Took Car Finance

Silver_Bullet_2

Hi,

I recently purchased a new car through a reputable car dealership. I have noticed they offered me a loan agreement of 8.9% APR Flat rate finance on my car and then later found out those are totally rubbish as I am looking to pay of my finance in couple of months maybe by March/April 2011.

I then read the topic on this website about APR vs Flat rate. Please help is there anyway I can Cancel my Finance agreement and then get a Loan from a bank at 7.3apr as available online.

I'm not sure if there is a 14 day cooling off period! the Finance is Via Santander.

CLAPTON

what does your loan agreement say about early settlement?

Silver_Bullet_2

They charge a one off Early Settlement fee of £150 which is a admin fee

CLAPTON

if you signed the agreement on the car dealer premises then there is no legal cooling off period (unless the agreement offers on which is unusual)

is it HP or just a loan?

how much?

at first sight it hardly seems worth incurring 150 fee and refinancing if you are anyway going to pay in full by March

and by the way there is no such thing as 'APR Flat rate'; its either APR or flat rate.. so 8.9% flat rate will be about 18% APR

nelly12

Silver_Bullet wrote: »

They charge a one off Early Settlement fee of £150 which is a admin fee

Never heard of that one? You'll have to early settle using the 2004 act.