Hire Purchase Agreements

A Hire Purchase Agreement is a financial arrangement where you can acquire an asset, like a car or electronics, by making an initial payment followed by regular installments over a fixed period. You effectively "rent" the item until all payments are made. After completing the payments, ownership of the item transfers to you. If you miss payments, the seller can reclaim the item. This option allows you to enjoy the use of an asset without having to pay the full price upfront, making it more manageable for budgeting.