Hire Purchase (HP) representative example
Based on a cash price of €56,895 with a €5,690 deposit total, borrowing €51,206 at a representative APR of 7.20% and the following:
- 58 monthly payments of:
€1,011.52
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€1,086.52
- Cash price:
€56,895.00
- Customer deposit:
€5,689.50
- Total deposit:
€5,689.50
- Amount of credit:
€51,205.50
- Total amount payable:
€66,530.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Annual mileage limit:
10000 kilometers
- APR:
7.20%