I have been proposed a renault car finance at 13.3% with a PCP.The salesman was saying 7% it is after I paid the deposit they revealed me the rate of the finnace was 13.3%.

It is very inexpensive for me, because I am not a native(I am french) i was just wondering it the rate was fair.

My credit score is not brillant as I have been here only 2 years, and I already had one finance refused.

SHOUL I DECLINED THIS OFFER I REALLY DON T KNOW???????????????????????/

It depends on how much you want the car?

take it back to basics regardless of interest rate.......

If you are still unsure then take the selling price of the car and the total amount payable ( car + finance interest) and work out just how much "£" in interest you will pay to them. Ask yourself if it is worth it?

example,

car       £5000

interest £ 4500       

total payable £ 9500

= not good

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Just food for thought!

Most finance companies set interest based on risk. Higher risk, higher rate. Based on this and your low credit rating, 13.3% isn't exactly extortion.

That said, I don't necessarily agree that you should proceed. As Mr Big said, it depends on how much you want and need the car.

Do you really need this car? You can buy very reliable cars with MOT and road tax for a couple of hundred pounds.

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You gotta tie yourself to the mast my friend, and the storm will end.

I already signed the fianance agrement and They are actually saying that i can t come back on my decision , there is no cancellation rights on the contract.

What to do?????????????????????????????

Speak to the finance company to check if you have cancellation rights untill you have taken delivery of the goods. The dealership will always tell you that you have no rights whether you do or you don't.

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You gotta tie yourself to the mast my friend, and the storm will end.

 What are your reasons for cancelling? 

(I get the impression I'm chasing you this morning JJ' I think I need more coffee!)

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Just food for thought!

Join the club Biggie...

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You gotta tie yourself to the mast my friend, and the storm will end.

I think 13.3% apr or 6.2% flat rate is expensive, But I checked  with the finance company and the consumer helpline I CAN'T CANCEL.

It is just incredible I didn t even take the car!!!!!!!!!!!!!!!

When did all this happen? Am I right in thinking this was some time ago!

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Just food for thought!

I signed yesterday.

You should post another question.....I think the correct post question should be "signed for car finance yesterday, I want to change my mind. How can I do this?

Try to give as much info as possible. You will get  better and more accurate  information from the forum members.

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Just food for thought!

Thks MR BIG.I was quite upset when i first wrote the post. Effectively I can t get out this thing and it is only my fault.

Anyway I will try to do BON GRE MALGRE, whether with good grace or bad with the situation.

I would imagine your only remaining avenue would be to see if you can get a cheaper personal loan and pay off the finance agreement with that. Depending, obviously, on the cost to settle and the cost of borrowing.

JJ

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You gotta tie yourself to the mast my friend, and the storm will end.

Please enjoy your new car?

 If you dont then it will be more money down the pan! Try and turn bad into good! Think positive about this situation.

Paying this car off smoothly and quickly will be great for your credit rating and will give you a good deposit for your next car.

Think of it as a early christmas prezzie to yourself! (now how many people can say that)

Take care

 

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Just food for thought!

jjnaughalty ;Mr big  , many thanks  for all the answers and advices you provide me.Thks they really have been helpful,it really can t be so bad Santa has been generous enough to put a car in my little garage earlier this year!!!!!!!!!!!!!!!!!!!!!!!!!!

LILYA