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Stupid Interest Costs


Zyngazite

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I have moved and looking to change my insurance to my new address on my current policy which ends in nov they want to up it by £580 over the remainder of the policy. I have looked for a new quote and its coming in at around 1500-1600 which monthly would be around the £130 mark which isnt too bad. The issue being if I want to pay monthly the cost goes upto around the 2700 which works out nearly 70% interest?!?! Any 1 able to point me to an insurer that will allow me to pay monthly and with a low interest or 0 interest rate also that will insure a 23 year old :scare:

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Just remember.....paying in installments equate to you having a loan!

 

...but a 70% loan as the OP states... (actually, 130% APR according to this calculator!)

 

A 10% bank loan would be far cheaper, and would result in you paying around £82 in interest.

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Just remember.....paying in installments equate to you having a loan!

 

...but a 70% loan as the OP states... (actually, 130% APR according to this calculator!)

 

A 10% bank loan would be far cheaper, and would result in you paying around £82 in interest.

 

Agreed, but my point was, it will show on that Equifax data base thingy. :thumbs:

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Just remember.....paying in installments equate to you having a loan!

 

...but a 70% loan as the OP states... (actually, 130% APR according to this calculator!)

 

A 10% bank loan would be far cheaper, and would result in you paying around £82 in interest.

 

Agreed, but my point was, it will show on that Equifax data base thingy. :thumbs:

 

Hmmm good point.

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Just remember.....paying in installments equate to you having a loan!

 

...but a 70% loan as the OP states... (actually, 130% APR according to this calculator!)

 

A 10% bank loan would be far cheaper, and would result in you paying around £82 in interest.

 

Agreed, but my point was, it will show on that Equifax data base thingy. :thumbs:

 

Hmmm good point.

 

I've never ever seen car insurance on somebody's credit file.

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I think he means a normal bank loan, which should show on the credit file.

 

But even so, who cares if it does? At worst it'll show that you paid it off on time, which is hardly bad news is it? As I said the other day, just chuck the lot on a credit card (even a normal 12% one) and pay it off over a couple of months. You'd still be miles better off.

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I dont know if I would get a credit card, I have taken her off the road atm untill I can save the money for the 1 lump sum. Just a shame thats all. Joys of the ex missus not paying the phone in time in my name etc :boxing:

so you've taken the car off the road, no problem - but no insurance on it at all - what about storm damage, theft etc ?

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  • 2 weeks later...

Well a turn up for the books. Randomly Recieved a phone call from Admiral after getting a quote on confused.com ( I didnt even see admirals quote show up:/) they quoted me £732 for the year as you can Imagine I have snapped it up and the beaut is back on the tarmac :teeth:

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I was about to say where are you looking... I'm 22 and Admiral are quoting me slightly over £1k for the next year.

 

For some reason whenever I look at insurance on any type of sports car, Bell/Admiral/Elephant (all the same company) always come back the 3 cheapest.

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Yeah, I just got another quote from Bell for £892 (I always pay mine off in one go). That's with all modifications declared as well. Well happy with that.

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