Business Terms and Jargon Explained

What is Hire purchase

Hire purchase is a form of credit were an item is hired and the rental amounts paid is counted towards payment of the item. A deposit is paid that and an agreed amount will be payable of a period of time e.g. 12 months. At the end of the 12 months the item can be purchased for a nominal amount e.g. 1.

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Term created / updated 2009-07-30 10:28:18

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