Hire Purchase (HP) representative example
Based on a cash price of £17,645 with a £1,765 deposit total, borrowing £15,881 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£398.60
- Final payment:
£408.60
- Cash price:
£17,645.00
- Customer deposit:
£1,764.50
- Total deposit:
£1,764.50
- Amount of credit:
£15,880.50
- Total amount payable:
£20,907.30
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%