Hire purchase financing remains one of the best options for consumers in Kenya. While there are plenty of options when it comes to financing, hire purchase plans stand out as the best way to pay for and acquire assets. From high-value assets such as land and cars to electronics and appliances, you can never go wrong when you choose a hire purchase plan. Here is how diverse KCT hire purchase plans enhance inclusivity for consumers by enhancing affordability.
How Hire Purchase Plans Work
Hire purchase plans are a great deal when you need to acquire assets immediately but you cannot pay for them in cash. A hire purchase agreement involves paying a fraction of the item’s cost as a down payment to acquire it. Immediately after paying the deposit, the buyer has the chance to take home the items they intend to purchase. Balance is spread out in the form of installments. This is one of the greatest strengths of hire purchase. It is an opportunity to spread out the cost of items.
How KCT Hire Purchase Plans Promote Inclusivity
The primary aim of the hire purchase plan is to make items affordable to all buyers. Inclusivity is all about offering financial products that work for all consumers. Hire purchase helps achieve this goal.
Let’s examine a case of a buyer intending to furnish their home by purchasing furniture. It might be a new home that one intends to furnish. It is also possible that you are looking to upgrade the furniture in your home. When one opts to purchase outright, they will be limited to the available options within their budget. If you do not have the cash to pay for quality furniture, you will have to settle for cheaper furniture due to the limited budget. On the other hand, hire purchase opens a lot of possibilities for customers.
You can acquire any furniture piece you need for your home since you do not have to pay outright. The buyer pays as little as 15% of the cost of the furniture to acquire it. After paying 15%, you can take the furniture home as you clear the balance in installments. The installments are also flexible. That’s the beauty of KCT’s diverse hire purchase options.
Through hire purchase, customers do not have to settle for low-quality items just to stay within their budget. The chance to spread the cost enhances affordability and promotes inclusivity.
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