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What happens if I default on my loan?

By signing your finance agreement you have agreed to comply with the terms and conditions set out in the agreement - this includes your ongoing obligation to meet the repayments.

As your loan is secured by the asset you have financed, failing to meet your commitments under the loan agreement means the finance company may be entitled to repossess and sell the asset. This could result in a shortfall that you are still liable to pay, and there are also other fees and charges associated with defaulting on your loan.

These fees and charges vary between different finance companies and can be found here.