Hire Purchase (HP) representative example
Based on a cash price of £20,145 with a £2,015 deposit total, borrowing £18,131 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£455.08
- Final payment:
£465.08
- Cash price:
£20,145.00
- Customer deposit:
£2,014.50
- Total deposit:
£2,014.50
- Amount of credit:
£18,130.50
- Total amount payable:
£23,868.34
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%