Car Finance, Quick Question !

    Just a quick one, that's if anyone here can help.

    I went to a suzuki dealer last sunday and left with an order for a suzuki swift !. Now I was approved finance there and then @ 6-7% APR (Can't remember the exact figure). The monthly payments were set over 5 years. Quite surprised as my credit rating is probaly average.

    Now I left giving them a deposit which is refundable but a suzuki requirement. My current car will be the actual deposit on the car and for the finance. Before leaving I was shown I was in the system and accepted for finance. Up until this point I haven't signed any forms etc.

    My question, can the finance amount etc change between now and picking the car up ?

    I should be picking it up in two weeks time, it's killing me ! More so because I don't know if it's all guranteed until I have the car.

    So anyone help ?

    Cheers !


    you should be ok because the loan will be underwriiten by the car, if you dont pay the instalments, they can take the car back and still make you pay any of thier losses. Thats how they can do it so quick.

    Original Poster

    That's why it was easy to secure the finance then ? Still surprised as it's a lower APR then a Bank Loan etc.

    Thanks for the input, have some rep !


    If you have any issues, send me a PM as I have 10 years experience in car finance. I was a motor finance underwriter for most of that time so I will know the ins and outs should you need it.

    Just for your legal information, if you have been accepted for finance the dealer should have provided you a pre-contract agreement which is the figurework they have agreed with you on and submitted to the finance company. If they haven't provided you with it they have fallen foul of the law and you have every right to go in and demand it. It's basically a copy of the finance agreement with no signature box. It should read 'Pre-contract Information' at the top of the page.


    the figure you were quoted wont be the APR

    it will be the flat rate - the APR will be higher

    Banks are clever - they sell an APR as its so difficult to calculate = instead of selling a payment

    oh and the figures should not change now you are approved - if they do ask why. if you dont like the answer walk away

    Original Poster

    Thanks guys, that's some reassurance ! I can stop worrying and enjoy the wait as it were now.

    I was unaware of the "Pre-Contract" paperwork, as the garage is an hours drive away though I think I'll leave that and email them about it.

    Since Sunday I've had an email just confirming the car was ordered and that the finance went through ok.

    If anything changes when we go to sign etc I will walk away and will make sure I get the deposit back !

    Thanks again guys it's a big help. Rep left !

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