Hire Purchase (HP) representative example
Based on a cash price of €24,495 with a €2,450 deposit total, borrowing €22,046 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€454.96
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€529.96
- Cash price:
€24,495.00
- Customer deposit:
€2,449.50
- Total deposit:
€2,449.50
- Amount of credit:
€22,045.50
- Total amount payable:
€29,897.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Annual mileage limit:
10000 kilometers
- APR:
9.40%