Hire Purchase (HP) representative example
Based on a cash price of €20,971 with a €2,097 deposit total, borrowing €18,874 at a representative APR of 7.40% and the following:
- 58 monthly payments of:
€372.84
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€447.84
- Cash price:
€20,971.00
- Customer deposit:
€2,097.10
- Total deposit:
€2,097.10
- Amount of credit:
€18,873.90
- Total amount payable:
€24,617.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Annual mileage limit:
10000 kilometers
- APR:
7.40%