Jul 14, 2010 · Hire purchase is an arrangement for buying expensive consumer goods, where the buyer makes an initial down payment and pays the balance plus interest in installments. The term hire purchase is...

Aug 30, 2020 · Hire purchase refers to the arrangement made mostly between two parties in which one party wants to buy some expensive asset by paying the amount in various installments and therefore, it is a kind of arrangement where the purchaser agrees to pay some amount (known as a down payment) to the supplier at the time of purchase and the balance …

Oct 07, 2020 · Hire purchase is a type of instalment credit under which the hire purchaser, called the hirer, agrees to take the goods on hire at a predetermined rental, which is inclusive of the repayment of principal as well as interest, with an option to purchase. Under this transaction, the hire purchaser acquires the property (goods) immediately on signing the hire purchase …

May 25, 2021 · A Hire Purchase (HP) agreement is a type of car finance that allows you to pay for the vehicle over an extended period through monthly payments. The buyer can choose the length of the repayment period, which is typically between 1-5 years. The longer the repayment period, the smaller the amount you have to pay each month.