Hire Purchase (HP) representative example
Based on a cash price of €40,000 with a €14,000 deposit total, borrowing €26,000 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€526.56
- Final payment:
€601.56
- Cash price:
€40,000.00
- Customer deposit:
€14,000.00
- Total deposit:
€14,000.00
- Amount of credit:
€26,000.00
- Total amount payable:
€45,743.60
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.50%