Example:
This is an interest bearing loan where the first instalment is deferred for 12 months. You will initially only have to pay a 5% deposit. See the example below, which is based on a purchase worth £1,200.00.
| Cash price (inc. VAT & Del) |
£1,200.00 |
| Deposit (5%) |
£60.00 |
| Amount of loan |
£1,140.00 |
| Interest/Total charge for credit |
£919.08 |
| Service Fee |
£60.00 |
| Total Amount Payable |
£2,119.08 |
Balance Payable
(If not settled within 12 months) |
£1,999.08 |
|
36 monthly repayments of
|
£55.53
|
| APR |
29.8% |
If the Amount of Loan of £1,140.00 is paid before the first instalment due in 12 months time then no interest charges will be incurred. This option incurs an £60 Service Fee which is charged upon receipt of your signed agreement.