anyone pay outright on credit card?

[clancy]

been quoted £2300 for my car which is fine, but i have to pay it outright. if i pay monthly they add £1800 on top of that !!

as i do not have 2k sitting about for insurance, is paying it on a 0% credit card then paying that off a good option ? i have no experience with credit cards, any suggestions would be good.

please dont bother with "sell the car, id never pay 2k etc etc "

any help would be great, cheers

 

[TheEvilGiraffe]

£1800 on TOP of your £2300 ???????

WTF !!!!!! Daylight robbery.

Who's that with ? Go find a decent insurer !! Sky, Brentcare, Greenlight...

 

[TheEvilGiraffe]

The forum is so shocked, it posted twice FFS.

 

[Bluebeard]

If you pay on a credit card, they will charge you a fee. (anything between 2 and about 6%)

But thats obviously a lot cheaper than the £1800 they want.

 

[Adam.]

I always whack my insurance on a 0% credit card.

F'k paying their interest rates. (on par with wonga etc)

 

[R18 RHT]

Sounds like the Admiral/Bell/whoeverthefcukthethirdcompanyis group.

As for the CC thingy, I'm no help im afraid, perhaps look at a loan although I'm sure the rates would be stupidly high on a loan of that amount.

 

[ali_warriner]

Pay it on a credit card. Then balance transfer to another credit card with 0% balance transfer for 12-18 months. Plenty out there depending on you situation.

 

[jenic]

Normal, sensible people pay on 0% cards to avoid the stupid rates they charge to pay monthly.

Of course thats if you can get a 0% card, I've had one every year since i was 18 but i've always had a job, people like students or with other commitments/low income might struggle.

But yeh, if you can get a 0% CC, always use it for insurance.

I've never been charged a fee for CC with insurance either, been with flux, bennetts, quinn, more than, bell, elephant.

 

[clancy]

ok so this may be the way forward then. i have a job so i should be ok getting a credit card, i hope...

and evil giraffe i have tried everywhere. most people wont touch me because im 18, out of the ones who will, elephant/bell etc where the cheapest. give or take a bit they were just over 2K but i cant pay monthly

 

[R18 RHT]

Ah elephant, thats the third in the trio! Think it's actually who I'm insured with now so no idea how I forgot them lol.

 

[jenic]

I had just gone 18 when i got my first 0% CC, the only thing thats just sprung to mind is i got declined online, but went to see my bank managed and he got me through and got me a 0% card.

BUT the credit limit was only about £500 for the first 6 months. Might be worth getting a parent to take the card out to get a big enough limit and pay it back. Think Tesco's is the best atm, 15 months purchasing iirc.

 

[clancy]

parents arent in a position to help at the minute unfortunately :/ its a con. i checked before i bought the car and it said it was fine online, would just be an extra £100 or so , then when i phoned up they were like no

 

[Adam.]

Virgin monies are doing 0% atm iirc. Think my mate got one for his insurance.

 

[DrR]

I'm sensible with my wages, so always have enough saved to pay off my insurance in full. But in this case I'd use a credit card.

 

[clancy]

needed a new car and only had enough for the car, plus some other bits. wages would easily cover the monthly repayment. but i cant just wait and save up to pay it off

 

[Clouder]

Not guarenteed to get a card. I struggled for a while, even with a decent job, no debt, good history, etc. However, your bank should almost certainly offer you one - should be able to get you a 12/18 month interest free on PURCHASES, ensure it isn't Balance Transfer as you are making a purchase, then pay off £200/month DD straight from your current account... sorted

Out of interest, how old are you to be quoted £2.2k on a 172?

 

[DrR]

Don't you have a credit card that you can just bung it on now?

 

[jenic]

I'm sensible with my wages, so always have enough saved to pay off my insurance in full. But in this case I'd use a credit card.

Its better to keep money in savings and use 0% deals as long as possible imo.

 

[Austin-182]

[SUP][/SUP]

Its better to keep money in savings and use 0% deals as long as possible imo.

Agree, i could pay it all off at once, but why? O% credit card, pay off over 3 months and build up youre credit rating ideal when i go for mortgage and have no problems because of having great credit history

 

[clancy]

im 18 which is why its so much, may have come up with a plan for this. wil result in me building no no claims bonus but the insurance is a few 00s less

 

[SimonR.]

im 18 which is why its so much, may have come up with a plan for this. wil result in me building no no claims bonus but the insurance is a few 00s less

Wouldn't admit to that on here...

 

[Revels]

Don't 'front' your insurance policy. It's illegal. The national insurance fraud investigators check a lot of car forums, including this one. If they ask for your details we have to provide them.

Secondly, I very much doubt that you'll get a big enough card limit from your first card.

Sell it and buy something you can afford.

 

[Banjo]

putting additional older drivers will reduce your policy majorly with you as the policy holder obviously. Added my girlfriend to my v6 policy and brought it down 70quid even although she hasn't got any no claims as she hasn't been insured on another car. Whether she drives mine or not is another story .

 

[SimonR.]

What dan said tbh.

Wait a year or two. I've just turned 20 and my insurance has halved with 2 years ncb

 

[townlea]

Is it just me or is 2.2k cheap for an 18 year old to insure a 172??

Last year when I was 20 my insurance was 2.1k on my 172 Cup that was with 2 years ncb. This year with the same company at the age of 21 and 3 years no claim bonus it was £858

Never known an 18 year old to be quoted under 3 grand for any variant of an RS Clio....

 

[.Kev.]

please dont bother with "sell the car, id never pay 2k etc etc

Sorry mate but it needs saying....

f**k paying £k's on insurance for a 172, do what most normal people do. Get a cheap car and build up some no claims. Your insurance is more than the car is worth FFS!!

Having said that your making sure the shareholders of said insurance company get a nice dividend this year. They rely upon people like you.

 

[Adam.]

Last year when I was 20 my insurance was 2.1k on my 172 Cup that was with 2 years ncb. This year with the same company at the age of 21 and 3 years no claim bonus it was £858

It really varies tbh. At 20 I was paying less than 1k for a 200. 1 Years ncb and 3 accidents on my record.

 

[clancy]

Sorry mate but it needs saying....

f**k paying £k's on insurance for a 172, do what most normal people do. Get a cheap car and build up some no claims. Your insurance is more than the car is worth FFS!!

Having said that your making sure the shareholders of said insurance company get a nice dividend this year. They rely upon people like you.

say what you want mate, my 1.2 clio was only like £500 less to insure, why should i not have a nicer car?

and revels what do you mean about "fronting" insurance ?

 

[Revels]

When you pretend the parent is the main driver so you get it cheaper.

http://news.bbc.co.uk/1/hi/programmes/moneybox/7052569.stm

 

[clancy]

ah right, nah its not that dont worry

 

[Dink]

Its better to keep money in savings and use 0% deals as long as possible imo.

but with today's interest rates you might gain 20p so might as well get it paid off and forget about the CC imho

 

[Charlie.]

why should i not have a nicer car?

Because you can't afford it?

Why not set yourself up financially before buying the car?

LOL at only £500 less whilst asking about credit cards.

 

[Austin-182]

When i was 19 i only paid £180 for a years insurance....it was only when we called to renew that it came to light i had completed the form online and didnt realise "spouse" did not mean "son" lol, they thought my dad and i were a married gay couple. Genuine mistake, as we are not haha! They laughed and told us they had to change a few details which nocked the price up

Funny thing though, isnt that discriminating? My details were the same, young lad 19 years old etc, but if i was a young 19 yr old gay lad i would of been at less risk of crashing does that mean :/ lol, never mind, allways a good story to tell now

 

[Austin-182]

but with today's interest rates you might gain 20p so might as well get it paid off and forget about the CC imho

Not just about the intrest though is it, a cc as long as youre not stupid and are able to control youre finances sensibly, is an excellent way of building up your credit rating at a young age, this will pay off years down the line when trying to buy a house etc...

 

[Dink]

Not just about the intrest though is it, a cc as long as youre not stupid and are able to control youre finances sensibly, is an excellent way of building up your credit rating at a young age, this will pay off years down the line when trying to buy a house etc...

it's all good as long as you can pay it off in time and being as you never know whats round the corner i'd rather have it paid off

and being as he is buying a renault it could be a week before he needs to start forking out to fix it

 

[Austin-182]

Agree with that mate but it depends how well you controll youre finances. If you are terible at it, cc should be avoided althought it is normally people who are terrible with their finances that get cc in the first place lol

I allways pay my insurance off on a intrest free cc, pay it off over 2/3 months. Purely for 2 reasons
A) so im not left too short for the month (like you said you never know whats round the corner)
B) to simply boost my credit rating even more

Ive just actually applied for a new intrest free credit card ready for renewal time shortly
M&S have a 15 month intrest free on at the mo

 

[jonzz]

I always do it, I've got a 13 month 0% CC from Tesco paying my Car Insurance, then paying it back per month.

Also as mentioned M&S do a 15month one, they gave me £4,000 to play with.

 

[imprezaworks]

i also do the above ^^