Finance. It’s an incredibly handy tool for many people when buying a new car. However, it’s critical to pay off your finance before selling on your vehicle. Alas, not everyone does so. And, in turn, this can put second-hand buyers at massive risk. In line with this thought, we can’t urge enough the importance of checking a car’s history before you buy. This simple check could potentially save you thousands. 

Why is Buying a Car With Outstanding Finance an Issue?

Car buying can sometimes feel like a whirlwind, with countless crucial decisions to consider. However, one of the most essential checks is whether your chosen vehicle is owned outright by the seller. Unfortunately, while we all like to hope a chosen seller will be legit, this all too often isn’t the case.

Now, we should start by stressing that this isn’t always the seller’s fault. It’s perfectly possible, in fact, for a seller to not realise that they don’t own the car if it’s on finance! However, this misunderstanding, even if genuinely intentioned, can lead to a whole load of problems for the buyer. And, these days, around 90% of vehicles are now either leased or on finance; hence, it’s easy to see how people might get caught out.

But buying a car with outstanding finance is a major issue, in many cases. In some cases, the finance provider (who still owns the car) may simply require you to pay off the finance. This could leave you paying twice for the car, therein massively overpaying its market value. That’s in the better case scenario, though; the worst case could result in the car owner repossessing the car. This would leave you thousands out of pocket and without a vehicle to show for it. And, sure, you can contest this in court, and you may have a case if you can prove your innocent. However, the costs involved with this will often be extortionate.

How Can I Check if a Second-Hand Car’s Got Finance Left?

With the massive risks of buying a financed car in mind, it’s important to take steps to protect yourself. Fortunately, while this seems like a terrifying situation to end up in, it’s not actually as bad as it sounds. Indeed, checking whether a second-hand car has outstanding finance is incredibly simple. Better yet, it only takes a matter of moments with a car history checking tool.

Simply enter the car’s registration plate into a car finance check tool, and you’ll very quickly see a wealth of information about the vehicle. Along with useful identifiers such as vehicle details, this will also show the finance status of the car. In turn, this information can allow you to make a more informed decision. 

So, don’t get caught out by a fraudulent car seller. Vehicle scams are on the rise. But by taking a few moments to run a car history check first, you can protect your new investment. So, why take the risk – it’s free, simple, and a safer way to buy used.