Hire Purchase (HP) representative example
Based on a cash price of £23,950 with a £8,383 deposit total, borrowing £15,568 at a representative APR of 9.60% and the following:
- 1 monthly payments of:
£322.40
- First monthly payment:
£397.40
- Final payment:
£397.40
- Cash price:
£23,950.00
- Customer deposit:
£8,382.50
- Total deposit:
£8,382.50
- Amount of credit:
£15,567.50
- Total amount payable:
£27,876.50
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.60%