Hire Purchase (HP) representative example
Based on a cash price of £15,945 with a £1,595 deposit total, borrowing £14,351 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£360.20
- Final payment:
£370.20
- Cash price:
£15,945.00
- Customer deposit:
£1,594.50
- Total deposit:
£1,594.50
- Amount of credit:
£14,350.50
- Total amount payable:
£18,894.10
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%