QLD Car Dealer - Car Finance Help

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12 July 2015
Hi, I recently signed a contract for buying a new car. I signed all the contracts and car loan financing through the dealer. I put a $500 deposit down and have a receipt for it. I agreed to terms of the loan of 27, 500 with weekly repayments of 125 per week over 6 years with an interest rate between 8% and 12 % (subject to approval).

Following signing this, I was directed to another person who I agreed to add another $2000 of extras, which now brings my loan to $29, 500. Then afterwards I was given financial advice that the interest rate I will be given will be well over the variable rate. So when I go in next, do I have a leg to stand on with what I originally signed was for a loan of 27, 500 with agreed repayments and interest and I have not agreed on the changed repayments of 29, 500.

Also the copy of the new vehicle Contract I was given doesn't have my signature on it, only the dealers, but they have the same copy with mine.


Well-Known Member
10 February 2015
Hi Doug,

  1. Why is the interest rate you are being given well over the variable rate? Was that explained to you? Is it because of the $2000 extra that you added to the loan?
  2. Do you want to get out of the whole loan or just the $2000 worth of extras?
  3. When did you make this agreement?