Car finance is becoming an increasingly popular method for people looking to buy new or used cars. It’s easy to see why – by paying the car off in a series of affordable monthly payments, the whole process becomes far more manageable and cost-effective.
At My Car Credit, we’re often asked whether customers can take over somebody else’s car finance. Below, we give you the lowdown on that. What’s more, we provide recommendations for finding both a new set of wheels and a car finance deal that suits your budget and needs.
Can I take on a car with outstanding finance?
Unfortunately, taking on a car with outstanding finance isn’t possible. If a car has remaining fees on it, it technically still belongs to the lender, which means a private seller can’t sell it on. The original seller will have to settle the outstanding balance before selling the vehicle on – if they don’t, they could face severe penalties.
They can do so by contacting their original finance company and asking them for a settlement figure. Once this has been paid, the car is then legally theirs to sell on, which means that you’re free to purchase it. But is it possible to get car finance on private sales?
Car finance for private sales
Many people assume that you can get car finance for private sales much like you would with a dealership. Whilst there are lenders who can help with car finance on private sales, they often require more paperwork and reassurances. Alternatively, you could take out a personal loan to pay for the car upfront. Instead of providing car finance on private sales, we advise searching for your new set of wheels via a reputable UK dealer.
There are so many advantages to going down this path. Finding a vehicle via a dealership doesn’t necessarily mean you’re paying for a brand-new car – you can unearth some excellent nearly new and used cars in our one-stop shop of recommended dealerships. We’ve vetted over 4,500 nationwide car dealers for their service standards and financial stability. Hence, you can rest easy knowing that you’re in good hands.
Choosing a car through one of these motor dealers also helps when it comes to applying for My Car Credit car finance (although you can get a car from any reputable dealer). Our friendly team of car credit specialists will support you throughout your application process. In addition, we’ll offer expert advice and guiding you through every step of the way.
Plus, with our system, the rate you see is the rate you get – there’ll be no hidden fees or costs for you to worry about. Our online application process takes mere minutes to find a rate that suits your individual requirements. This means you can get behind the wheel with peace of mind.
Contact us today
My Car Credit is committed to making the process of finding car finance more affordable, accessible, and quick. You can use our car finance calculator to discover your options, or contact one of our friendly team today on 01246 458 810.
Rates from 6.9% APR. Representative APR 14.9%
Evolution Funding Ltd T/A My Car Credit
Require more help?
Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!