When you buy a Vehicle Check, you can see whether there are any outstanding finance agreements on the vehicle. The different types are explained below:
Different Agreement Types
| Named Agreement Type | Meaning |
| Bill of Sale | A bill of sale might give the finance company the right of ownership over the vehicle and you ask the finance company before buying. |
| Conditional Sale | A conditional sale is an agreement where the full title of the vehicle remains the property of the finance company unless certain conditions are met. These are usually when all payments are made, and made on time. There may also be conditions placed covering the insurance and maintenance of the vehicle. If the agreement is not settled, the finance company still owns the vehicle. |
| Credit Sale | A type of finance where the buyer becomes the owner of the vehicle at the start of the agreement. If you are concerned because the vehicle you are looking at has this type of finance, you should seek clarification from the seller of the vehicle. |
| Demonstrator | A form of dealer finance used to allow dealers to fund demonstration vehicles (cars that dealerships have previously used as display models in their showrooms). Contact your dealer, check their liability and get confirmation in writing that they will clear the finance on the vehicle you are buying. |
| Hire Purchase | Also known as HP. A long-term finance agreement where you own the vehicle at the end once you've made all the payments and a final option to purchase fee. |
| Lease | The vehicle is owned by a leasing/hire company. At the end of the lease, you return the vehicle to the leasing company subject to specific conditions relating to mileage and fair wear and tear. |
| Miscellaneous | If the vehicle has ‘miscellaneous’ finance on it, you should get more details from the finance company and the seller of the vehicle. |
| PCP | Personal Contract Purchase is a long-term finance agreement. At the end of the contract, you can either pay the final payment (balloon payment) and own the car yourself, return the car subject to specific conditions relating to mileage and fair wear and tear or put any positive equity in the vehicle towards the deposit for a new one. |
| Personal Loan | The lender has no claim on or interest in the vehicle but has registered the existence of a personal loan as part of the Government's Responsible Lending drive. If you are concerned because the vehicle you are looking at has this type of finance, you should seek clarification from the lender and the seller of the vehicle. |
| Unit Stocking | Unit Stocking is a motor dealer's finance agreement. If you are buying from a dealer and this shows on your report, talk to the dealer about it and ask for confirmation of their liability in writing if you have any concerns. |