home Latest News Doing a proper finance check before buying a used car

Doing a proper finance check before buying a used car

If you are planning on buying a used car, especially privately, be sure to do a Car History Check to see if there is any outstanding finance on the vehicle, the Automobile Association (AA) warns.

The AA provides a Car History Check Service, powered by Cartell, and urges anyone buying a used car to avail of the service. “According to Cartell, 1 in 3 used cars could have outstanding finance on it and in the case of a private purchase, you are very vulnerable as a buyer if you don’t do your due diligence,” said AA Ireland Head of Communications, Paddy Comyn.

“Never purchase a used car privately without buying a car history check, as it is the best way to ensure that you aren’t buying something with outstanding payments on it. It is a case of ‘buyer beware’ otherwise, as the car will remain the property of the lender and you could end up having the car repossessed,” he added.

There is a very slim chance of a comeback for a buyer that hasn’t done their homework and checked if there is outstanding finance owed on a used car. If you buy a used vehicle from a dealership, especially a SIMI (Society of the Irish Motor Industry) dealership, it is most likely the safer route. When it comes to buying privately there is a greater chance of the consumer being exposed.

Comyn spoke further on the matter saying: “As well as doing the car history check, the advice is always to never pay in cash – do a bank transfer instead, and always insist on seeing proof that the finance has been cleared, not an assurance that it will be, before completing the transaction.”

To read more on this topic, click here to view The AA’s Blog Post. 

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