Hire purchase
Understand the Problem
The question appears to be searching for information about hire purchase, which is a method of purchasing goods through installment payments over time. The question does not ask for a specific explanation or definition, suggesting it is more of a general search query for understanding this financial term.
Answer
Hire purchase is an installment-based credit agreement for buying goods.
Hire purchase is an installment-based credit agreement allowing buyers to possess goods by paying in installments with an initial payment, typically used for purchasing expensive items.
Answer for screen readers
Hire purchase is an installment-based credit agreement allowing buyers to possess goods by paying in installments with an initial payment, typically used for purchasing expensive items.
More Information
Hire purchase allows buyers to possess and use goods while they still owe money. Ownership transfers only on fully paying the total price.
Tips
A common mistake is thinking ownership is transferred immediately, whereas it transfers after full payment.
Sources
- Hire purchase - Wikipedia - en.wikipedia.org
- Hire Purchase: Definition, Process, and Benefits - Fincent - fincent.com
- Hire Purchase Agreements - Overview, Benefits, Drwaback - corporatefinanceinstitute.com
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