Car loan, want to cancel before it becomes active

hostman

Hi,

I went into a car showroom last week and rather impulsively decided to buy a new used car. I've been thinking about it for months.

Anyway, after thinking about it over the weekend, I'm having serious doubts. Mainly because the car will cost considerably more in tax, insurance, fuel and a monthly loan. I knew all of this before even viewing the car, I can afford it, but would now rather wait a few more months.

The deal is funded by part ex of current car, additional deposit (£500 of which has already been paid to the garage) and a loan for less than £7000.

The application for finance has been made today or will be made Monday by the dealership, as they weren't able to do it Friday or Saturday.

I've looked through the paper work I've been given, which does not include a signed finance agreement, there is no mention of a right to cancel.

Have I been incredibly stupid by acting impulsively and materialistically, or do I have a way out before picking the car up from the car showroom end of this week?

PNPSUKNET

you have signed on commercial premises so no cool off, you have however until they process the docs which wont be long.

hostman

PNPSUKNET wrote: »

you have signed on commercial premises so no cool off, you have however until they process the docs which wont be long.

That is what I feared.