Car Finance Confusion

NurseBlack1978

Hi,
Apologies if this is meant to go somewhere where else on here; first time posting!
Just looking for a bit of general info as I am confused. Yesterday I applied for car finance from a local garage to obviously bury a car! I got a text yesterday afternoon from the garage to say my application for finance had been approved. Then this afternoon I was emailed the credit agreements, direct debit forms etc! I know the garage said I had been approved and I should have read the document a bit more thoroughly before signing them. I've never applied for credit before and basically just want to know if a credit agreement means I've definitely been approved? As it all seems very fast and I don't want to get my hopes up that I'm getting the car just in case. Thanks

AndyT678

NurseBlack1978 wrote: »

Yesterday I applied for car finance from a local garage to obviously bury a car!

If you bury it too obviously someone will just come along and dig it up again and you'll still owe the finance company. I suggest you put more thought into your plans for concealment.

Some tips here https://forums.moneysavingexpert.com/discussion/5680095

NurseBlack1978 wrote: »

Then this afternoon I was emailed the credit agreements, direct debit forms etc! I know the garage said I had been approved and I should have read the document a bit more thoroughly before signing them. I've never applied for credit before and basically just want to know if a credit agreement means I've definitely been approved?

The credit agreement is your contract. I'd say you definitely have your loan.

Cornucopia

The OP said that they had not had finance before, so you may be talking at cross purposes on the meaning of "burying a car".

Assuming that the OP means that they got shot of a car with known faults on it, then depending on how obvious the faults should have been on superficial inspection of the vehicle, the likelihood is that the deal is now done.

That doesn't mean that comebacks are impossible - I've had a dealer in the past querying the state of my trade-in a couple of weeks later, but it's unlikely that they will want to pick apart their sale & finance commission unless the issue is a very expensive one.

I would suggest reading the Finance Agreement very carefully - particularly the APR and noting any clauses about termination.

mcpitman

NurseBlack1978 wrote: »

Yesterday I applied for car finance from a local garage to obviously bury a car!

Just for clarity, I assume this means "buying" a car.


Re the loan, likely to be approved, or based on details provided at the time approved.