The representative – or headline – APRC is the interest that the majority of customers (51% of borrowers) can expect to pay over the lifetime of the loan, taking into account fees, the initial rate and the variable rate they would move on to at the end of their deal.
The APRC is representative because the actual interest rates offered to a borrower will be based on a person’s financial status and credit history. Your individual APRC could be lower or higher than the representative APRC depending on your financial situation.