Ge Money Car Credit Application

[itwinkle]

First of all this is my first post so Hi everyone:)

 

I went to a car dealership to buy a car and the dealer applied for finance through from GE Money.

 

I'm not quite sure if I'm already in a contract with them as the dealer did the application on the phone and after I got accepted, he got me to sign the application form. I'm assuming this is not a contract as when I asked for a copy he said the contract will be ready on Monday and asked me to fax through the paper copy of my drivers licence to them today.

 

 

What I need to know is 'Has anyone had any experience with paying off a GE Money car loan early and what were the penalties?'

The car dealer said it's a flexible loan and I'll be able to pay it off whenever I want without any penalties but I am not willing to take his word for it because he promised me an interest rate of 8% and I saw on the acceptance form that the APR was 15%.

 

I know when the receive the contract on Monday it will probably state the cancellation terms but I want to know if I should arrange other methods of finance before I go in on Monday.

 

I will rather get a loan through my bank or even use my credit cards because I can pay that off when I'm comfortable to do so. Ideally I would want to clear the loan in January.

 

Any advice?

 

Thanks in advance.

[ReasonableRon]

I want without any penalties but I am not willing to take his word for it because he promised me an interest rate of 8% and I saw on the acceptance form that the APR was 15%.

Sounds like he gave you what he promised. 15% APR will work out to be an interest rate of approx 8% (flat rate - which is what he would have been referring to when he promised it)

[raydetinu]

nothing stopping getting another loan, he has only arranged an offer its up to you to accept when you sign forms and return. GE are a reputable loan firm and you can pay off at any time, altough the earlier you pay off the more interest you will pay as with any loan. You would get a discount on the total amount of the repayment. If you have a good credit rating you may get better than 15% apr.