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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.

Visit our Facebook page, Kenya Credit Traders, for the best hire purchase deals.

We live in a fast-paced world where every day is full of activities and hustles. This creates the need to have a space where one can relax and recuperate after all the hustles. Your home, specifically the living room, ought to provide you the chance to unwind from all the activities you encounter during the day.

To make your living space cozy, it is essential to determine ideas that help you achieve the goal. You will always have options when looking to come up with a functional, warm, welcoming, and comfortable living space. The project targets wall colors, seating, flooring, window treatments, and even electronics and gadgets when looking to improve your living space. You do not only need to make the room look good, but it is also essential to make it feel comfortable.

Using Hire Purchase to Create a Cozy Living Space

Whether one intends to redesign a living room or they want to make a few updates, there is no doubt that they will require some purchases. You might aim to purchase quality furniture to improve the living space. One might also be looking for quality electronics and gadgets that make their home more comfortable. Even when you do not have to replace all the items in the living space, you will require several purchases to make it real and inviting.

Investing in quality furniture pieces will cost you a good amount of money. This might need you to save for some months or even years. The high cost of quality furniture and electronics makes homeowners settle for low-quality cheaper assets.

Hire purchase dealers, such as Kenya Credit Traders, aim at bringing change to the Kenyan market. Homeowners no longer require all the cash to purchase a furniture set or appliances they require at home. You can acquire the items you need to create a comfortable living space with just a fraction of the total cost.

Benefits of hire purchase when furnishing your living space

One of the benefits of a hire purchase when looking to furnish your living space is the chance to acquire items without paying all the cash upfront. This means that one doesn’t have to wait till they save enough to acquire a given item.

Another top benefit of hire purchase when purchasing furniture is the chance to spread the cost. You make payments in periodic installments. This allows you to budget and manage your finances conveniently.

Find incredible hire purchase deals by following Kenya Credit Traders on Facebook.

There are plenty of home appliances that we require in our day-to-day activities. You require a refrigerator to keep farm produce fresh before cooking them. A fridge also ensures that you can benefit from cool drinks, especially during hot summers. A hot and room temperature water dispenser also ensures that your family is hydrated at all times. We also need a washing machine to keep our clothes clean at all times. For your family meals, you need a quality gas cooker. All these appliances improve the quality of life when you purchase them for your home.

When To Purchase Household Appliances

There are different instances when a homeowner will be on the market for appliances. One such instance is when you purchase or construct a new home. You do not want to install old appliances in your new home. Finding the latest appliances on the market allows you to benefit from more features, allowing you to get the best out of each appliance.

One can also be in the market for home appliances when they need to improve their home. When you are spending on kitchen renovations, you will want to find the best appliances for the new-look kitchen. A homeowner can also choose to purchase new appliances if the current ones are damaged.

Purchasing Appliances Using a Hire Purchase Agreement

When in the market for household appliances, you will want to find out payment options available to you. One of the options when looking for household appliances is cash purchases. With cash purchases, one has to pay the price of the appliances in full, to acquire them. The major benefit of this option is that one becomes the owner of the appliances immediately after the purchase.

While one might want to purchase appliances in cash, it is not always possible, especially when one is working on a budget. One of the best options you can utilize is hire purchase agreements. A hire purchase agreement is designed to spread the cost of the appliances over several months.

One of the leading reasons to budget with hire purchase when looking for household appliances is the ability to spread the cost. You do not pay for the appliances outright when paying on hire purchase terms. You only require a fraction of the total cost as the down payment. One clears the balance in periodic payments that can be daily, weekly, or even monthly.

Find top-notch appliances you can acquire on hire purchase terms on Kenya Credit Traders website. Also, follow us on Facebook, Kenya Credit Traders, for the latest products.

Home is where we return almost every day after spending a busy day at the workplace. It is the space where one wants to get rid of the tiredness that comes with every day’s hustle. To achieve relaxation, one might want to spend on the best electronics and gadgets.

The electronics and gadgets market is very dynamic. Every day, there are new electronics that come with the aim of improving home entertainment. For your dream movie nights, you can opt to purchase a smart TV. One can also settle for a digital TV if they have a DVD player. To enhance sound quality, you might want to spend on a quality home theatre.

Using Hire Purchase to Purchase Electronics

If you have been to the electronics market, you can tell that the best gadgets do not come at low prices. A quality smart TV will cost you tens of thousands. Even a home theater requires several thousands to acquire. This means that one requires proper financial planning to acquire the electronics.

Most people settle for low-quality electronics since they find the cost of quality gadgets prohibitive. You will need several months to save enough cash to purchase a good smart TV in cash. However, in modern times, you can acquire almost any gadget even when you do not have all the cash in a hire purchase deal.

How A hire purchase agreement works

A hire purchase agreement is a sales agreement that allows you to acquire household electronics and gadgets immediately and make payments later through installments. Dubbed lipa mdogo mdogo or lipa later, hire purchase agreements are beneficial to customers looking for the best home entertainment gadgets.

With hire purchase agreements, one only pays as low as 10% of the total cost of the TV, subwoofer, or DVD player they intend to acquire. After this down payment, you are allowed to take the electronics with you and even use them. One clears the balance in the form of daily, weekly, or monthly payments, depending on the hire purchase agreement. This not only allows you to spread the cost, but it also ensures that you can enjoy the best electronics in the market immediately without having to wait until you make enough savings.

Follow Kenya Credit Traders on Facebook and get the latest hire purchase deals on electronics.

Supply chain management involves the management of the flow of services or goods in your company. It involves a variety of tasks, but the main aim is to streamline the business’s supply-side activities and ensure that customers get value. Supply chain management also aims at giving a business a competitive advantage in the marketplace. For manufacturers, it involves the flow of goods and services and involves a variety of processes to transform raw materials into final products. One of the key departments and players in supply chain management is the purchasing department.

The Role Of A Purchasing Department

A purchasing department is tasked with procuring goods and services for resale as well as company use. In established companies, the department is headed by a purchasing manager. The role of a purchasing manager finding the best quality of goods and services for the company. Apart from finding the right quality, a purchasing department also aims at reducing costs. This will involve negotiating contracts and evaluating different suppliers to find the right one for the company.

How A Business Can Benefit from Hire Purchase

One of the requirements of a purchase manager is having excellent financial management skills. The purchasing department wants to keep the business operating smoothly and this involves finding the right assets for business use. Investing in quality equipment enhances productivity in your business. However, equipment can be costly, thus the need to evaluate different financing options.

Hire purchase agreements work to help a business acquire assets and equipment without putting pressure on the financial department. If you purchase assets in cash, you will need to pay large amounts upfront. This takes a lot of money out of the business and hurts your cash flow. It also disrupts the supply chain and flow of goods and services, considering that you do not have the cash to make other purchases.

The Basics of Hire Purchase

When looking for assets to use in your company, hire purchase is one of the best financing choices. Hire purchase agreements will see the business pay only a fraction of the cost of the items and clear the balance plus the interest in installments. This helps spread the cost and allows your business to budget appropriately. The interest rates are flat, and this makes it easier to budget for your business. The best part about hire purchase is that a business owns the assets at the end of the hire purchase contract.

Find out more about hire purchase here. Get the best hire purchase deals at Kenya Credit Traders.

Small business owners want to find ways to keep their businesses thriving. While there are many factors that determine the growth of your business, having control over the finances is the biggest task. A majority of businesses fail as a result of a lack of proper financial management. Budgeting, saving, and managing the cash flow are crucial to keeping the business running.

Cash Flow in a Business

Cash flow is the net amount of money that gets in and out of our business. The success of your business is dependent on the ability to create positive cash flow through business operations. This means that the income ought to be bigger than the expenses.

Managing Cash Flow in Your Business

To ensure that you have control over the operations of your business, there is a need to focus on the cash flow. The first step towards achieving control is creating a budget. Budgeting helps a business owner to determine the monthly income and expenses. The budget also entails how much a business will earn or spend in the future.

Another important aspect that helps you manage your cash flow is building savings. It might be tempting to utilize all the income to pay for expenses or grow the business. However, it is advisable to put aside a little bit of the business income to build savings. The savings can be useful in the future when you require paying for some expenses or even investing in an opportunity.

Managing cash flow with Hire Purchase

Leasing and hire purchases are considered one of the best ways to manage cash flow in a business. Leasing involves hiring assets or equipment and making periodic payments to the owner. With leasing, one requires returning the asset to the owner at the end of the agreement.

Hire purchase is almost similar to leasing. When a business requires assets, it can pay a deposit to the seller and make periodic payments. However, unlike leasing, you will retain the asset at the end of the agreement.

While hire purchase can seem expensive for a business when purchasing assets, it has plenty of benefits. The biggest benefit is that it allows you to have control over cash flow. In the case of a cash purchase, you will need a large amount of money to pay for an asset upfront. Paying a lumpsum amount of cash will certainly hurt your cash flow. Hire purchase on the other hand will help you spread the cost of the items over a specific duration. This not only allows for budgeting, but it also means that you can acquire assets and have cash for other expenses.

Learn more about hire purchases on our blog. Follow Kenya Credit Traders.

When in the market for high-value assets such as cars, homes, electronics, and household furniture, one will want to determine their options. At times, it is almost impossible to purchase such assets in a cash purchase. Paying a big amount of cash to purchase an asset can mean that one exhausts their savings leaving them no cash to spend on other essentials. The high cost can even prove prohibitive. However, financing makes it possible to acquire assets.

Different Financing Options

You will have a variety of options when looking to acquire high-value assets through financing. One of the common choices among buyers is taking a term loan. In most cases, one will need to provide security to obtain a large amount of cash. Another downside of a term loan is that the interest rates are high. The rates can also change depending on policies from the Central Bank. An increase will lead to an increase in the payments done to the lender. Most lending institutions will also check your credit score before approving financing, and this makes obtaining a term loan harder when your credit score is low.

Hire purchase is also part of the financing options when looking to acquire a high-value asset. This is usually a credit agreement between the seller and the buyer, also known as the hirer. One pays the total cost of the assets in the form of installments. During the repayment period, the dealer remains the owner of the assets. The dealer transfers the title after the buyer completes paying the installments.

Hire Purchase and Credit Score

Hire purchase is considered one of the best ways to purchase items, especially for people with poor credit ratings. The reason why hire purchase works for buyers with low credit ratings is the fact that the assets you are purchasing act as security. Failure to repay the assets will see the dealer repossess the goods. The buyer also has the chance to return the items to the dealer if they no longer need them, and they will not need to make any more payments.

There are high purchase dealers that will check your credit ratings before approving the deal. When one makes their repayments in time, the high purchase dealers will also report to the credit bureau, and this improves your credit ratings. On the other hand, failure to make payments can hurt your credit score.

Learn more about hire purchase on our blog page. Visit our Facebook page, Kenya Credit Traders, for the best hire purchase deals.

When looking to purchase a bunk bed for your home, you will want to find out the various options available. Apart from checking the designs, material, quality, and even price, one also wants to determine the payment strategies one can utilize. A good double-decker bed will cost you tens of thousands, and this means that paying in cash can be difficult at times.

Utilizing Hire Purchase

One of the choices when purchasing a bunk bed is a hire purchase agreement. While not every furniture store accepts hire purchase terms, there are dealers in Kenya such as Kenya Credit Traders, that accept hire purchase contracts for furniture.

How Hire Purchase Agreements Work

A hire purchase contract is a credit agreement between the seller and the buyer. This arrangement will see the buyer pay a deposit to the seller, usually as low as 10% of the total value of the furniture pieces they intend to purchase. After the downpayment, one requires paying installments for hiring the double decker bed.

One acquires the double decker bed immediately after paying the downpayment, but the seller remains the owner. As the buyer, you will be hiring the assets and paying monthly installments to the buyer. However, unlike in the case of leasing, at the end of the hire purchase agreement, one becomes the owner of the bed. The buyer only becomes the owner of the assets after making all the payments.

Guide to Hire Purchase Agreements

Before signing a hire purchase agreement, a buyer wants to ensure that they are getting the best deal. Here are some of the features of a hire purchase agreement.

  • Payment is done in installments by the buyer over a specified duration.
  • As the buyer, you acquire the double-decker bed immediately after paying the deposit.
  • The ownership of the bunk bed is only transferred to the hirer after paying all the installments.
  • When the buyer defaults payment to the dealer, the seller has a right to repossess the goods. In such a case, one loses the payments they have made to that point.
  • Interest is charged on the monthly installments. This makes the high purchase price higher than the cash price.
  • Interest rates are usually fixed and unlikely to change during the entire period a buyer is paying the installments.

Follow Kenya Credit Traders on Facebook for the best deals on household goods in Kenya.

A bed is one of the assets we all require to purchase at some point in life. Beds are our favorite resting spot after all the hassles we encounter during the day. Laying in bed helps you find peace of mind and comfort after a busy day. It is thus vital to find a bed that just helps you achieve this goal.

Double Decker Beds

Double decker beds are one of the best options especially when looking for a bed that can accommodate your family. If you have kids, a double decker bed will come with plenty of benefits. Here are some of the benefits:

·         Saves on floor space

The number one reason why one would choose a double decker bed is that they help you save a lot of space. When you have limited capacity in your home, you want to arrange items in a way that they won’t look congested. In the case of double decker beds, the beds are stacked on each other, saving you plenty of space.

·         Maximizes sleep spaces

Having two beds is always better than having one. Even when you do not intend to purchase the bed for your kids, it is still a useful asset if you have visitors coming to sleep over.

·         Cost effective

Double decker beds can save you money in the long run. At KCT, we have metallic beds, and this makes them durable. When you invest in them, you will acquire beds that will last for years. When you have kids sharing rooms, you do not need to purchase another bed since they can utilize a bunk bed.

·         Easy customization

These beds can also be customized to suit your needs. There are double-decker beds that can also be converted to sofa sets. There are beds that come with drawers. You can also choose from a variety of stairs design.

Is Hire Purchase A Good Option For Purchasing A Bed?

When in the market for a bed, you will realize that quality beds in Kenya cost you tens of thousands. Paying such an amount upfront might prove a difficult task, especially in the current economic times. This makes hire purchase worth your consideration.

With a hire purchase, one only pays 10% of the total cost to the dealer. You will clear the balance within the agreed duration in the form of installments. This helps you spread the cost and leaves you with cash to spend on other expenses.

Follow Kenya Credit Traders on Facebook for the best hire purchase deals in Kenya.

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