Car Finance Question

jasmine57

I'm hoping that someone out there can be of some help with this query.

Yesterday, I entered into a 'Fixed Sum Loan Agreement' with Capital BAnk Finance, a subsidiary of HBOS. The agreement was signed on the premises of a car dealer for the purchase of a used car. Whilst at the dealer, I supplied a Driving Licence as proof of address, but was told they needed me to fax the paper part to them to finalise the agreement.

When I returned home however, I have found I have been accepted for a Northern Rock Loan at a much more preferential rate than that of Capital Bank.

Hence the query. As I have yet to provide the Driving Licence to the car dealer, does this mean that the agreement cannot be finalised and I can simply take the Northern Rock Loan to purchase the car. Or if I do take the car finance, can this be repaid in full immediately with no penalty. I can see no details of this on the agreement.

I hope this makes sense and would really appreciate any assistance.

betti911

Is there not a cooling off period within the loan contract? I would have a check.

nomoneytoday

If its under £25k then you should have 2 weeks to cancel the finance

darich

As stated, finance agreements have 2 week cooling off period even if you've provided all the relevant paperwork - I had that period when buying my bike on interest free credit. Didn't cancel though!

cazziebo

jasmine57 wrote: »

I'm hoping that someone out there can be of some help with this query.

Yesterday, I entered into a 'Fixed Sum Loan Agreement' with Capital BAnk Finance, a subsidiary of HBOS. The agreement was signed on the premises of a car dealer for the purchase of a used car. Whilst at the dealer, I supplied a Driving Licence as proof of address, but was told they needed me to fax the paper part to them to finalise the agreement.

When I returned home however, I have found I have been accepted for a Northern Rock Loan at a much more preferential rate than that of Capital Bank.

Hence the query. As I have yet to provide the Driving Licence to the car dealer, does this mean that the agreement cannot be finalised and I can simply take the Northern Rock Loan to purchase the car. Or if I do take the car finance, can this be repaid in full immediately with no penalty. I can see no details of this on the agreement.

I hope this makes sense and would really appreciate any assistance.

Cancel now. Capital bank are horrible to deal with - absolutely horrible. Northern Bank are fantastic. got my car loan with Capital Bank and mortgage and personal loan with NR.