Car finance

cruncher75

Hi we have just got a car on finance but dont start paying till next month do u now if we are able to cancle this as we now have the money to pay for the car.

johnofhertford

Hmm, interesting. Probably depends what type of finance deal it is, and how long since you signed it. I think your 14 day cancallation starts from when you signed the agreement, not when you got the money, but I may be wrong.

In any case, if you've got the money it's probably still a good idea to pay off the loan instead of paying the interest, even if you do still end up paying a chunk more than you might think you would after one month. Only proviso is if you think you might need a loan for something else in the next few months, in which case you'd probably work out better to keep this one going.

grumbler

Cooling off period? 14 days? :rolleyes: AFAIK only for distance selling, not for face-to-face on the creditor's premises:
Advice needed re cancelling a recent loan agreement
14 Day Cooling Off Period

Cruncher75, you've just signed serious financial document ... Did you read what you have signed? Do you have a copy? :think:

Cumbrian_Male

You may be able to cancel as long as it is before the first contracted payment is due.