Cutting back on comprehensive insurance

[rydogz]

Giving them some thing as insurance makes the loan a secured loan, because you are offering security for them against the amount your borrowing. Asset value is not important when trying for an unsecured loan. They are mainly concerned with your ability to make repayments.

Keep in mind you will be paying more interest over the the loan term and the amount you are approved for may be less.

 

[greenfoam]

If you think about it a bit, insurance companies have to make money so whatever you are paying for insurance, if put away in the bank should (average) easily cover you for any damage you are likely to cause to other peoples cars during your life. So if you think about it, it's all a bullshit scam like everything else

 

[Morton]

Unless you stack into a stobie pole on your first night out, in which case you'll be paying that one back for a very long time