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Representative APR
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Not quite correct, it is a requirement to show both the APR and the interest rate however there is no requirement for the interest rate to be expressed as a "Flat Rate"
If the lender has used a flat rate as the method of calculation (which isn't illegal) then that is the rate that must be shown.
I just wanted to make the point that the inclusion of such a rate is not done at the behest of the motor dealer as some sort of deliberate con trick on their part.0
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