What does APR Indicative & APR Representative mean, please?

geek84

Hi Folks

I'm thinking of taking out a loan, so can some one please explain what the terms APR Indicative and APR representive mean?

Yhsnks in advance for your response.

CLAPTON

APR is annual percentage rate ; basically the interest rate you will be charged

often products offer a range of APRs, so the apr representative is the rate that all at least 66% (or something like that) actually get charged.

MickHG

This is from Nationwide's Website:-
The representative APR is an APR at or below which an advertiser expects, at the date on which an advertisement is published, that credit would be provided to at least 51% of borrowers.
The APR you are quoted may vary from the advertised rate as the personalised quote is based on your current individual circumstances and the loan amount you borrow.

mildred1978

geek84 wrote: »

Hi Folks

I'm thinking of taking out a loan, so can some one please explain what the terms APR Indicative and APR representive mean?

Yhsnks in advance for your response.

Aren't you a qualified accountant? :eek: