Car Deposit Paid - Finance To Be Signed - Can I Change Finance Option?

Posted 23rd Sep 2019

Hi,

On Saturday I put down a £550 cash deposit on a used car. Got their HP finance rate down to 8.9%APR and approved. It’s just waiting for us to sign the finance agreement. But we have just gotten approval for a 3.9% car finance with BoS. It saves us around £3,000 in interest over the period. Does anyone know if we will be able to pay with our own alternative finance if the dealer has already gotten approval from their own company which I believe is Santander? We are dealing with Parks Honda.

Your advice is greatly appreciated. Thanks.

6 Comments

sorted by

bigwheels
23rd Sep 2019
Have you signed on the dotted line NO.
Just go back and say Ive now got all cash.
Make sure you pay at least £100 on a credit card for section 75 protection. (edited)
paul123edwards
23rd Sep 2019
Check if you have a cooling off period on the HP finance. You may be able to just pay it off in the first 14 days with a small interest payment.

The price for the car may be based on the finance kick back so paying by cash may make it more expensive. (edited)
Patty37 Author
23rd Sep 2019
We've got it secured. Payments lowered by around £40 per month going with this other finance product. Interest lowered by around £3000 on a whole. (edited)
noeasywayout
23rd Sep 2019
You usually get 14 day cooling period anyway even if you did sign.
noeasywayout
23rd Sep 2019
not sure what this may do to someone credit rating but every time I purchase a car from a dealer I always take out the finance option because they offer good discounts and increased dealer contributions for doing so. Then within 14 days get a cheaper loan and pay off the PCP/HP
DC_
2 m ago
Would they take back the dealer contribution if you settle within 14 days?