Make Sure Your New Car Is Really Yours

The UK economy may be bleak but that has not stopped consumers from purchasing new cars. Whether they have good or bad credit, car finance is being used to put them in a new or used vehicle.

Drivers should do their homework before taking out car loans for used vehicles and this research should focus on the car as well as the financing.

A leading credit reporting company recently released a report indicating that about one-third of all used vehicles have a hidden history. Among the buried information are stolen markers, write-offs, and outstanding car finance.

Many car buyers do not realize this until too late, as 80 percent who bought a used car for over £10,000 do not check vehicle history before making a purchase.

According to the study, drivers purchasing more inexpensive cars were more likely to check its history. This is a smart move because if a vehicle has outstanding car loans, is stolen, or has unpaid speeding tickets, its new owner may be held liable.

The individual could lose all money paid and may even lose the vehicle.

A spokesperson for the company that conducted the report noted that risk is involved when purchasing a car. Unfortunately, not all car buyers are aware of the risks and fail to take precautions.

With a one in three chance of purchasing a used car that has a hidden past, consumers should always verify the VIN and review the history of the auto.

Drivers who put forth this extra effort can rest assured that no one will be repossessing the vehicle and they will not be on the hook for unexpected expenses. They know the car belongs to the seller and are comfortable entering a purchasing agreement.

By selecting a reliable vehicle with a clean track record, they should get many years of use from their investment.