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I assume you mean the Consumer Rights Act 2015 ( there is no similar 1975 Act), which does indeed give you the right to reject faulty goods within 30 days; outside the 30 days you still have a right to repair or replacement. If the goods have been paid using a credit card you could also exercise your right to a refund under s75 Consumer Credit Act 1974. In short, if the company has supplied you with faulty goods, you do indeed have the right to reject if you are still within30 days.
Hi - s75 only covers payments made by credit cards and not loans or other forms of finance; although there may be cancellation rights in your loan agreement which cover a faulty goods situation. I would not recommend going ahead with finance if you are going to reject the goods. Instead you need to speak to the finance company about suspending payment until you have received goods which are not faulty.