What are the characteristics of a hire purchase agreement?

A hire purchase agreement is a financial arrangement commonly used for the acquisition of assets, typically expensive items like vehicles or machinery. It combines elements of hire (leasing) and purchase (ownership) and is characterized by several key features:

1. Payment Structure: The buyer (hirer) agrees to make a series of periodic payments to the seller (owner) over an agreed-upon period. These payments cover both the cost of the asset and interest charges.

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