Hire Purchase (HP) representative example
Based on a cash price of €16,750 with a €1,675 deposit total, borrowing €15,075 at a representative APR of 9.50% and the following:
- 58 monthly payments of:
€311.11
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€386.11
- Cash price:
€16,750.00
- Customer deposit:
€1,675.00
- Total deposit:
€1,675.00
- Amount of credit:
€15,075.00
- Total amount payable:
€20,491.60
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Annual mileage limit:
10000 kilometers
- APR:
9.50%