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Whatever auto you buy needs to be checked with proper series of steps and with guidance. A used vehicle purchase consists of significant checks—one among them in outstanding finance check . With this, you opt to find out the car's financial condition with the prior owner. Maybe it would be…
An Outstanding Finance Check Is Needed To Determine If The Car Is Dealing With Any Unpaid Debt And To Check Whether It Has The Prior Owner's Name In The Document.
Are you looking for financing for a used car? We're here to assist you. This guide will help you get the used car finance.
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Where to get a used car finance in the UK?
Car finance deals before buying a used car Purchasing a used car should not be difficult. That's why we've changed the game; with us, you can get your vehicle financing arranged first and then confidently choose a car.
The best part is that we'll also handle all of the heavy lifting. We'll search our panel of lenders for the best price for you and link you with a dedicated account manager who will walk you through the process and handle all the paperwork.
Types of finance available for a used car:-
There are two main finance types those are Hire Purchase (HP) and Personal Contract Purchase (PCP).
Hire Purchase (HP)
You'll essentially be renting the car from the lender during your agreement, and you won't own it fully until you've made all of your payments (including the Option to Purchase fee).
Monthly payments may be greater than with other alternatives because you will own the vehicle at the end of your agreement, but there are normally no mileage restrictions and you can choose to pay a deposit up front, which may reduce the amount you pay each month.
Personal Contract Purchase (PCP)
It differs from an HP agreement in that it provides you with options. You have the option of returning the car at the end of your PCP arrangement, using any positive equity as a deposit on a new term, or purchasing the car by paying the balloon payment.
You, like HP, may be subject to limitations. You'll need to agree on a set mileage, and if you go over that limit or cause any bumps or scrapes on the car, you could incur additional penalties.
Can I get car finance without deposit?
Yes, you can receive a car loan with no money down.
You don't need to dive into your money or wait until you've built up a good nest egg to buy a used car if you've found the car of your dreams – or if yours has simply given up the ghost.
We realize it seems too good to be true, but we deal with lenders who can provide used car loans with no down payment.
You may be asked to pay a reservation fee at some dealerships, but you may select a car and drive it away without paying anything up front!
What factors affect the cost of your car finance?
The following are the two criteria that affect the number you'll have to pay back on your car finance:
Interest: Based on your credit score, an interest rate, or APR, is applied to your loan amount. When you buy a car on credit, you must pay both the principal and interest on the loan. If you have debt problems, you will be charged a higher interest rate. This could drive up the price of the vehicle even further.
Loan term: Another important element that affects the cost of a car loan is the loan term or length—the longer your loan term, the lower your monthly payments will be. Furthermore, you will wind up paying higher interest for a longer length of times
Check if a car is on outstanding finance
Obtain an outstanding finance check to relieve you from unwanted financial losses, buy a used car that saves you money in the long run.
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How does a vehicle history check helps you?
A vehicle history check is a very useful when you are ready to buy a used car. For performing a vehicle history check you will need vehicle registration number which can be obtained from the seller.
The online vehicle history check could reveal useful information like:
Vehicle Tax Expiry Date
MOT Expiry Date
Date First Registered in UK and Date first registered
Color change details of the vehicle
Engine Number and its
Year of Manufacture
CO2 emission details
Present vehicle tax rate
Online DVLA vehicle check is a great tool which helps us to verify whether the details provided by the seller is an genuine information or not. Doing a cross verification before buying anything could save you from facing unwanted problematic situations. When perform a vehicle check you should check vehicle details thoroughly after getting it.
By the way, DVLA are able to provide the vehicle’s previous owners or keeper’s history to ensure that the seller is legally able to sell the vehicle. They also provide additional information like vehicle’s MOT history to ensure that the vehicle is safe to be on road.
If you mind still have an instinct that the seller is swindling, request the seller to confirm on the details that you have discovered on the free vehicle check history. In case any of the details doesn’t coordinate, it is better to keep away from the dealer and locate a new vehicle from other dealer or seller.
Buying a car with outstanding finance?
It is highly advised to go for a car that doesn’t have outstanding finance, since taking back the car with all of the outstanding finance would be a heavy expense, and if you did buy a car with outstanding finance on it knowingly then it would be harder to get the car back legally.
What Should I do now that I have bought a Car with Outstanding Finance?
Things to do once you find out that you bought a car with outstanding finance
The second-hand car you bought could have been sold with outstanding finance, in such a scenario you must take proper measures as it will be taken from you by the finance agency. Until and unless an outstanding finance is remitted, the car would belong to the finance agency.
Can the Car’s Outstanding Finance Be Paid in Cash?
Paying in cash is not a problem if it can be verified that the money used was withdrawn from your bank account. A good proof would be a bank statement for verification.
Although it would be even better if you could provide the car purchase receipt as well, but since used car transactions don’t really require such receipts, it would still be okay.
Is there a way to exercise my legal rights if I buy a car with outstanding finance?
If you are a victim of a bad purchase (one with
outstanding finance
), you have rights that you can use to fight for the car’s ownership or for compensation of your money (using Hire Purchase Act), Even though the finance company is initially still the formal owner of the vehicle.
Proceeding with a court case to claim your rights is a sophisticated process that will drain your precious time, money and energy. But with the right legal assistance it can be done quite quickly.
Check outstanding finance before you regret!!
Most cars are bought with some type of finance or credit, because not every dealer has liquid cash with them, and as for the civilians, it is better to pay out monthly then to give away your savings.
Outstanding finance need to be settled before the car is sold but unfortunately, most of the times, they aren’t and this calls for awareness from your side.
Once the registration has been done to your name, you will become the legal owner of the car, hence making you responsible for the car finance dues.
Prevention is always better than regretting a finance bill statement that you may have to cover, get an outstanding finance check and for as low as £9.99 £7.77 (using promo code UHDXF8 ),in which you get **other important car history checks as well.
Link: Outstanding Finance Check with CarDotCheck
Performing a full car history check can let you know a lot of important details about the car, along with it; you will also get to know the outstanding finance that needs to be paid off.
