Car loan help

ballyclover
ballyclover Posts: 140 Forumite
First Anniversary Combo Breaker
in Loans
Hi guys and gals

I bought a car today for £7000.00 I didn't have that cash so agreed to a finance deal. Brought car home which I love, however now looking at the interest rate it's so high. My father has agreed to loan me the money to repay him interest free.

My question can I pay off the finance company loan with dads loan and retain the car and if so will I be hammered for interest and arrangement fees? Thank you in advance

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    You can cancel within 14 days and pay it off.
  • andyfromotley
    andyfromotley Posts: 2,038 Forumite
    Not having a go, just curious, how on earth did you end up signing a credit agreement when you didn't understand what APR you would be paying?
    £1000 Emergency fund No90 £1000/1000
    LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
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  • ballyclover
    ballyclover Posts: 140 Forumite
    First Anniversary Combo Breaker
    Was a hard sale too be honest and never really thought it through
  • hyubh
    hyubh Posts: 3,531 Forumite
    First Anniversary Name Dropper First Post
    ballyclover wrote: »
    I bought a car today for £7000.00 I didn't have that cash so agreed to a finance deal. Brought car home which I love, however now looking at the interest rate it's so high. My father has agreed to loan me

    At the risk of sounding harsh, going by your posting history you appear somewhat addicted to getting credit. Presumably he realises this will really be a gift he shouldn't expect to get back?
  • Foxy-Stoat_3
    Foxy-Stoat_3 Posts: 2,980 Forumite
    I think for your own sake, you should give the car to your Father for him to settle the finance and sell the car.

    Buy a car that you can afford.
    "Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!
  • audigex
    audigex Posts: 557 Forumite
    And learn to say "No, thanks" or at the very least "Thanks for your time, I'll take the paperwork, give it a read over and get back to you in a few days"

    It sounds like you need to recognize the difference between buying, and being sold to. If you're too impulsive to make a rational decision on the spot, train yourself not to make a decision on the spot. If you walk in knowing it's purely an information gathering exercise, you won't get into this kind of mess.
    "You did not pull yourself up by your bootstraps. You were lucky enough to come of age at a time when housing was cheap, welfare was generous, and inflation was high enough to wipe out any debts you acquired. I’m pleased for you, but please stop being so unbearably smug about it."
  • macman
    macman Posts: 53,098 Forumite
    Name Dropper First Post First Anniversary
    If dad was prepared to lend you the money interest free, then why did you seek finance at all? Makes no sense.
    No free lunch, and no free laptop ;)
  • Foxy-Stoat_3
    Foxy-Stoat_3 Posts: 2,980 Forumite
    macman wrote: »
    Makes no sense.

    Agreed !!!!
    "Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,909 Forumite
    Name Dropper First Post First Anniversary
    ballyclover wrote: »
    Was a hard sale too be honest and never really thought it through

    I wouldn't say it was a hard sale. I'd say it was dead easy - for the salesman. You are a salesman's dream.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
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