Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • cristoff
    • By cristoff 20th Mar 17, 6:20 PM
    • 3Posts
    • 0Thanks
    cristoff
    Breakdown Cover Payment Interest
    • #1
    • 20th Mar 17, 6:20 PM
    Breakdown Cover Payment Interest 20th Mar 17 at 6:20 PM
    I couldn't believe it when I enquired about paying for my car breakdown cover by instalments I was quoted and interest rate of 77% apr is this normal
Page 1
    • DCFC79
    • By DCFC79 20th Mar 17, 6:23 PM
    • 29,743 Posts
    • 18,831 Thanks
    DCFC79
    • #2
    • 20th Mar 17, 6:23 PM
    • #2
    • 20th Mar 17, 6:23 PM
    I couldn't believe it when I enquired about paying for my car breakdown cover by instalments I was quoted and interest rate of 77% apr is this normal
    Originally posted by cristoff
    Is what normal ? The apr so high ? Its normal for an apr to be involved if paying for insurance monthly, its expensive. How much is it to pay for a year ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Ebe Scrooge
    • By Ebe Scrooge 20th Mar 17, 7:02 PM
    • 3,784 Posts
    • 3,142 Thanks
    Ebe Scrooge
    • #3
    • 20th Mar 17, 7:02 PM
    • #3
    • 20th Mar 17, 7:02 PM
    I couldn't believe it when I enquired about paying for my car breakdown cover by instalments I was quoted and interest rate of 77% apr is this normal
    Originally posted by cristoff

    Yes. it's normal for monthly payments to be charged an interest fee. Granted, 77% is very high, but you're free to choose another supplier if you don't like it.

    Which company was this with ?
    I may not know much about art, but I know what I like.
    • Tarambor
    • By Tarambor 20th Mar 17, 8:47 PM
    • 1,043 Posts
    • 712 Thanks
    Tarambor
    • #4
    • 20th Mar 17, 8:47 PM
    • #4
    • 20th Mar 17, 8:47 PM
    The less you're borrowing the higher the APR tends to be. No idea why someone would finance something as low priced as breakdown cover. If you can't pay for it outright you need to be going on the DFW board and sorting out your finances.
    • PeacefulWaters
    • By PeacefulWaters 20th Mar 17, 9:01 PM
    • 6,722 Posts
    • 8,267 Thanks
    PeacefulWaters
    • #5
    • 20th Mar 17, 9:01 PM
    • #5
    • 20th Mar 17, 9:01 PM
    It's not normal to pay stand alone breakdown cover monthly.

    Price up Autoaid.
    • cristoff
    • By cristoff 20th Mar 17, 9:25 PM
    • 3 Posts
    • 0 Thanks
    cristoff
    • #6
    • 20th Mar 17, 9:25 PM
    • #6
    • 20th Mar 17, 9:25 PM
    Really helpful you lot glad you are in a position to pay in one go and not 72 and trying to make ends meet on a state pension. Have already paid up front anyway as I certainly wouldn't pay one and a half times the original amount
    • PeacefulWaters
    • By PeacefulWaters 20th Mar 17, 9:32 PM
    • 6,722 Posts
    • 8,267 Thanks
    PeacefulWaters
    • #7
    • 20th Mar 17, 9:32 PM
    • #7
    • 20th Mar 17, 9:32 PM
    Really helpful you lot glad you are in a position to pay in one go and not 72 and trying to make ends meet on a state pension. Have already paid up front anyway as I certainly wouldn't pay one and a half times the original amount
    Originally posted by cristoff
    I wasn't having a dig.
    • McKneff
    • By McKneff 20th Mar 17, 9:34 PM
    • 35,472 Posts
    • 45,662 Thanks
    McKneff
    • #8
    • 20th Mar 17, 9:34 PM
    • #8
    • 20th Mar 17, 9:34 PM
    We have quickfit cover, £23 for a years cover. Now if you cant afford that as a pensioner you must be in dire straoghts

    Yes, im a pensioner, too
    No one can make you feel inferior without your consent
    • DCFC79
    • By DCFC79 20th Mar 17, 9:38 PM
    • 29,743 Posts
    • 18,831 Thanks
    DCFC79
    • #9
    • 20th Mar 17, 9:38 PM
    • #9
    • 20th Mar 17, 9:38 PM
    Really helpful you lot glad you are in a position to pay in one go and not 72 and trying to make ends meet on a state pension. Have already paid up front anyway as I certainly wouldn't pay one and a half times the original amount
    Originally posted by cristoff
    So how much is it for a year ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,149Posts Today

9,858Users online

Martin's Twitter