If you have found the perfect car but it’s not within your budget, don’t worry – UK car finance for very poor credit can help you get behind the wheel. However, there may be times when you want to reject the car on finance. This could be for a number of reasons: perhaps the repayments are too high, the vehicle isn’t what you expected or you’ve changed your mind. Whatever your reason, read our guide on what to do if you want to reject a car on finance.
What is a car finance agreement and why would you want to reject it?
A car finance agreement is a loan that allows you to purchase a vehicle on credit. UK bad credit car finance agreements can be very attractive, as they often offer more favourable terms for those with poor credit ratings. However, it’s important to ensure that the deal is right for you before signing on the dotted line.
If you find yourself in a situation where your UK bad credit car finance agreement is no longer suitable, it may be possible to reject the car and end the agreement without any negative repercussions. This article will explain how to do this and what your rights are when rejecting a UK bad credit car finance agreement.
How do you go about rejecting a car finance agreement?
If you’re unhappy with the car you’ve purchased on finance, UK law states that you have the right to reject it. You must do this in writing to your lender within a reasonable period of time from taking possession of the vehicle. If you’ve only had the car for a few days or weeks, that’s considered an acceptable window for rejecting it.
The UK Consumer Rights Act 2015 gives a 14-day cooling off period for cars bought online, including those purchased through UK bad credit car finance options. This means that if you decide within the first two weeks after taking possession of the car that it does not meet your expectations, you can return it and get a refund for what you paid including any interest charges.
The consequences of rejecting a car finance agreement
In general, UK consumers have the right to reject goods purchased on credit within 30 days of taking delivery of them, under the Consumer Credit Act (CCA). However there are exceptions for certain types of products such as cars bought on finance.
If you do wish to reject a car purchased with UK bad credit car finance, you’ll need to take steps quickly – once 30 days has passed, rejecting the car can become more difficult or impossible depending on the agreement made in writing between you and the lender.
What to do if you’ve already signed the contract?
If you have already signed a contract for UK bad credit car finance, and you now want to reject the car, it is important to understand your legal rights. You may be able to do this under the Consumer Rights Act 2015 or the Consumer Credit Act 1974.
Under UK law, you are entitled to reject goods if they are faulty or not as described in the sales contract. This includes cars purchased on finance. In such cases, you can return the vehicle for a full refund of any money paid and cancel the agreement with no further payment due.
