Tuesday, May 22, 2007
Category:
Finance News
Last May a service called AutoCheck launched by Experian, was introduced to help make the used car market a safer environment for consumers.
The service changed the way in which customers buy used cars, making it simpler and less expensive for them to check the status of up to five potential purchases over a period of 60 days at an earlier stage of their buying cycle, before traveling to see them.
These checks give relevant information that all new car owners need to know especially as they could materially affect the car’s value. They include a vehicle’s history, including if it has outstanding finance, has been recorded as an insurance write-off, is reported as stolen or may have been clocked.
Kirk Fletcher, Managing Director of Experian’s Automotive division, said: “There are 23 possible pieces of information associated with any given vehicle, many of which can’t be seen and could affect the consumer’s decision to buy.
“Our research shows that one in three vehicles in the UK has adverse data, so the chances of researching, let alone buying, a car with a hidden history are high. And, with the recent rise in inflation, more bad debt is predicted, so car buyers need to spend their money wisely.
“A consumer should always find out as much as they can about a used car before buying it, whether by looking online for reviews and information about certain makes and models or through the opinions of friends. We want to ensure that looking into the ‘status’ of a used car becomes an essential and natural part of this process. AutoCheck was developed to make it easier and cheaper for car buyers to do this and find out before parting with their cash whether there is a reason why they should walk away from the sale.
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Homeowners looking to finance the purchase of a new car, could look at taking out a car loan. A secured car loan is one of the many options available for homeowners looking for a new set of wheels. Growing families could look at buying a larger vehicle with a secured car loan making those long journeys to see grandparents and family much more comfortable. Newly qualified drivers who are looking for small, compact cars could finance their purchase with a car loan. With the summer coming, a new convertible sports car, could also be financed with a secured loan. Secured loans can be made payable over a term to suit the borrower from 5 to 25 years.
