Hire purchase agreements remain a popular way to acquire home appliances. The current economic conditions mean most people look for financing options as an alternative to a cash purchase. The many benefits of hire purchase in comparison to other financing options make it a favorable option.

What is a hire purchase?

A hire purchase agreement is a purchase contract where a buyer pays a fraction of the appliance’s cost as a deposit. The remaining cost is thereafter paid in installments. These are equal amounts that one pays daily, weekly, or monthly. The installments attract interest and this makes the total cost of items higher than in a cash purchase. Only after payment of the last installment does the buyer become the owner of the items.

Hire purchase entitlement for the buyer

Hire purchase agreements in Kenya are regulated by the Hire Purchase Act. This means that the rights of the buyers as well as the seller are protected. Here is a look at the hire purchase entitlement for the buyers.

Rights of the buyer in a hire purchase deal

It is the duty of the seller to disclose the total price of the items to the buyer before signing the hire purchase deal. The total cost will include the deposit, the installments, as well as the interest. However, as a buyer, it is advisable to check the hire purchase agreement to check if there are hidden costs.

In the case of defects on the home appliances before delivery, the hire purchase buyer has a right to such information. In such cases, the seller pays for the repairs. However, if the home appliances suffer damage outside the warranty coverage after the delivery, the buyer pays for the repairs.

The hirer has a right to terminate the hire purchase agreement any time before the final payment. In such a case, the hirer will serve the seller a written notice of termination of the agreement and return the home appliances.

The hirer is entitled to accessing the items after signing the hire purchase agreement. It is the duty of the seller to deliver the products to the buyer. Leading hire purchase dealers such as Kenya Credit Traders deliver home appliances to a branch closer to the buyer making it easier for them to access the items.
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Are you looking to acquire furniture for your new home? Do you plan to upgrade the existing furniture to new and modern designs? Have you been exploring hire purchase as a financing option? Here’s a look at financing household furniture through hire purchase.

What is hire purchase?

Hire purchase is an alternative to a cash purchase. Unlike in a cash purchase where one pays the total amount to acquire furniture, in hire purchase, the buyer pays only a fraction of the cost. They take home the items and have a right to use them. The remaining fraction is split into equal amounts and paid over a set duration. One only becomes the owner of the assets at the end of the hire purchase agreement when they make the last payment.

Why choose hire purchase for furniture

There are plenty of advantages to opting for a hire purchase agreement. One such benefit is that hire purchase offers you an opportunity to acquire furniture immediately. You do not have to wait until you save enough to make a cash purchase. With only a fraction of the cost, you can take home your dream furniture and clear the balance in installments.

Another benefit of hire purchase is that it is one of the most accessible financing options. The traders do not require a credit check to approve your agreement. The furniture pieces act as collateral thus making hire purchase a favorable financing option.

Hire purchase on a budget

If you do not have the funds to make a cash purchase, hire purchase is the right option to purchase household furniture. The chance to spread the cost is one of the reasons to choose a hire purchase deal.

The first step when budgeting for hire purchase on budget is determining the furniture pieces you require. One should only spend on items that can improve their home or office.

After finding the furniture pieces you need for your home, it is also important to analyze your financial situation. There is a need to check whether you can afford the downpayment to take home the items. It is also vital to check whether you can afford the installments. Late payments at times attract penalties while defaulting will lead to the hire purchase dealer repossessing the items.

It is also advisable to find a reliable hire purchase trader to work with. A reputable hire purchase dealer will offer you an agreement without any hidden charges that can increase the total cost of furniture.

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With today’s economic situation, it is essential to find flexible and affordable ways to make expensive purchases. Assets such as cars, furniture, home appliances, electronics, and others are expensive especially when you want to make a cash purchase. One of the financing options that is popular among buyers is a hire purchase agreement. In this post, we will provide you with a hire purchase guide to equip you with knowledge before signing a hire purchase deal.

What is hire purchase on household furniture

A hire purchase contract allows a buyer to acquire expensive assets without paying the full amount upfront. Conversely, the buyer divides the cost into two parts: a downpayment, and installments. The downpayment is a fraction of the total cost, mostly as low as 15% of the total cost. The buyer pays the remaining cost in installments. These are regular payments and attract interest.

Advantages of buying your dream dining set on hire purchase

There are plenty of benefits a buyer enjoys by choosing hire purchase on household furniture. Here are some of the benefits.

• Hire purchase is budget-friendly

Hire purchase allows a buyer to spread the cost of furniture over time. Instead of paying a lumpsum amount, the buyer pays a fraction of the cost every day, week, or month. This makes hire purchases affordable and manageable. The repayment amount is fixed and doesn’t increase throughout the duration of the contract. This makes budgeting easier for the buyer.

• Flexibility

Another benefit of choosing a hire purchase agreement when purchasing a dining set is flexibility. The contracts are flexible and to suit the needs of the buyer. One has the chance to select terms that suit their financial situation.

• Ownership

Upon the buyer completing the payments, the seller will transfer the ownership title for the dining set to you. This is unlike leasing where one returns the assets to the seller, in a hire purchase deal, the buyer keeps the assets at the end of the agreement. This gives you the freedom to use, sell, or trade the dining set as you wish.

Key considerations when signing a hire purchase agreement

There are some factors to take into account when contemplating hire purchase.
• Interest rates: It is advisable to compare interest rates from different traders to secure the best deal. Take time to compare different deals and settle for the one that matches your financial goal.
• Down payment: The best hire purchase deal allows for an affordable downpayment.
• Repayment duration: There is a need to settle for a repayment period that aligns with your financial goals.

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A Smart TV is a smart addition to your home due to the many benefits that one enjoys. One such benefit is access to a wide variety of content. With a Smart TV, one enjoys streaming services on various platforms such as Netflix, Hulu, Amazon Prime, and YouTube, among others. Smart TVs also allow for the installation of additional apps, making it possible to access more content. Another benefit of a Smart TV is that it is convenient. After purchasing one, you will no longer need additional devices to watch your favorite programs. Smart TVs also come with a user-friendly interface that makes navigation easier and simple.

Hire Purchase For Smart TVs

Smart TVs are pricier in comparison to digital TVs. The high cost means that most buyers are unable to make a cash purchase. However, there is an alternative for buyers in the form of a hire purchase agreement. A hire purchase agreement makes it possible to acquire expensive TVs by dividing and spreading the cost. However, like in every other financial decision, there is a need to understand hire purchase dos and don’ts.

Hire Purchase Does and Don’ts

Hire Purchase Does

Before signing a hire purchase agreement, the first step involves investing effort and time learning your options. There is a need to determine whether you need a Smart TV in the first place. It is also advisable to determine whether you need to hire purchase or make a cash purchase. One also needs to know their options in terms of hire purchase dealers. After checking all the options, one makes a decision that guarantees them the best deal.

Another important aspect when signing a hire purchase agreement is budgeting realistically. You need a down payment, repayments, and interest to complete the hire purchase agreement. It is thus essential to ensure you can meet all these expenses to avoid losing your Smart TV to the dealer because of defaulting.

Always read the fine print before signing a hire purchase contract for a Smart TV. A hire purchase agreement is a legally binding contract. Read the fine print to find any hidden charges and seek clarification from the trader.

Hire Purchase Don’ts

When signing a hire purchase you should not ignore your existing financial commitments. If you have existing debts, always consider them to ensure you can afford the hire purchase agreement and leave room for any unexpected expenses.

Do not only focus on the total cost when signing a Smart TV hire purchase agreement. Hire purchase offers many other benefits. The total cost is always higher than a cash purchase, but the many benefits of a hire purchase outweigh this downside.
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Are you a homeowner looking to add quality to your home? Are you looking to learn the best items available on favorable financial terms? Here is why hire purchase is the right plan for you.

What Is A Hire Purchase Agreement

A hire purchase agreement is an alternative for buyers unable to make a cash purchase. In a hire purchase contract, one doesn’t pay for the assets upfront. Rather, the buy pays a deposit to acquire the asset. Afterwards, they make periodic payments and clear the balance. There are plenty of reasons a homeowner should go for a hire purchase agreement. Apart from spreading the cost, hire purchase also gives you access to quality assets. Here are some top items you can buy on hire purchase terms in Kenya.

Household furniture

Whether you recently constructed a home, purchased one, or you intend to upgrade the current one, you require spending on modern quality furniture. Kenya Credit Traders offer a wide variety of furniture on hire purchase terms. This includes beds and mattresses, sofa sets, dining sets, coffee sets among others. Do not be stuck with old furniture when you can acquire quality furniture at convenient payment terms through hire purchase.

Smart TVs

A smart TV is a vital addition to your living room or bedroom in modern times. You want to catch up the latest happenings in the country, watch sports, movies, and television programs. You can acquire smart TVs of all sizes on hire purchase terms. Hire purchases allows you to watch your favorite programs as you keep paying the installments. The payments are flexible and tailored to suit your needs.

Refrigerators

A fridge is also a necessary addition to your kitchen. It works to help preserve food and farm produce, reducing wastage. A fridge also ensures you can keep your drinks cold and refreshing. The high cost of a fridge is no longer an obstacle towards owning one when you can choose hire purchase and spread the cost.

Home theaters

A home theater gives your home a cinematic experience, thus improving comfort and quality of life. It is now possible to acquire one through hire purchase. The best part about hire purchase is that the deposit and installments are very affordable.

Gas cookers and cylinders

When looking to upgrade your kitchen, a gas cooker is one of the appliances you will want to change. By choosing hire purchase, you will make fixed payments as installments, making it possible to plan the payments ahead. Making only a fraction of the cost every month, you are left with enough cash to spend on other expenses.

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Do you have a construction project? Are you looking to purchase quality building materials? Any construction project is expensive and requires proper planning. If you run a construction company, you will want to provide quality services to your customers and boost your reputation.

Homeowners planning construction also need to find quality building materials for their projects. Whether it is a construction from scratch, a remodeling project, or a renovation, it is essential to invest in quality building materials. Quality building materials will make the structure durable. This saves you money as you avoid recurring maintenance costs.

Factors to consider when looking for construction materials

There are several factors a homeowner needs to have in mind before spending on building materials. One such factor is the life of the material. It is advisable to find quality and durable building materials to extend the life of the project.

Availability of the materials is another concern to keep in mind. The availability of the construction materials has an impact on the duration and cost of the project. Always consider choosing material that is readily available at the best cost.

The purpose of a renovation project is to enhance the value of the home by making it more functional. However, the aesthetics of your home is also in mind when spending on these projects. One thus needs to find building materials that help them achieve the goal.

Cost is always a consideration when looking for building materials. The high cost of building materials has held many homeowners from completing their projects. However, you can seek financing to acquire building materials. One financing option to consider is a hire purchase.

Hire purchase ways and options for building materials

Hire purchase financing is available for homeowners looking to complete their construction projects. It is a better option than other financing options. One of the reasons to consider hire purchase for building materials is that it offers a quick way to access materials. You no longer have to wait to raise enough cash to handle the construction. You can access the building materials at only a fraction of the cost as a down payment.

Another reason to consider hire purchase ways and options for your construction project is the chance to spread the cost. Payment for the materials is done in installments. The installments are fixed, allowing you to make proper budgeting and planning.

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A homeowner keen on improving the quality of life in their home will consider spending on new appliances. There are a variety of reasons why one will plan on upgrading their appliances. One such reason is that homeowners are increasingly becoming environmentally conscious. More homeowners are looking for eco-friendly appliances that help conserve the environment. Rising utility costs are also another reason to choose newer models.

Choosing to replace your old washing machine, refrigerator, or microwave might prove crucial to reducing your energy costs. Modern appliances are energy-efficient. The technological advancements mean modern appliances use less energy and deliver better performance than their older counterparts. A modern cooking stove, for instance, is 85% efficient, compared to old models that are about 32% efficient. A new wash and dryer machine uses about 25% less energy as well as 33% less water in comparison to the old models.

Hire purchase for appliances

Cost is always one of the primary considerations for a homeowner when they intend to buy appliances. Most appliances are expensive, especially the best brands and quality. Some homeowners opt for cheaper models, but end up compromising on the quality of appliances. However, if you do not have the finances to make a cash purchase, it is advisable to find financing options available. One such option is a hire purchase contract.

How to use hire purchase to acquire appliances

Hire purchase remains a favorable option for a homeowner keen on financing options available to them. A hire purchase agreement allows a homeowner to acquire appliances at only a fraction of the cost as a down payment. After the down payment, they homeowner acquires and uses the appliances as they continue to make payments to clear the balance.

Considerations when purchasing appliances on a hire purchase deal

Before signing a hire purchase deal, it is advisable to consider the reputation of the company selling you the appliances. One can only enhance their chances of benefitting from quality services when they choose a reliable hire purchase company. To learn the reputation of a hire purchase dealer, find comments, reviews, and ratings from their past customers.

It is advisable to spend time reading the hire purchase agreement before signing it. Investing effort and time to review a hire purchase contract helps you determine hidden charges or costs. This will save you money in the long run.

Kenya Credit Traders is the leading hire purchase dealer for home appliances and furniture in Kenya.

Your home is likely your most valuable asset. The value of a home is not determined by the amount of money one spends to purchase it, but the level of comfort it provides to your family. We retire to our homes every day after spending a busy day running errands and handling tasks in our day-to-day jobs. Your home thus needs to be welcoming, offering comfort and also providing high level of functionality.

Home improvement ideas

When looking to add value to your home, there will be no shortage of ideas. Every homeowner will have plenty of choices. From the living room to the bedroom, there is always something you will be eager to improve. Here are some useful ideas you can implement.

1. Decluttering your home

It is possible to have a lot of clutter in your home. walking in the same living room every day, sleeping in the same bedroom, and using the same kitchen can make us blind to clutter in our homes. However, when you make the decision to improve your home, you will realize there are a lot of items you do not need. Get rid of furniture that is no longer usable. One also needs to consider giving away clothes you no longer wear. It is also time to get rid of faulty appliances, and anything else that doesn’t add value to your home.

2. Invest in new furniture

Another great decision you can make to transform your home is investing in quality furniture. If you have had the same furniture for some years, it might be time to give the space a new lease of life by finding quality furniture. The only reason homeowners avoid spending on new furniture pieces is the high cost. However, here is how to transform your home with a hire purchase.

Ideas on how to transform your home with hire purchase

A hire purchase agreement is a contract that allows a homeowner to acquire items without paying outright. If you opt to change the sofas, dining sets, beds, or mattresses in your home, you do not have to worry about getting the full amount to make a cash payment. Hire purchase requires you to raise only 10% to 20% of the cost. After making this payment, you take home the furniture and split the balance into equal monthly payments. This offers a convenient payment method for acquiring furniture. It is also a chance to access quality furniture quickly as you do not have to wait until you save enough for a cash purchase.

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A landlord looking to give their rental units a fresh look will have options. However, there is a need to invest correctly considering that the best rental units come with high demand while their value is also high. In modern times, landlords can give out rental units on long-term or short-term deals. Either way, you can only get the best deals when you provide the customers with quality services.

As a landlord, you are likely to be looking for quality furniture for furnishing the rental units. After spending on construction, there are chances you are short on finances. Building, remodeling, and renovation can be costly. However, most landlords are discovering hire purchase building items on KCT and the many benefits that come with choosing a hire purchase agreement. You can also furnish your rentals on hire purchase items.

How hire purchase works

Hire purchase is a financing option that allows landlords to acquire assets without paying upfront. Unlike a cash purchase, hire purchase allows you to acquire items without paying the full amount. You only pay a down payment and sign the hire purchase agreement that allows you to pay for the items in installments.

Assets landlords can acquire on hire purchase terms

There is a wide variety of assets a landlord looking to furnish their rentals can acquire on hire purchase terms.

1. Building materials

When you have a construction project, you can benefit from a hire purchase contract. Choosing to hire purchase building items on KCT gives you a chance to access building materials immediately and continue with your project. Whether you are upgrading the rentals through a renovation, a renovation, or any other construction project, hire purchase is an ideal deal.

2. Furniture

When looking to ensure comfort for your guests, there is a wide variety of furniture you can choose from. You require beds, mattresses, sofas, dining sets, tables, and other furniture pieces. The best part is that you can acquire the items on hire purchase. You will acquire the items, use them to improve the rentals, and use the revenue generated to pay the installments.

3. Kitchen Appliances

Most rental units also come with kitchens to ensure comfort for the guests. You can acquire a wide variety of appliances on hire purchase terms including gas cylinders, cookers, and refrigerators, among others. Visit Kenya Credit Traders to find great deals on appliances.

4. Home Entertainment

To keep your tenants or guests entertained, it is also important to spend on home entertainment. This includes a smart TV, a home theater, and subwoofers among others.
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The construction industry is very competitive and thus requires passion, hard work, the right team, and the correct strategy to thrive. A small business owner will require effort and time to determine the best ideas and strategies to implement. Here are some practical tips you can utilize to successfully grow a construction business.

Top tips for running a small construction business

1. Hire the right people

The number one step towards growing your small construction business is working with the right team. As a business owner, you will need a team that you can trust to do the job and grow the reputation of the company. Hiring the best team enhances efficiency in your business. The expertise and experience of the team in estimating, accounting, sales, and project management will prove crucial. This in turn increases the profitability of the business.

2. Focus on giving your clients the best experience

Most businesses are only keen on finding new customers. However, it is desirable to cultivate loyalty from your current client base. Nurturing the existing client relations will work to earn you more customers through referrals. The primary way to grow your customers’ loyalty is providing them quality services. This is only possible when you understand your client’s needs. There is a need too to establish clear communication channels between the business and the customers.

3. Have control over cash flow

The success of a construction business is dependent on the ability to maintain a consistent, positive cash flow. Your cash flow affects operational efficiency. Ensuring you have cash on hand allows you to handle direct overhead as well as indirect costs of a given project. To achieve a healthy cash flow for the business, there is a need to find correct financing and purchase practices. One of the best decisions a business can make is utilizing hire purchase.

Hire purchase tips for a construction business

Hire purchase contracts allow a business to acquire assets and building materials without paying total cost upfront. If you are looking for light equipment to use for your construction business, a hire purchase deal is the best option. The business gets the chance to get hands on the equipment quickly. The cost is also spread meaning the business pays a fraction of the cost every month. This leaves you with enough cash every month to spend on other operations for the business. The best part is that hire purchase dealers such as Kenya Credit Traders offer building materials on hire purchase.

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