What are the characteristics of a hire purchase agreement?

Question

18 Mar 2025

Answer :

Word Count : 341

A hire purchase agreement is a financial arrangement in which a buyer acquires an asset by making an initial down payment and then paying the remaining balance in installments. The ownership of the asset is transferred to the buyer only after the final installment is paid. This type of financing is commonly used for acquiring vehicles, machinery, and other capital goods. The key characteristics of a hire purchase ________ _______ ____ __________ ___ _____ ______ ___ _____ _________ _________ ______.
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