.
- Selling: If someone sells a car with outstanding finance without settling the debt or informing the buyer, the finance company has the right to repossess the vehicle from the new owner. The buyer could then lose the car and the money they paid for it even of purchased in good faith.
- Moral and ethical responsibility: Even if it weren’t a legal matter, sellers have a moral and ethical responsibility to inform potential buyers of any outstanding finance on the vehicle.
If you’re considering buying a used car, it’s always a good idea to do a car finance check to ensure there’s no outstanding finance on it. If you’re considering selling a car with finance still owed, it’s best to settle the finance first or be transparent with potential buyers about the existing agreement.
Check outstanding car finance before buying used
Our comprehensive car finance checker is designed to give you the utmost confidence in your vehicle purchase and safeguards you from unintended risks. By using our outstanding car finance check before purchasing a used vehicle, you’re shielding yourself from potential pitfalls like inadvertently taking on someone else’s debt and ensuring there are no hidden surprises further down the line. With our detailed and reliable insights, you’re not only buying a vehicle but also investing in peace of mind.
FAQ’s
What is a car finance check?
A car finance check provides a clear view of any outstanding finance agreements linked to a specific vehicle. This ensures potential buyers are aware if the car they’re considering still has unpaid debts attached to it.
Why is a car finance check important?
If you purchase a car with an outstanding finance agreement and do not settle the debt, the finance company can legally repossess the car, leaving you without the vehicle and the money you spent.
How many used cars have outstanding finance?
It’s surprisingly common. Approximately 1 in 3 used cars on the market still have an active finance agreement. It’s always a smart move to check before buying.
Should I buy a car with outstanding finance?
If a vehicle has outstanding finance, you should ensure the debt is settled before completing the purchase. You can negotiate with the seller or ask them to clear the finance before you make the payment. It is also common practice to pay the lender the balance directly to ensure the agreement has indeed been settled.
What is unit stocking finance?
Unit stocking finance, often referred to as “stocking finance” or “floorplan finance”, is a financial service provided to car dealerships and similar businesses. It enables them to stock their forecourts or showrooms with vehicles without having to tie up large amounts of capital upfront. The dealership repays the finance company as cars are sold, using the proceeds from the sale to pay back the loan.
How accurate is our car finance check?
Our car finance check provides up-to-date and accurate information. We source our data from reliable and official databases to ensure you get the most comprehensive insight into a vehicle’s financial status.
What happens if I buy a car with outstanding finance?
If you purchase a car with outstanding finance, the finance company, being the legal owner, has the right to repossess the vehicle if the seller does not settle the agreement. This could mean you lose both the car and the amount you paid for it.
How do I protect against buying a car with outstanding finance?
The best protection is to conduct a full car finance check before purchasing. This will reveal any financial ties the vehicle might have, allowing you to make an informed decision.
How long does a car finance check take?
Our car finance checks are swift and typically provide immediate results, ensuring you have the information you need without unnecessary delays.
Can I trust the seller to confirm if outstanding finance has been settled?
While the majority of sellers are honest, it’s always best to verify independently. A car finance check not only gives you peace of mind but also offers details like the lender’s name, contact information, type of finance product, and agreement number, enabling you to contact the lender and validate directly when buying a used vehicle.
