Can I put private plates on a car I've just financed?

So, you've just snagged your dream car on finance, and those private plates you've always wanted are burning a hole in your pocket. Exciting times! But a little voice in the back of your head is whispering, "Wait a minute... it's not technically mine yet. Can I even do that?"

It's a common question, and the answer is generally yes, you can put private plates on a car that's on finance.However, like most things in life, there are a few important caveats and steps you need to be aware of.

Here's the lowdown:

• You are the registered keeper: Even though you don't own the car outright until the finance agreement is complete, you are still the registered keeper with the DVLA (Driver and Vehicle Licensing Agency). This means you have the authority to make certain changes to the vehicle's registration, including assigning a private number plate.

• The finance company is the legal owner: The crucial point to remember is that the finance company legally owns the vehicle until you've made all the agreed-upon payments. This means they have a vested interest in the car's identity and resale value.

• Permission is key: While you're usually allowed to transfer a private plate, you absolutely must get permission from your finance company first. Failing to do so could be a breach of your finance agreement and could lead to complications down the line.

Why do you need their permission?

• Ownership changes: When the finance agreement ends and you become the legal owner, the number plate transfer needs to be correctly documented. The finance company needs to ensure this process is smooth.

• Potential resale: If, for any reason, the car needs to be repossessed, the finance company needs to be able to easily identify and potentially resell the vehicle with its original registration. A private plate adds a layer of complexity to this process.

How to go about it:

1. Contact your finance company: Reach out to them directly – usually via phone, email, or their online portal. Explain your intention to assign a private number plate to the vehicle.

2. Follow their instructions: They will likely have a specific procedure you need to follow. This might involve filling out a form, providing details of the private plate, and possibly paying an administrative fee.

3. Wait for their approval: Don't proceed with the plate transfer until you have received written confirmation from the finance company that they approve the change.

4. Complete the DVLA transfer: Once you have the finance company's go-ahead, you can proceed with the DVLA's online or postal process for assigning the private plate to your vehicle. You'll need the vehicle's V5C (logbook), which the finance company usually holds. They will likely guide you on how to obtain the necessary information or documents.

5. Inform your insurer: Once the new plates are on, remember to update your car insurance policy with the new registration number.

What happens at the end of the finance agreement?

Once you've made all your payments and officially own the car, the private number plate will remain assigned to it. If you decide to sell the car in the future and want to keep the private plate, you'll need to go through the DVLA process to transfer it to another vehicle or put it on retention.

In a nutshell:

Putting private plates on a financed car is generally possible, but communication and permission from your finance company are paramount. Don't skip this crucial step to avoid potential headaches and ensure a smooth process. So, go ahead and explore those personalized plate options, but always remember to keep your finance provider in the loop!