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Motorists who snap up second-hand bargains could be stung by a tainted financial past on the car itself, research has revealed. Vehicle history check company, HPI, states the number one threat to used car buyers is an outstanding finance agreement on the car, with a whopping one in four motors still on a finance agreement.
This means that second-hand buyers, who do not carry out the necessary checks and are oblivious that finance is outstanding on the car, become liable for the finance and may see the car repossessed – leaving them without a car and severely out of pocket. One finance agreement which is becoming more common is the so-called 'logbook loan'. This a type of finance accessed by people who often struggle to obtain cash through other channels due to a poor credit history.....Read more here--: Logbook loan second-hand car trap: One in four has outstanding finance and YOU can be liable
This means that second-hand buyers, who do not carry out the necessary checks and are oblivious that finance is outstanding on the car, become liable for the finance and may see the car repossessed – leaving them without a car and severely out of pocket. One finance agreement which is becoming more common is the so-called 'logbook loan'. This a type of finance accessed by people who often struggle to obtain cash through other channels due to a poor credit history.....Read more here--: Logbook loan second-hand car trap: One in four has outstanding finance and YOU can be liable