Hire Purchase (HP) representative example
Based on a cash price of £12,945 with a £1,295 deposit total, borrowing £11,651 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£292.43
- Final payment:
£302.43
- Cash price:
£12,945.00
- Customer deposit:
£1,294.50
- Total deposit:
£1,294.50
- Amount of credit:
£11,650.50
- Total amount payable:
£15,341.14
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%