Monthly payment for insurance

APR interest rate

Please beware monthly repayment.

It can look attractive, and yes it is helpful to spread the cost, but you are bound to pay more. The interest rate is often high when compared with the cost of a personal loan from your bank.

There is an interesting piece about car insurance at totallymotor.co.uk.

Their study concludes the average interest charge is 23.8 per cent. And then you are sold another type of insurance called payment protection, in case you cannot make the payments.

We keep saying the same thing. You spend hours finding the cheapest policy, but then you go and blow it on the add ons. At least you aren’t buying legal cover any more – why – because you have it free from Your Key.

Take your time and do your sums.

Good luck from the team at Your Key