GAP on Loan

theatretony

Hi Guys,

I recently (last week) got a car loan to finance a vehicle, during the loan process I accepted GAP and Mechanical Breakdown - I have since found these cheaper elsewhere (Hindsight is a good thing!)

I am able to cancel these as they are built into the loan amount I pay each month? I assume I have 14 days cancellation rights, so I guess IF I can cancel these my loan payment will also reduce.

Thanks for the help

Herzlos

They should do, since you wouldn't be either making the insurance payments or paying for it up front. You'd need to phone them for figures though.