Insurance Credit Agreement...

[nathanH]

Im not 100% clued up on this but this seems a bit open ambiguious. Can anyone advise please.

Nathan

 

[yellowbelly]

Get on here and have a read up, should be useful.

 

[Gumby]

37.7 apr variable? flol

What is it for?

 

[nathanH]

I know its not the best quality. Iva had a quote for £640, payed a deposit of £140 and then £66.50 by direct debit each month but this seems to say that the 66.50 is variable?!

Is that correct?

I have not signed or taken out the policy yet.

 

[Gumby]

So you're paying £140 + £210 + (£66.50 x 12) = £1,148 ? (correct me if I'm wrong - I can't read that small)

 

[nathanH]

9 monthly payments of 66.50 deposit of 140 and im not sure where that 210 comes in tbh.

 

[Alic01]

The 210 is the charge for credit so basically how much more you are paying back than you are borrowing.

It does look on that form like the APR is indeed variable so your payments could change if the interest rate goes up. Thats a bit odd for a fixed term personal loan tho, they are usual fixed.

 

[Gumby]

Ok, so £140 + (66.5 x 12) = £938

That's still a lot, isn't it? Would be more handy if they told you the total amount payable.

 

[Alic01]

Looking at it i think its £140 + initial payment of 66.50 plus 9 further payments of 66.5 so a total of £805. If you take off that the 210 charge for credit the actual insurance is costing £595

It does seem to make a reasonable insurance quote quite bad when you look at it that way. Shopping round for an insurer slightly more expensive but with better credit might be an idea. If the cars standard direct line do 0% and most of the big TV advertisers do it for 12.9% which is the standard going rate.

 

[jenic]

Or just get a 0% credit card and do it that way?

 

[nathanH]

Well that was with Adrian Flux. Needless to say I canceled that. Got a quote from Sky after they replied in my other thread. They ended up being the cheapest by a fair bit and only costing an extra £81 to pay monthly. Should have tryed them first tbh.

I was with Direct line but they wanted £1800 on renewal... thats a £1000 increase from my premium with them last year.

 

[wilky19]

Well that was with Adrian Flux. Needless to say I canceled that. Got a quote from Sky after they replied in my other thread. They ended up being the cheapest by a fair bit and only costing an extra £81 to pay monthly. Should have tryed them first tbh.

I was with Direct line but they wanted £1800 on renewal... thats a £1000 increase from my premium with them last year.

direct line they have just done the same to me, they put it up some stupid amount. so currently phoning all the insurance companies up and already been quoted excellent price with the engine conversion and other mods declared.