You want to buy a new vehicle and provide the funds in a single payment is a much too big expense for you? You may be turning to a car loan.
Obviously, there will be a delay: the capital of your credit is not immediately paid into your account after the signing of the contract. Let’s see what are the deadlines before the release of funds and why it may be important to observe them.
Subscribed for a new car, the second-hand market often requires a personal loan (especially for a direct purchase from individual to individual), it is an assigned loan, that is to say intended for a accurate and defined acquisition in advance.
The advantage of this credit is that the lender knows exactly how much the value of your property is and can therefore repay a possible seizure in case of default.
Once the contract of your credit self signed, two separate deadlines are put in place: the withdrawal period and the deadline for release of funds. Closely related to each other, each one of them to its importance and defined the speed at which you will get your capital.
The withdrawal period
Under the Hamon law of March 18, 2014, you have a right of withdrawal applicable on a period of fourteen calendar days, and without having to justify the reasons for your withdrawal or to pay compensation to the lender. If you decide to retract, you are not only terminating the auto loan, but also the obligation to purchase or pay for the property acquired, in the case of an affected loan.
Know that you can waive your right of withdrawal to get funds faster if you opt for a quick delivery, or immediate. In this case, you must notify your renunciation in the contract before signing it.
Deadlines for unlocking credit funds
First and foremost, it is important to know that the lender and the borrower can not in any case receive payment from the other party until the transaction is finalized (all documents have been produced, the signature affixed to the contract…). The lender has seven days to accept or reject your file and make you aware of its decision.
Another important point is that receiving the funds from your credit means that the monthly deadlines start and your file has been accepted. Without an answer, your request is tacitly rejected. The credit capital can be made available as of the eighth day after the signature of the contract, even if it is often necessary to count a minimum of ten days. Some organizations only pay the credit amount on the last day of the withdrawal period, ie fourteen days after the signature of the contract. You can always use your right of withdrawal knowing that you will not have to pay interest on monthly payments of your credit if the money was paid to you within the withdrawal period.
You can also choose whether you want to receive the funds in one or more installments. Your funds will be delivered anyway between the eighth and the fourteenth day after the signing of the contract. In case you are in a hurry and would like a quick payment of your credit, there are methods to reduce your delay to a few days.