Car Finance

Bravehearted_2

Melissab91 wrote: »

Hi,

I have car finance on a Vauxhall Corsa Club 1.2. I purchased through carcraft in August 2010 and I took out finance with Blackhorse for £5500 and the remainder or the deposit was through a top-up loan from All In One Finance (which Carcraft owns) for £3500.
They said that Blackhorse were unable to give me the full amount of finanace I requested (for the total of the car) however I have been told by a sales executive at Vauxhall dealship that this is a completey illegal thing to do. As you are unable to have two loans on one car. Is this correct and do I have a leg to stand on to fight this.

Since reading up about all of this I have found that Carcraft have financed me for a total of £9000 rather that the car price of £8200 - so where the extra £800 went I do not know!!

Any help is great! Thanks.

They didn't sell you 2 HPs on the one car - so nothing illegal.

The "top up loan" was just that - a loan (not secured on the car like the HP is).

iolanthe07

I don't think borrowing for a deposit on anything is a very good idea; you're digging a hole that might be hard to climb out of.