What would happen if I fail to payback Hire Purchase settlement?

The insurance company or the lender may retrieve the car if the owner of the car has not completely paid off the loan

What does Personal Loan mean in Outstanding Finance?

Personal Loan is an amount offered by a Bank or by a society to manage the financial needs to share the cost of a car.

What do you mean by Lease Hire?

The car owner will be working in the lender company until the full finance amount is compensated by his work.

Check Outstanding Finance On Car ?!



5 reasons why you shouldn't buy a car on outstanding finance

Shouldn’t you know if it is possible to sell a car when it carries outstanding finance? The government should have looked into this matter, because it’s really been prevalent regarding outstanding finance.

Usually dealers can’t buy everything with cold hard cash, they have to go for credit and that is why most vehicles have unpaid credit towards the finance companies that they have been assigned to.

It is common practice to buy vehicles on credit and then sell the vehicles without settling the finance first. Sometimes the dealers do settle using the asking price money, but this is not the case all the time.


Some note worthy points:
1. Legal issues proceeding to court can drag you into messy court hours and drain your peace of mind and time.
2. Supposing the settlement figure to the finance company is higher than asking price, you are burning quids faster than you spend.
3. Suing your dealer after the damage has been done could be possible, if the dealer didn’t flee away already, prevention is always better.
4. If your vendor promises to remit the settlement figure after sale completion, the registration ultimately falls on your name, holding you responsible.
5. If didn’t buy an Outstanding Finance Check and didn’t verify the financial status of the car yourself.




Drawbacks of not following through on Outstanding Finance

Supposing you buy a vehicle that hasn’t been paid for yet, it would still belong to the finance company that’s responsible for it. The registered keeper will be expected to hand over the payments on a monthly basis,
And when the registration is handed over to you, you will be ultimately held liable for whatever amount is outstanding, which could lead to thousands of pounds.

What you should do
At CarDotCheck you can check if a car is on finance and get to know important details such as the agreement number and which company it is associated with, along with the finance record count. 9 quids compared to thousands of pounds doesn't sound like much when you think about it.