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Car Insurance - Pay in full or ?
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Monkey2801
Posts: 38 Forumite
I'm in the position that I'm able to pay for next years car insurance in full, but as I'm actively trying to improve my credit and look better to the banks when I apply for a mortgage in the coming years, should i look to pay it off monthly instead?
Would cost an extra £40 to do it monthly, but might be worth it if it helps towards looking like a reliable customer?
Would cost an extra £40 to do it monthly, but might be worth it if it helps towards looking like a reliable customer?
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Comments
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It's not really worth it. It might marginally increase your credit history ( though not all institutions even report to the CRAs ), but it's far more MSE to pay in full and avoid the interest charges.
A far simpler, cheaper and more reliable method is just to use a credit card sensibly - use it for everyday spending and pay off in full, on time, every month.0
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