Should I buy a car with outstanding finance?
With more and more cars being bought on finance, it’s possible the car you’re looking to buy might have finance owing on it. What can you do in that situation?
If you’re buying a vehicle from a dealership, outstanding finance agreements are often settled at the point of sale. This is quite common, but you should discuss it with them before you hand over any money and get written confirmation that they’ll pay off the outstanding amount.
Auto Trader’s full vehicle check will show you if a car has outstanding finance along with many other checks including if it’s ever been written-off or stolen, number of previous owners, recorded mileage, and lots of other details about the car.
When you ask about a car that’s for sale, you may find some buyers show you a history check they have performed. However, it’s possible to fake a check, so we strongly advise you do your own.
That’s why it’s important to get evidence that the finance has been paid off before you buy the vehicle. If you’re unable to get this from the seller, a full vehicle check will give you the details of the finance company so you can contact them to confirm it’s been paid off.
As well as our 5 basic checks, some sellers have purchased our full vehicle check on the cars they’re advertising - which includes checks for outstanding finance. This means you can see a summary of a car's history without having to buy a full vehicle check report. The only difference is you won’t have a data guarantee of up to £30,000 should any information be incorrect.
Data can always change so we strongly advise you to perform your own vehicle check with data guarantee for added peace of mind.