Car buying parents should check vehicle history
Oct 01, 2006
With the start of the new university year fast approaching, some parents will be considering taking out a personal loan in order to buy their child a used car to take away with them.
However, parents have been urged to make sure they do their research properly and check out the history of a used car before buying it for their loved ones. Although around 26 per cent of all used car sales transactions take place during July, August and September, as many as one in three used cars have a hidden history, credit referencing service Experian claims.
Among the dangers of being unaware of a used car's history is the possibility that the car is stolen and many be returned to its owner, or that it has outstanding credit on it and could be repossessed.
A further danger is that it could have been previously written-off and not repaired safely. The company has advised parents to use a car history checking service, many of which are available online, to investigate a used car's past before buying.
Buying a car remains a popular reason for people to take out a personal loan, with 36 per cent of loans for amounts under £5,000 taken out for this reason, according to figures from uSwitch.
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