Hire Purchase (HP) representative example
Based on a cash price of €19,950 with a €1,995 deposit total, borrowing €17,955 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€370.54
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€445.54
- Cash price:
€19,950.00
- Customer deposit:
€1,995.00
- Total deposit:
€1,995.00
- Amount of credit:
€17,955.00
- Total amount payable:
€24,377.40
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Annual mileage limit:
10000 kilometers
- APR:
9.40%