Hire Purchase (HP) representative example
Based on a cash price of £38,999 with a £13,650 deposit total, borrowing £25,349 at a representative APR of 9.50% and the following:
- 1 monthly payments of:
£524.98
- First monthly payment:
£599.98
- Final payment:
£599.98
- Cash price:
£38,999.00
- Customer deposit:
£13,649.65
- Total deposit:
£13,649.65
- Amount of credit:
£25,349.35
- Total amount payable:
£45,298.45
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.50%