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Breakdown Cover Payment Interest

cristoff
cristoff Posts: 3 Newbie
in Loans
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

Comments

  • DCFC79
    DCFC79 Posts: 40,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    cristoff wrote: »
    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

    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 ?
  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    cristoff wrote: »
    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


    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 ?
  • System
    System Posts: 178,410 Community Admin
    10,000 Posts Photogenic Name Dropper
    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.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    It's not normal to pay stand alone breakdown cover monthly.

    Price up Autoaid.
  • cristoff
    cristoff Posts: 3 Newbie
    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
    PeacefulWaters Posts: 8,495 Forumite
    cristoff wrote: »
    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

    I wasn't having a dig.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • DCFC79
    DCFC79 Posts: 40,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    cristoff wrote: »
    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

    So how much is it for a year ?
This discussion has been closed.
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