Hire Purchase (HP) representative example
Based on a cash price of €21,500 with a €2,150 deposit total, borrowing €19,350 at a representative APR of 9.60% and the following:
- 1 monthly payments of:
€400.74
- Fixed rate of interest per annum:
8.90%
- First monthly payment:
€475.74
- Optional final payment:
€475.74
- Cash price:
€21,500.00
- Customer deposit:
€2,150.00
- Total deposit:
€2,150.00
- Amount of credit:
€19,350.00
- Total amount payable:
€26,344.40
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Annual mileage limit:
10000 kilometers
- APR:
9.60%