Hire Purchase (HP) representative example
Based on a cash price of £18,495 with a £1,850 deposit total, borrowing £16,646 at a representative APR of 12.90% and the following:
- 59 monthly payments of:
£371.91
- Final payment:
£371.91
- Cash price:
£18,495.00
- Customer deposit:
£1,849.50
- Total deposit:
£1,849.50
- Amount of credit:
£16,645.50
- Total amount payable:
£24,164.10
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
12.18%
- APR:
12.90%