Failing to notify your car finance firm that you are going to sell your car, could classify you as a fraudster.
Macclesfield, UK (PRWEB UK) 10 April 2012
Following recent research by motor finance trade association, the Finance and Leasing Association (FLA), showing that the number of illegal car sales is on the rise, leading car finance website Car Loan 4U offers tips on what to look for when buying a new car.
The research highlighted that, worryingly, motorists selling cars they do not own accounted for 40% of all car finance frauds in the last three months of 2011.
Car Loan 4U Co-Director Ryan Dignan comments;
“It’s vital that drivers take the correct measures when selling their car, especially if they do not fully own the vehicle. Failing to notify your car finance firm that you are going to sell your car, could classify you as a fraudster.
“Not only does this reflect badly on the seller but the new owner of the vehicle could have just purchased a car that is not rightfully theirs.
“It is important for motorists to know where they stand so that they can avoid becoming victims of fraud or unintentionally committing fraud.
“Those looking to buy a new car, could use a reputable service and car finance provider such as Car Loan 4U, offering peace of mind to motorists looking to avoid the risk of fraud.
“Car Loan 4U is authorised and regulated by the Financial Services Authority, and licensed by the Office of Fair Trading under the Consumer Credit Act 1974. Car Loan 4U is also SAF Approved in recognition of the company’s commitment to improved professional standards and knowledge on motor finance.”
What to look for when buying a new car
1. Do your homework
If you are thinking about buying a new car it could be worth researching the model and make sure you have an idea of what to expect from the vehicle.
2. Take the vehicle for a test drive
This could help you get a feel for the car and how it drives to suit your driving style.
3. Car finance
Once you have found the right car for you, consider all the available and affordable car finance options that could help to get you and your new vehicle on the road.