Hire Purchase (HP) representative example
Based on a cash price of £19,945 with a £1,995 deposit total, borrowing £17,951 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£450.56
- Final payment:
£460.56
- Cash price:
£19,945.00
- Customer deposit:
£1,994.50
- Total deposit:
£1,994.50
- Amount of credit:
£17,950.50
- Total amount payable:
£23,631.38
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%