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1. www.honestjohn.co.uk › askhj › answerShould I buy a used car that has outstanding finance on it?

   www.honestjohn.co.uk › askhj › answer

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   3 days ago · You can't settle the loan for the vendor and if you buy the car with outstanding finance, then the finance company's interest in. the vehicle remains. It's too great a risk. We'd advise you to look elsewhere, unless the vendor settles the finance in advance and can prove it is settled. Tags: buying outstanding finance.

2. www.parkers.co.uk › used-cars › buying-a-used-carBuying a car with outstanding finance? This is how to avoid ...

   www.parkers.co.uk › used-cars › buying-a-used-car

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   • What to Do If A Used Car Has Outstanding Finance
   • What Is Meant by Outstanding Finance on A Car?
   • Are Logbook Loans Recorded on An HPI Check?
   • Who Is The Legal Owner of A Car on Finance?
   • What Should I Do If I Bought A Car with Outstanding Finance?
   • How Do I Know If A Used Car Has Outstanding Finance?
   • Is It Safe to Buy A Car with Outstanding Finance?
   • Is It Illegal to Sell A Car with Outstanding Finance in The UK?
   • Parkers Top Tip

   If you’ve discovered that a car has outstanding finance, whether from a history check or simply because the seller has given you the info in good faith, you should first check the company that financed it. You can speak to them over the phone and ask if the finance has been resolved, but you should always get written confirmation of this before buy...

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   A secured loan used to purchase a new or used car outright (hire purchase)

   APCPor businesslease agreementwith a balloon payment

   Acontract hire agreement, including vehicles on Motability

   A loan secured on a vehicle after purchase, such as a logbook loan

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   Yes, they should be. A logbook loan is like equity release for vehicles; they’re an alternative to a payday loan and they’re horrific value for the customers who take them out. Interest rates for them are crippling, often set between 200% and 400% APR. Obviously, buying a used car from someone in this position is a high risk strategy. Lenders are b...

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   In any case where a loan – hire purchase, car finance or PCP – has been used to purchase a car (even where the seller holds thelogbook (V5C)and is liable for taxing it), that finance is secured against the asset. Until the debt is paid off, the vehicle is legally the property of the finance company. If a car is leased, the leasing firm owns it and ...

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   There are several factors affecting what you can do, but the first port of call would be to request a refund. If you have bought a car from a dealer this should not be a problem within 30 days of purchase under the Consumer Rights Act 2015. If it was a conditional sale make sure you retain copies of their advertising, but you may need to allow a co...

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   Aside from relying on the honesty of the seller, and checking for paperwork relating to the car such as a purchase invoice, cash receipt or statement of completion for a finance agreement, you can pay fora history and background check. Most reputable dealers will state if a vehicle is ‘HPI clear’ when listing a car for sale, and many online classif...

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   If you know a car has outstanding finance, you shouldn’t buy it until the finance has been settled. This is particularly relevant when a dealer offers a car for sale on behalf of a customer. Even with legal production for good faith sales, finance companies may do things like marking a car stolen. This can lead to it being seized by the police. For...

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   Fundamentally yes. If you sell a car to a private individual without disclosing the outstanding finance or settling it before ownership is transferred, you are breaking the law. However, you can sell a car with outstanding PCP or HP finance to a dealer orcar buying serviceas long as you disclose the outstanding balance. They will usually pay off th...

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   Used car buyers should carry out a car registration checkbefore buying any car in order to make sure it hasn’t been involved in an accident, stolen, or is subject to outstanding finance. Even if no finance record is shown, a car can still have money owed against it. A car check will offer insurance and protection against this.

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3. www.copart.co.uk › repossessed-car-auctions-ukRepossessed Car Auctions - Copart UK

   www.copart.co.uk › repossessed-car-auctions-uk

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   Find out everything you need to know about repossessed cars and repossessed car auctions in the UK. By the end of this, you’ll know exactly what they are, how you can benefit from buying one, and why they’re a great choice for all types of buyers. So let’s get going.

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4. www.comparethemarket.com › used-car-financeCompare the Market - A Guide to Used Car Finance

   www.comparethemarket.com › used-car-finance

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   Jun 4, 2024 · With most used car finance plans, if your loan is approved you’ll pay an initial deposit, typically 10% of the car’s price. You’ll then borrow the remaining balance from the finance provider and pay it back in fixed monthly instalments (with interest) over the length of the contract.

5. www.cinch.co.uk › how-to-finance-a-used-carBuying a used car on finance - what you need to know - cinch

   www.cinch.co.uk › how-to-finance-a-used-car

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   How does financing a used car work? Financing a used car is a simple and straightforward process – you’ll put a deposit down, borrow the remaining balance from the finance company, and repay the agreed amount in instalments over the duration of the contract.

6. www.moneysavingexpert.com › car-finance › buyingBest way to buy a new or used car - MoneySavingExpert.com

   www.moneysavingexpert.com › car-finance › buying

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   Beat salepeople at their own game – get the best price on a new or used car, plus use our tips and checklists to avoid rip-offs and get motoring.

7. People also ask

   How does used car finance work?

   • Generally, you will pay a deposit upfront followed by fixed monthly payments for the remainder of the agreed term. At the end of the agreement, you will have a few options depending on which used car finance you use. Discover more about used car finance and how it works in our guide to getting a used car on finance.

   Search used cars on finance | MOTORS

   www.motors.co.uk/used-cars/finance/

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   How do I finance a used car?

   • There are a few options when it comes to financing a used car, and all suit different circumstances. For buying a used car, there are three types of car finance that you’ll usually get to choose from. You can use Hire Purchase to finance a used car if you know you definitely want to own the car at the end of your contract.

   Buying a used car on finance - what you need to know - cinch

   www.cinch.co.uk/guides/car-finance/how-to-finance-a-used-car

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   What happens if a car has outstanding finance?

   • There’s also the risk that a car has outstanding finance. This is where a car hasn’t been paid off in full, so the finance company or bank still has a stake in the car – they own part or all of it, and could come to the new owner to pay up and settle the finance.

   What should I do if I bought a car with outstanding finance?

   www.parkers.co.uk/used-cars/buying-a-used-car-with-outstanding-finance/

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   What are the different types of car finance?

   • The different types of car finance available, including hire purchase (HP) and personal contract purchase (PCP), give you options for owning the car at the end of the agreement or handing it back. How does used car financing work? The general principle of buying a used car on finance is the same as financing a new vehicle.

   A guide to used car finance - Comparethemarket

   www.comparethemarket.com/loans/car-finance/content/used-car-finance/

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   Can you finance a used car with hire purchase?

   • You can use Hire Purchase to finance a used car if you know you definitely want to own the car at the end of your contract. You’ll simply pay an initial deposit, and then spread the rest of the balance of your finance agreement across your monthly payments. When your finance balance has been fully cleared, you'll be the legal owner of the car.

   Buying a used car on finance - what you need to know - cinch

   www.cinch.co.uk/guides/car-finance/how-to-finance-a-used-car

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   Can you sell a car with outstanding finance?

   • Fundamentally yes. If you sell a car to a private individual without disclosing the outstanding finance or settling it before ownership is transferred, you are breaking the law. Large dealer groups routinely buy cars with outstanding finance and settle the agreement, but records don’t always refresh instantly.

   What should I do if I bought a car with outstanding finance?

   www.parkers.co.uk/used-cars/buying-a-used-car-with-outstanding-finance/

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8. www.motors.co.uk › used-cars › financeSearch used cars on finance | MOTORS

   www.motors.co.uk › used-cars › finance

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   Used car finance works differently depending on the type you choose. Generally, you will pay a deposit upfront followed by fixed monthly payments for the remainder of the agreed term. At the end of the agreement, you will have a few options depending on which used car finance you use.