We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Early loan repayment
Helles.belles
Posts: 8 Forumite
in Loans
I have just bought a new car and took out the finance from the car dealer. When i got home a friend advised me to look into taking out a personal loan for the same amount which turned out to be a lot cheaper. I was accepted with the new loan straight away and rang the original company to say i wish to cancel the original loan. They told me i that there is no "cooling off" period, i thought it was 14 days and basically the settlement figure they have quoted me is more than the original loan.
Could some one advise me if this is correct or do you in fact have a "cooling off period" with a loan.
Thanks
Helen
Could some one advise me if this is correct or do you in fact have a "cooling off period" with a loan.
Thanks
Helen
0
Comments
-
If you signed the finance deal at the dealership then there is no cooling off period unless of course your specific T&Cs provide for this.
The 'penalty' for early settlement should be no more than two months interest assuming you didn't sign up for PPI.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.3K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards