When you enter into a finance agreement with your car dealership, you should do so with the confidence that you can make the payments for your vehicle. Should you run into difficulty partway through your agreement, there are both practical and financial consequences.
There is always an initial period in which you can change or cancel your finance agreement. After this point, it will become much more difficult to amend the plan and it could cost you to do so. We'll provide all of the information you need, so you can be completely happy with the agreement you choose and the payments to be made before signing.
Your lender reserves the right to repossess if you don't keep up with your payments, so you're likely to lose access to the car. This applies even if you've selected a finance plan that gives you ownership of the vehicle at the end. On a Hire Purchase agreement, for example, the loan is secured against the value of the model - which means it's automatically used to pay the amount back.
There may be penalties for failing to complete your finance agreement term, and you should always be aware of these before choosing your plan. As a reputable dealer, we'll talk you through the costs, interest rates and any potential fines involved - but this won't absolve you if you can't meet payments.
Many of the finance plans available at Lookers are tailored to your budget, making it easier to keep up with payments and own the car you want. To find out more and choose a model, please contact us at your nearest dealership today.