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For many individuals and business owners, financial concerns are ever-present. This is especially true in modern times, considering the uncertainties of the Kenyan economy and high inflation. Most individuals are having debts as a result of loans from lending institutions such as saccos, banks, online loan apps, and chamaas. Finding a way around debts can be a daunting task for any person. It is thus vital to find ways to overcome debts. The first step towards financial freedom is avoiding getting into debt in the first place. However, debts are part of life. When not managed properly, debts can overwhelm any individual or business.

Tips for better debt management

Overcoming debts can be stressful for any individual or business owner. Financial anxiety will weigh you down unless you come up with a proper strategy for handling the debts. Here are some useful ideas to guide you and help you overcome debt burdens.

1.      Identify priority payments

There is a need to determine specific issues that keep you up at night and make them a priority when paying the debts. This will include loans, fines, rates, and taxes. This will help you avoid accruing more interest and even being against the law.

2.      Have a monthly budget

The primary purpose of a budget is to help you plan your finances and stick to the plan. Determining all your expenses and ensuring that you have a budget in place helps you have control over your finances. It also helps you determine areas where you can save money and makes you more realistic about your finances.

3.      Find alternatives to term loans

One of the reasons most people end up in debt is having term loans. The major downside of these loans is that the interest rates are not fixed, and they are likely to go up as a result of inflation. If you are looking to acquire assets for your home or business, finding alternatives to loans can be beneficial. One such alternative is hire purchase contracts.

Navigating Hire purchase towards financial freedom

There are plenty of benefits of utilizing hire purchase for asset financing. One such benefit is spreading the cost. You do not pay for assets up front, and this allows you to retain cash and utilize it in different expenses, thus avoiding a debt situation.

Another benefit of hire purchase is that items that one wants to purchase act as the security in the agreement. If you no longer require the items, you can cancel the agreement, and return the items to the hirer, and you will not be required to make any further payments.

Navigating hire purchase is also helpful when you need assets for your home, considering that it helps you create a budget. To ensure you do not end up behind the payment schedule, one creates a monthly budget for the installments and other expenses. This not only gives you control over the finances, but it also helps clear the way towards financial freedom.

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Every homeowner or business owner will consider asset financing at some point. If you run a business, there are assets that you need to acquire to enhance productivity in the company. Mostly, these assets are expensive, and it will take proper financial planning to purchase them. It is the same case for homeowners. When you need to acquire furniture, electronics, or appliances for your home, you will also need to make a good financial plan.

Achieving Financial Goals

Almost every individual has financial goals they set every year that they want to achieve. On the other hand, businesses also have strategic plans as they aim at achieving financial goals for a year or several years. For individuals, saving is part of their financial goals. However, this is becoming an extreme sport in modern times due to high inflation. Most people end up with very little to save after they pay for the expenses every month. This has even made acquiring assets difficult for individuals and businesses.

How hire purchase can help you achieve financial goals

Hire purchase offers one of the best routes toward acquiring assets for individuals and businesses. What makes a hire purchase agreement a favorable choice in asset financing is that it offers a chance to spread the cost for the buyers.

In hire purchase agreements, the buyer has a chance to acquire assets that they need even when they do not have the full price. The agreements allow you to pay a fraction of the total cost, usually as low as 10%. After this down payment, you will acquire the asset and even use it. For a business, this will allow you to benefit from enhanced productivity. This will translate into better profit margins for your business, thus helping you score your financial goals.

One of the prerequisites for achieving financial goals is having a budget to work with. It is also paramount to stick to the set goals. Hire purchase helps you achieve this goal. When you acquire assets on hire purchase terms, payment is done in the form of fixed installments. The installments are fixed depending on your income, and this means that you can always plan ahead. Hire purchase makes budgeting easier and helps you track expenses every month.

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Every homeowner we require investing in a home improvement project at some point. If you purchased a home, you might want to improve it and ensure that it is functional depending on your preferences. One might also want to spend on a home improvement project when they intend to sell their home. This would help them increase the valuation of the home, thus getting them a better offer.

Regardless of the reason one intends to improve their home, there is no doubt that this is a costly affair. You need to find a contractor for construction work if you want to renovate the home or even remodel your kitchen. Apart from hiring specialists, one also needs to purchase household items as part of the home improvement project. One thus requires proper planning before spending on the project.

Utilizing hire purchase for home improvement project

When looking for financing options for your home improvement projects, you will not lack options. One can choose to seek a loan from a lending institution. The major downside of this option is the high-interest rates charged.

Hire purchase is one of the best options for a home improvement project. Hire purchase dealers provide items that we require at only a fraction of the total cost. One can acquire the items for their use as they pay the balance in installments.

Leveraging hire purchase for home renovations

Leading hire purchase dealers in Kenya, Kenya Credit Traders, have hire purchase deals worth considering if you have a home improvement project. They not only have household furniture, electronics, kitchen appliances, and other essential appliances. One can even acquire building materials to utilize for the home improvement project on hire purchase terms.

There are plenty of benefits of leveraging hire purchase when spending on your remodeling or renovation project. One such benefit is the chance to access quality products. You do not have to wait until you save enough to buy household items you need to improve your home. Hire purchase allows you to acquire even the expensive assets with a fraction of the total cost. This means you do not have to settle for low-quality items.

Another benefit of using hire purchase agreements for home improvement is the chance to spread costs. A hire purchase deal allows you to pay for the items in installments. The installments are fixed, thus allowing you to budget and plan ahead.

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Hire purchase remains one of the best financing options when looking to acquire high-value assets. Businesses turn to hire purchase agreements when purchasing equipment, cars, and other essential assets. Individuals also turn to hire purchases when looking for high-value items for a home such as furniture, kitchen appliances, electronics, cars, and others.

In Kenya, hire purchase dealers have different terms for this payment arrangement. Lipa later, lipa mdogo mdogo, or lipa pole pole are some of the names for hire purchase contracts. This payment option involves making a down payment for the items one requires and clearing the balance plus interest in installments. Installments can be daily, weekly, or monthly payments.

Best Approach for Negotiating Hire Purchase Terms

Whenever one is in the market for any purchase, they will be eager to get the best deal. Basically, the best deal is one that saves you money. However, with hire purchase, there is more than just the total cost. Here are some useful tips for getting the best hire purchase deals.

  • Invest effort and time learning about hire purchase. There is a need to understand as much as you can about hire purchase before signing any agreement. This will help ensure that you only make the right decision when signing a contract.
  • Look for the best interest rates. The interest rates determine the total cost of the items you are purchasing. One thus needs to find out the best annual percentage rate to keep the cost as low as possible.
  • Keep the total cost in mind. At times, a buyer can be enticed by low monthly repayments. However, this will only work to add up the total cost of the assets. If possible, one should consider a high amount as the down payment and a few installments. This will help you lower the overall cost.
  • Do not be afraid to bargain. It is not just the total cost of the items that one can bargain with, but also the interest rates. Getting the lowest interest rates will in turn lead to low total cost. One can also haggle over the downpayment and other fees.
  • Try different dealers. It is essential to compare deals from different hire purchase traders when looking to purchase assets. There are plenty of hire purchase traders, and every dealer will offer a different deal. Apart from checking the contract, also check the reputation of the traders before choosing to purchase assets from them.

Get the best deals in Kenya from Kenya Credit Traders.

The only way to create financial stability as an individual or for a business is by ensuring you have strong money habits in place. Having control over your finances at any given time helps create financial stability. Some of the financial habits one ought to have in place include budgeting, saving, growing an emergency fund, enhancing your credit score and paying down debts.

At some point, you will need to acquire assets for use in your home or business. While there is a variety of payment options you can utilize, hire purchase remains one of the best financing options you can take. This is due to the many benefits that hire purchase offers.

Role of hire purchase in creating financial stability

Hire purchase is crucial for creating financial stability for businesses and individuals. Here’s how hire purchase helps you achieve this goal.

1.      Makes budgeting easier

One reason to use hire purchase when looking to acquire assets for your business is that budgeting becomes easier. When you acquire assets on hire purchase terms, payments are made in installments. These installments are set at the start of the contract and do not change over the period you make payments. This makes it easier to budget your income.

2.      Building credit

Hire purchase agreements are favorable for almost every individual. Even buyers without great credit ratings can benefit from hire purchase agreements. The best part about hire purchase dealers is that they report timely payments to the credit rating bureaus. This will help you enhance your credit scores, making it easier to acquire financing in the future.

3.      Provides a chance to invest early

Hire purchase makes acquiring assets easier for you or your business. One doesn’t have to save enough money to acquire the assets that they require. With hire purchase, one pays a fraction of the cost and acquires the asset they need. For a business, you do not have to make a large investment upfront. Hire purchase also offers you a chance to acquire assets immediately and utilize them.

4.      Take charge of the cashflow

One of the downsides of purchasing items in cash is the large drawings you make when acquiring high-value assets or equipment. With hire purchase, a business doesn’t spend high amounts at once to acquire assets. Hire purchase helps spread the cost of the items, and this gives you control over the cash flow in the business.

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Acquiring high-value assets in modern times requires investing effort and time. It is crucial that one determines the best options available to them. Apart from determining the best quality and the right dealer, one wants to focus on getting the best deal. This is not only about getting a discounted price, but it also includes getting the best payment strategy.

Financing is a vital factor when looking for high-value assets. Businesses looking to purchase machinery or expensive equipment will be eager to determine a reliable financing option. One of the leading financing choices for businesses is hire purchase. In modern times, hire purchase is also the leading choice for individuals looking to acquire expensive assets or items for their home.

How Hire Purchase Works

A hire purchase agreement is an arrangement that allows the purchase of big-ticket items by making a deposit and paying the rest of the cost in the form of installments. In Kenya, hire purchase dealers accept daily, weekly, and monthly payments. In most cases, hire purchase agreements require the buyer to pay at least 10% of the total cost of the assets. The buyers pay the balance plus interest in the form of installments.

Hire Purchase Reliability

There are a variety of reasons why hire purchase is one of the most reliable financing options for businesses or homeowners. Here are some of the key reasons to settle for a hire purchase.

1.      The ability to spread the cost

Hire purchase allows a buyer to spread the cost of the assets they are purchasing. You do not pay for assets upfront and this means that you do not make a large upfront investment.

2.      The chance to acquire assets immediately

With a hire purchase, one does not require all the cash to acquire an asset. You only pay a fraction of the total cost and the dealer delivers you the items. After paying the deposit, the buyer has the right to use the assets.

3.      Fixed interest rates

One of the key highlights of hire purchase reliability is fixed interest rates. Unlike term loans, where rates can change at any time depending on inflation and Central Bank rates, hire purchase rates are fixed. This allows for budgeting and planning, considering that you are aware of the amount you are set to pay every month.

4.      Higher chances of approval

Hire purchase deals are more likely to get approval unlike loans or other financing options. Even buyers with low credit scores can get hire purchase deals, and when they make payments in time, it will be a chance to improve their credit rating.

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Financial flexibility refers to the ability of consumers to access funds whenever they face an emergent situation. In most cases, this involves a major crisis which leads to a major expenditure. A good example is the recent Covid-19 pandemic. The pandemic not only left some individuals jobless but others were affected directly when they had to pay hospital bills.

When one enjoys financial flexibility, they are able to borrow the cash that they require and channel it towards the crisis. You can also benefit from financial flexibility by channeling your savings or funds toward an opportunity that gives you or your business a market advantage. The bottom line of financial flexibility is the ability to handle such happenings without affecting normal operations or even your overall financial health.

How hire purchase empowerment can lead to financial flexibility

Hire purchase is one of the financing options a consumer can turn to when looking to purchase assets. Regardless of the assets you need for your home, you can turn to hire purchase dealers to acquire such items immediately. With hire purchase agreements, one is not required to pay the total cost upfront. The consumer has the option to make payments over a set duration, and this allows them to spread the cost.

One of the ways hire purchase empowers consumers is by spreading the cost of the assets. When you choose a hire purchase agreement, you don’t have to pay for assets upfront.  This means that you do not have to spend your savings on the assets. They can utilize their income to pay installments, and even make more savings. This thus comes with security. In case you ever experience an emergency you can utilize your savings to cater for the crisis.

Another way that hire purchase empowerment works for consumers is by ensuring they can get hands on assets that they require immediately. One doesn’t have to pay all the cash to acquire a given asset and use it. Hire purchase allows you to acquire any given item you need for your home at as low as 10% of the total cost. You do not need to spend all your savings to get the best smart TV, kitchen appliance, household furniture, or building materials. Hire purchase is a true definition of financial flexibility as it allows you to balance your today’s spending with future expenditure.

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There are assets or equipment that are vital in our homes or businesses. In some cases, these assets can prove to be expensive, and this means that there is a need for proper planning when in the market to acquire them. One needs to determine the best quality and also focus on getting the best deals. Hire purchase is one of the most popular financing options for expensive items.

What Is a Hire Purchase Agreement

A hire purchase agreement is an arrangement that allows one to acquire assets without having to pay the full price upfront. Cars, furniture, kitchen appliances, and electronics can prove expensive when one opts to purchase them in cash. When you do not have the cash at hand, you will want to find out financing options available to you. Hire purchase is one such option. This agreement allows you to pay a deposit for the assets while the rest of the cost of paid periodically in the form of installments. Once one pays all the installments, they become the owner of the assets.

Benefits of hire purchase

There are plenty of reasons to consider hire purchase financing when in the market to acquire assets.

1.      Acquire assets immediately

One of the best parts of hire purchase is that one has the opportunity to acquire items they need immediately. If you are looking for a smart TV, digital TV, or Android TV, you do not have to wait until you save enough to acquire it. At Kenya Credit Traders, you can pay as low as 10% of the total cost of the TV and acquire it. Immediately after paying the deposit, one is allowed to take home the TV and use it.

2.      Spread the cost

One of the major benefits of hire purchase is the chance to spread the cost of the assets. You will have an extended duration to complete payment for an asset. This frees you cash to utilize for other expenses as well as purchases that you need for your home or business.

3.      Low interest rates

The total cost of assets when using a hire purchase is higher than the cash price. This is due to interest charged on the installments. However, the interest rates in hire purchase financing are lower when compared to other financing options such as term loans. These rates are also fixed, and this ensures that the total cost of an asset doesn’t change throughout the hire purchase agreements.

Get the best hire purchase deals at Kenya Credit Traders.

Achieving financial independence is one of the common goals for most people. Financial freedom means that one has the power and confidence to make essential decisions in life without facing limitations due to finances. However, it is not easy to achieve financial freedom, especially when one doesn’t know where to start. It is essential to have a plan in place to help you achieve this goal. Despite achieving financial freedom sounding scar, it is very possible with the right attitude and approach.

Steps to help you achieve financial independence in 2023

There are several steps that one requires when working towards achieving financial freedom. The most basic thing that everyone requires is having control over their finances. This will involve determining how much money one makes and taking charge of their spending habits.

Hire purchase is the financial way to freedom

While hire purchase is not popular with most consumers, it is one of the best decisions one can take when looking to enjoy financial freedom. There are plenty of benefits that come with a hire purchase. A hire purchase agreement allows you to acquire assets you need and make payments over a period of time in the form of installments. Here’s how hire purchase helps you achieve financial freedom.

1.      Start saving now

If you haven’t been saving, it is time you start doing so as soon as possible. The earlier one makes this choice, the more time the money has to grow. Savings also cushion you in the case of emergencies or unexpected expenses in life.

With hire purchase, it is possible to acquire assets without using your savings. You do not pay for assets upfront, and this means you do not have to draw your savings.

2.      Create a budget and track your expenses

Working with a budget is paramount when one requires achieving financial freedom. Budgeting involves determining your income and expenses to help you set reasonable savings goals. When you acquire items on hire purchase, you will make fixed payments every month, and this will help plan ahead. Hire purchase makes budgeting easier for you.

3.      Reduce debt loads

One of the biggest limitations while trying to work your way to financial freedom is having some debt load. When one has loans, they are servicing, the interest rates are usually high. One of the best parts about choosing hire purchase is that you do not require loans to acquire assets. Hire purchase interest rates are also lower and fixed.

Learn more about hire purchase agreements here. Kenya Credit Traders is your leading hire purchase dealer.

Every homeowner is keen to find quality household items for their home. However, quality household goods will come at high prices. This means that one will need a period of time to make enough savings. However, the many expenses one has to cater for every month means that one might require a long duration before making enough savings for the items they need. Other homeowners choose to seek loans from lending institutions to raise funds to purchase household goods that they require. The major downside of loans is the high interest rates charged, which in turn, increases the overall cost of purchasing household items.

Hire purchase is an option for purchasing household goods

Hire purchase is a smart shopping option in modern times. It is a purchase process that allows a buyer to acquire expensive household goods at just a fraction of the total cost. When you need furniture, electronics, appliances, or other household items, at Kenya Credit Traders, you can obtain them at as low as 10% of the total cost. After paying the deposit, one can acquire the goods, and make payments in the form of period installments.

Why hire purchase is a smart shopping option

There are plenty of reasons to consider household items hire purchase. One such option is that hire purchase provides you access to expensive assets. With a hire purchase, you do not have to pay all the cash upfront to acquire household items. This makes it possible to acquire even the most expensive items for your home.

Another benefit of household items hire purchase is the chance to spread the cost. Hire purchase allows the buyer to pay for assets they require in periodic payments known as installments. The periodic payments allow you to budget for your income considering that they are fixed.

Hire purchase is also a smart shopping option due to low-interest rates. The interest rates are lower than in the case of term loans. One has a chance to negotiate the payment terms with dealers to ensure they get the best deal.

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