Whether you already have your own private number plate or it’s something you’re considering, you might need to do some research before you purchase either a new car or a new number plate. If you are thinking of buying a car on finance rather than purchasing it outright, you might wonder – can I put a private plate on a financed car?
Can you change the number plate on a financed car?
This is the first question to consider. There’s little point in buying a new private number plate if you cannot place it on your vehicle – unless, of course, you see the number plate purchase simply as a shrewd investment.
Do you own the car?
The first question to ask regards the ownership of the vehicle. This is not the same as being its registered keeper. The answer is also not as straightforward as it may first seem.
If you buy a car outright, then this is straightforward. You own the car once you’ve bought it outright, therefore it’s yours to do with as you please. That includes changing the number plate, should you choose to.
If you buy a car through finance, then you will usually be the registered owner of the car (as well as its registered keeper). This means you are entitled to change the number plate if you wish, and you can follow the same procedure as someone who owns a car outright.
If you lease your car, then you are not classed as its owner. This does not, however, mean that you cannot put a private registration onto the vehicle you drive on a daily basis. You can put a private plate onto your lease car, as long as you have the agreement of the leasing company. In this case, it’s best to wait until the car has been delivered before you start the process of adding your own registration plate to the vehicle.
New Reg can help
If you would like to take advantage of the service we offer at New Reg when it comes to assigning your number plate, then you will find that the process is far simpler. We can handle the DVLA paperwork on your behalf, and transfers take an average of just two to four weeks to complete.
What happens when the finance or leasing agreement ends?
What happens when you’ve made all your payments once again comes down to a question of ownership. If you pay off the car, either by means of a fully repaid loan or because you’ve made the final payment required, then the car is yours to do with as you like. This means you can keep the car, and the private plate you put onto it.
If you have to hand the car back at the end of the finance or lease term, then it’s your responsibility to remove the private number plate. It’s advisable to do this a couple of months before the term is up, to ensure everything is in order before you hand the car back.
At this point, you could either sell the private number plate, assign it to another vehicle or put it on retention for future use. If you decide to sell, make sure you get a free valuation from New Reg. Car registrations are seen as a savvy investment by many, particularly when it comes to cherished number plates, so you could get a pleasant surprise if the plate is worth more than you had envisaged.
Alternatively, why not browse our range of available registration marks if you fancy trying something new, or adding another plate to a second vehicle or your private number plate portfolio?