Hire Purchase (HP) representative example
Based on a cash price of €22,495 with a €2,250 deposit total, borrowing €20,246 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€417.81
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€492.81
- Cash price:
€22,495.00
- Customer deposit:
€2,249.50
- Total deposit:
€2,249.50
- Amount of credit:
€20,245.50
- Total amount payable:
€27,468.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Annual mileage limit:
10000 kilometers
- APR:
9.40%