Hire Purchase (HP) representative example
Based on a cash price of £18,950 with a £6,633 deposit total, borrowing £12,318 at a representative APR of 9.70% and the following:
- 1 monthly payments of:
£255.09
- First monthly payment:
£330.09
- Final payment:
£330.09
- Cash price:
£18,950.00
- Customer deposit:
£6,632.50
- Total deposit:
£6,632.50
- Amount of credit:
£12,317.50
- Total amount payable:
£22,087.90
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.70%