Hire Purchase (HP) representative example
Based on a cash price of £19,995 with a £2,000 deposit total, borrowing £17,996 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£451.69
- Final payment:
£461.69
- Cash price:
£19,995.00
- Customer deposit:
£1,999.50
- Total deposit:
£1,999.50
- Amount of credit:
£17,995.50
- Total amount payable:
£23,690.62
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%