Does the car have an outstanding finance agreement that
the new owner may be liable for if not settled prior to purchase?
Outstanding Finance Check
If you purchase a second-hand vehicle with an outstanding finance agreement or loan against it, you run the risk of not only losing the vehicle, but also the money you have paid for it. Therefore, it is so important to perform a check for any outstanding loans before finalising your purchase.
A vehicle finance check is included with HPI car checks. If there is an outstanding financial agreement, it will be flagged. This allows you to quickly determine whether you should purchase the vehicle.
Legal Ownership of a Vehicle
Anytime a vehicle is purchased and financial arrangements are made to pay for it, the lender is considered the vehicle’s owner until the debt has been completely paid off. Even if you purchase a vehicle with the best of intentions, only to find out that an outstanding loan is in place, it is not legally yours. Unless you opt to pay off the balance owed by the previous borrower, the lender has the right to repossess the vehicle. An HPI finance check ensure this doesn’t happen to you.
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