Hire Purchase (HP) representative example
Based on a cash price of £25,900 with a £9,065 deposit total, borrowing £16,835 at a representative APR of 9.60% and the following:
- 1 monthly payments of:
£348.65
- First monthly payment:
£423.65
- Final payment:
£423.65
- Cash price:
£25,900.00
- Customer deposit:
£9,065.00
- Total deposit:
£9,065.00
- Amount of credit:
£16,835.00
- Total amount payable:
£30,134.00
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.60%