Representative Example: You could borrow £10,699 over 60 months with an initial payment of £495.89 (including £199 Admin Fee) followed by 58 monthly payments of £296.89 with a final payment of £495.89 (including optional £199 Option to Purchase Fee). Total amount repayable will be £19,012,40. 26.1% APR, annual interest rate (fixed) 13.3%.
With a Hire Purchase agreement, you make monthly payments and own the car at the end. PCP (Personal Contract Purchase) typically offers lower monthly payments, but you’ll have a larger final (balloon) payment if you want to keep the car. Otherwise, you can return it or upgrade to a new one.
