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After being granted finance on a new car. When does the finance kick in, Is it straig

  • 28-03-2011 4:26pm
    #1
    celticcrash
    Registered Users, Registered Users 2 Posts: 850 ✭✭✭


    After being granted finance on a new car. When does the finance kick in,
    Is it straight away or when we get the car which could take 10 weeks.


Comments

  • #2
    mickdw
    Registered Users, Registered Users 2 Posts: 23,730 ✭✭✭✭mickdw


    The car will only be paid for on collection I would have thought so you owe nothing til then.

    However if you got the finance by way of a car loan or personal loan from your bank, they may well be paying the funds straight into your account. In that case, you pay immediately. This was common when funds were freely available but would be unusual right now.


  • #3
    Reloc8
    Closed Accounts Posts: 2,857 ✭✭✭Reloc8


    As per above.

    If you drew down the loan from the bank it'll be as per terms and conditions with them.

    If you have any other arrangement it'll be on collection.


  • #4
    mgbgt1978
    Registered Users, Registered Users 2 Posts: 4,261 ✭✭✭mgbgt1978


    As said above, if it is a personal loan (i.e. the money is in your account within the next couple of days ) then your first repayment will be due the following month.
    Also if there are any fees (there usually are ;)) these will be included with the first repayment.


  • #5
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,528 ✭✭✭✭colm_mcm


    You would have filled out a proposal form, you still need to fill out the actual finance documents which will contain the cars chassis number, reg number, price of car, deposits or trade in, apr, total cost of finance etc etc.
    It will also detail the monthly amount, date of payment etc.
    There will be a direct debit mandate too.
    They wouldn't have the chassis number until delivery so you won't have to sign till then.

    Make sure the car is A1 before signing anything.


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