Hire Purchase (HP) representative example
Based on a cash price of £19,450 with a £6,808 deposit total, borrowing £12,643 at a representative APR of 9.70% and the following:
- 1 monthly payments of:
£261.82
- First monthly payment:
£336.82
- Final payment:
£336.82
- Cash price:
£19,450.00
- Customer deposit:
£6,807.50
- Total deposit:
£6,807.50
- Amount of credit:
£12,642.50
- Total amount payable:
£22,666.70
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.70%