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Car Insurance Renewal over 12 months
Hi...
I'm in the process of renewing my car insurance. I have elected to pay the cost over 12 months. The insurance broker I'm considering requires me to set up a credit agreement with a 3rd party (Premium Credit). Is this normal?
If I'd elected to take the insurance via another company such as the AA or Natwest (over 12 months) they'd handle the credit themselves. Effectively, would I still have been using the services of a credit company and I guess having to pass a credit check etc in the same way? Hope I'm making myself clear!
I'm in the process of renewing my car insurance. I have elected to pay the cost over 12 months. The insurance broker I'm considering requires me to set up a credit agreement with a 3rd party (Premium Credit). Is this normal?
If I'd elected to take the insurance via another company such as the AA or Natwest (over 12 months) they'd handle the credit themselves. Effectively, would I still have been using the services of a credit company and I guess having to pass a credit check etc in the same way? Hope I'm making myself clear!
0
Comments
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Yes it is perfectly normal. In the cases of the AA and Natwest, they too do it as a finance loan.0
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Yes it's normal. It's also a con. You'll probably find the rate is something like 30% APR!
A credit card, especially one that offers 0% on purchases, is a much cheaper option. Set up a standing order to pay it back every month.0
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