Subjects>Law & Government>Law & Legal Issues

Advantage of hire purchase

Anonymous

∙ 10y ago

Updated: 11/8/2022

One advantage of hire process is that it allows low-income individuals to purchase items that would otherwise be out of their budget. Hire purchase is also known as installment plan.

Wiki User

∙ 10y ago

What else can I help you with?

When was the Origin or development of hire purchase?

origin and development of hire purchase

What are the advantages of hire purchase as a source of finance?

Hire purchase can give the good profit,

What means repossesion as regard to hire purchase?

If a company fails to make it's repayment under the hire purchase agreement then the loan providers can tale the goods bought under the hire purchase as settlement for the loan.

Why would a company use hire purchase?

The legal term for hire purchase is a contract. Companies may prefer using hire purchase because it spreads the costs of expensive items over a period of time.

What is the explanation for the features of hire purchase system?

higher purchase

Solve you a problem on hire purchase system?

caluculation of intrest under hire purchase system

What is the meaning of hp?

Hire Purchase

Hire purchase?

Paying in instalments

What is the adjective for hire?

The verb to hire has the participle adjectives hiring and hired. For the noun hire, it can be used as a noun adjunct (hire car, hire purchase).

Is hire purchase classed as unsecured debt?

No, hire purchase is generally considered a form of secured debt. In a hire purchase agreement, the item being financed acts as collateral, meaning the lender can reclaim it if the borrower fails to make payments. This security for the lender distinguishes hire purchase from unsecured debt, where there is no collateral backing the loan.

What are the advantages and disadvantages of hire purchase?

someone answer it!

Limitations of hire purchase business?

There are several limitations of hire purchase business. The main limitation is that you do not have full ownership of the item until you clear the payments.

Trending Questions

How do you worship someones feet? Did Clarence Carter divorce his wife Candy staton? Is frostwire trustworthy? Which states require locksmith license? Why are Jehovah Witnesses sacrifice the life of their premature born or growing up child by refusing life important medical care if there is NOT ONE quote in the bible tells them to do this? Why doesn't CA parole acknowledge a no negative contact restraining order? Is it legal to go around a roundabout more than once? What is a reason a teenager would join a gang in the 1960s? How can impounding a car be fair if you were not? Live in TN and work in Alabama state tax is taken out of your check how do you get a refund? Is free software that is available with few licensing and copyright restrictions? Can you Get a passport to Jamaica with a felony? In 1901 police at Scotland yard in London began using these to identify criminals? Where to go to print out papers? This branch decides cases between citizens of different states? How close can a shed be built in concord NH to the neighbors property line? Is stopping always the safest thing to do in a traffic emergency? Who owns a fence put up illegally 4 ft across a property line Does the location of the footings determine the ownership legal citation? Who are the members of the presbytery? Is it legal to drive a right side drive car in NJ?