Hire Purchase (HP) representative example
Based on a cash price of €58,100 with a €5,810 deposit total, borrowing €52,290 at a representative APR of 9.40% and the following:
- 1 monthly payments of:
€1,082.92
- Fixed rate of interest per annum:
8.90%
- First monthly payment:
€1,157.92
- Optional final payment:
€1,157.92
- Cash price:
€58,100.00
- Customer deposit:
€5,810.00
- Total deposit:
€5,810.00
- Amount of credit:
€52,290.00
- Total amount payable:
€70,935.20
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Annual mileage limit:
10000 kilometers
- APR:
9.40%