Car Finance Check
If you’re purchasing a vehicle second-hand, then it’s wise to ensure that any finance that may have been taken out on the vehicle has been settled. As many as 1 in 3 cars has an active finance agreement, but all of our HPI Checks include a car finance check, to help give you peace of mind about the vehicle you’re looking to purchase.
Outstanding Car Finance Checks
Examining the history of any used car is vital before you make a purchase. By looking into a car’s history with an HPI Check, you can understand whether the vehicle has an outstanding loan or finance agreement against it. If it does, and you purchase the vehicle, then you could lose both the car and the money you paid for it. This is a very real risk when purchasing a used vehicle, and an outstanding finance check arms you with vital facts about the history of the car.
Both of our HPI checks include a finance check as standard, providing you with peace of mind. A vehicle finance check will flag up any outstanding finance agreements that remain on the vehicle, letting you know whether or not it’s safe to buy. A full HPI Check will also give you further details including, the date and type of the agreement, which finance company the agreement is with and its contact details.
Legal Ownership of the Vehicle
If the car that you purchase has outstanding finance against it, then you could end up losing the vehicle. This is because, when a car is purchased using finance, the lender owns the vehicle until the debt has been settled. It is only when the final payment is made as per the finance agreement that the vehicle becomes the property of the borrower. If you fail to conduct a car finance check before purchasing a vehicle, you could end up buying a vehicle that does not legally belong to you. This means that even if you buy the vehicle without knowing, and with the best intentions, there’s still a chance the lender would repossess it. You’d risk losing both the car and the money you paid for the vehicle.
Check a Vehicle’s Finance Status with a Finance Check
Our car finance checker can help ensure that the vehicle you’re looking to buy is a safe purchase. By taking out a car finance check, you can ensure you’re not exposing yourself to any unnecessary risk and subsequently buying someone else’s debt.
By using our reliable HPI car checks, you can be safe in the knowledge that you’re receiving accurate information on the car’s finance status.
Get a car finance check with HPI today.