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Features and Characteristics of Hire Purchase

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Spread the love VIEWS: 408 Hire Purchase Hire Purchase is one of the most commonly used modes of financing for acquiring various assets. It aids by spreading the huge cost of an asset over a longer period of time. Thus, it frees a lot of capital to be directed to other important purposes. Table of Contents [show] DEFINITION OF HIRE PURCHASE Hire Purchase is defined as an agreement in which the owner of the assets lets them on hire for regular installments paid by the hirer. The hirer has the option to purchase and own the asset once all the agreed payments have been made. These periodic payments also include an interest component paid towards the use of the asset apart from the price of the asset. The term ‘Hire-Purchase’ is a UK term and is synonymous to ‘rent-to-own’ or ‘installment plan’ in various other countries. Owning goods through hire and purchase lets […]

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