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Money - apr etc

The Northern MonkeyThe Northern Monkey Posts: 20,783
edited April 2011 in The hub
Can anyone help me... I'm trying to figure out what would be cheaper for my car insurance.

How do I calculate what the overall cost of £650 would be over 10 months at x interest and y amount paid off each month?

Not sure if i should pay a deposit and the monthly or just stick it on the credit card and pay off as much as I can asap.

There is always a premium for paying monthly and I want to see how much difference it will make to me.

Thanks!

Posts

  • No worries, I found a calculator.

    Hmmmmm so what would you do?

    I can't afford the lump sum so either pay a deposit and then monthly (and probably more than £650) or I pay it on the credit card and pay of asap.

    I would get a new credit card with x amount of free months interest but I don't really understand them.
  • KaiseKaise Posts: 2,498
    if you'vce got the cash to pay the lump sum then do it, but i would get it on a credit card, rates are a lot higher than the insurance rats will charge for paying it monthly

    I pay monthly and use NFU Mutual, very cheap and very helpful.

    It was £550 for my insurance onb my own, the mrs-to-be passes her test in september at the age of 27 and i ask how much to add her on for the year £15, yes £15 for the whole year! I have rang them to check since as well, and they assure me its right
  • Well I figure there is a £50 interest charge if I used my credit card and pay off as much as I can monthly.

    How does a 0% purchases work on a credit card?

    I'm due a new one so was thinking about the Lloyds one with 0% on purchases for 6 months. Does that mean anything I put on the card within that 6 months i'l get no interest? but after the 6 months they start charging interest on whatever is left?

    Always been confused by 0% credit cards :?
  • Andy BAndy B Posts: 8,115
    0% on purchases for x months means that you pay 0% on purchases for x months

    After that you pay interest on the remaining balance that was purchases

    Any other transactions (cash/balance transfers/payment protection) are treated separately and charged separately

    If you can pay it off in under the x months deadline you pay no interest at all on the purchase
    2385861000_d125abe796_m.jpg
  • rowlersrowlers Posts: 1,614
    I'm sure its Natwest that allows you to pay monthly for no extra charge, they also have a guarantee that they are cheaper....
  • bails87bails87 Posts: 13,317
    kaiser83 wrote:
    i i would get it on a credit card, rates are a lot higher than the insurance rats will charge for paying it monthly

    Eh? You would put it on a card because the rates are higher?

    Benj: Your insurance company should tell you exactly how much it'll cost you.
    MTB/CX

    "As I said last time, it won't happen again."
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