Car Finance through bank

kratosthegreat

Is car finance through the bank, more specifically, one of the car finance plans through Halifax, the same as regular car finance, in the sense that you can't sell the car as you don't own it?

If I remember correctly, the bank gave me the lump sum and I transferred that to the car dealer. So I wouldn't be able to say for example, sell the car, and continue paying off the loan monthly?

Would I have to settle the loan before selling the car? Or can I treat the loan as any other and use it for whatever purpose, car or otherwise?

[Deleted User]

It really depends on the terms of the loan, and whether it is secured on the vehicle.

Dobbibill

Yes, it's the same as from a dealer. You do not own the vehicle until the payments are completed.

See here on their website
http://www.halifax.co.uk/car-finance/compare/

It says -

As this is a Hire Purchase agreement, you don't own the car (and can't sell it) until you’ve made the final payment. Your car may be at risk if you don't keep up your payments.

or

As this is a Personal Contract Purchase (a type of Hire Purchase agreement) you own the car once you have paid the final lump sum. Your car may be at risk if you don’t keep up your monthly payments.