Hire purchase remains a financing option for homeowners and business owners. The primary aim of a hire purchase agreement is to make items that are expensive affordable by spreading the cost. In modern times, more products are available on hire purchase terms. These include household furniture, home electronics, kitchen appliances, solar energy, building materials, and others. In our post, we will evaluate the impact of hire purchase agreements on the adoption of home entertainment electronics.

The Increasing Use Of Modern Home Entertainment Electronics

Studies imply that there is an increase in the number of home entertainment users in the country. There are several factors that have a hand in the increase. One of these factors is hire purchase.

Hire purchase is a payment option for buyers in the market for home entertainment electronics. These include Android TVs, Smart TVs, Decoders, and home theaters. In the case of a hire purchase, a buyer approaches a hire purchase dealership with a fraction of the cost. If you are looking to add a smart TV in your home, you can acquire the best one by only paying a fraction of the total cost. Afterward, the remaining balance is spread into equal installments.

How hire purchase drives economic inclusion

There are indications hire purchase is playing a significant role in the increased adoption of home entertainment electronics. Primarily, hire purchase aims at driving economic inclusion and serving the underserved population. With the hard economic times, it might be impossible to save enough to acquire a home theater or a smart TV in a cash purchase. However, hire purchase allows the buyer to divide the cost and only pay a fraction of the cost every month. This option has encouraged more business owners to acquire items on hire purchase terms. Paying a small fraction of the cost in every month ensures that a buyer has enough cash to spend on other expenses.

Another reason why hire purchase options and adoption methods have contributed to home entertainment is by offering better interest rates and terms. Hire purchase is thus a better option in comparison to term loans. Fixed interest rates ensure that one pays a fixed amount as installments every month. Hire purchase agreements are also flexible, allowing the buyer to make daily, weekly, or monthly payments. It thus makes the purchase process straightforward and hassle-free.

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Hire purchase is a common financing option for high-value assets such as a car, furniture, and other household appliances. The many benefits of a hire purchase agreement are the reason behind the increase in the number of customers choosing this financing option. Hire purchase primarily aims at making items affordable by spreading the cost. Before signing a hire purchase contract, it is important to understand how hire purchase works.

How Does Hire Purchase Work?

Hire purchase is a financing option that makes expensive items affordable by avoiding upfront payment. In a hire purchase agreement, the buyer commits to signing the agreement by providing a fraction of the cost as a down payment. Afterwards, they buyer pays the remaining balance over time, with interest, until completion of the total cost.

Considerations When Looking For The Best Lipa Pole Pole Options With KCT

Before signing a hire purchase agreement, it is essential to ensure that you make a sound financial decision. The total cost of the items differs from one hire purchase plan to another due to several factors. However, cost is not the only consideration when adding assets to your home. Here are some key considerations when finding the best lipa pole pole option with KCT.

1.      Your income

Before choosing to acquire assets on hire purchase terms, your level of income is part of the primary considerations. The installments are fixed from the start of the hire purchase agreement until the completion of the contract. You need to be keen and ensure that you can afford to make timely payments before signing a given hire purchase plan. Late payments or defaults can lead to the hire purchase company repossessing the assets and the buyer loses all the payments made to that point.

2.      The duration of the contract

The length of the hire purchase agreement is also an important consideration before settling for a given hire purchase agreement. The duration affects the total cost of the assets. A long hire purchase contract will mean a lower amount in installments, but it can also lead to an increase in the total cost.

3.      Interest rates

It is also essential to pay attention to the interest rates while comparing different lipa pole pole options with KCT. It is always advisable to compare interest rates between different dealers or agreements and settle for an option that saves you money in the long run.

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When seeking to acquire assets, hire purchase is one of the financing options available. However, investing effort and time in looking for the best hire purchase dealer is important. Working with the best hire purchase dealer is the only way to guarantee quality services. This post will check how KCT invests in creating a positive customer experience.

What Is Customer Experience?

Customer experience refers to the comprehensive impression that a customer gets after interacting with a given business or brand. Customer experience includes all the touchpoints that a customer has with the business. Whether it is a physical interaction, a website, phone calls, or social media, it is essential to create a positive impression of the business. Customers who enjoy quality services are likely to remain loyal to the brand and even recommend the services or products to other customers.

How KCT Seeks to Enhance Customer Experience

Kenya Credit Traders stands out as one of the leading hire purchase brands in the country. There are several measures in place to guarantee that one experiences a positive experience when dealing with KCT.

One of the ways one can expect quality services and enjoy the best customer experience is through our interactive customer care services. There are several ways to contact KCT. If you are browsing through our website, you can easily leave a message and a customer service agent will promptly engage you. It is also possible to contact KCT through our Facebook Page. We acknowledge that social media is a powerful tool for shopping as well as communication. Our phone numbers are also readily available to ensure that a customer quickly gets help for any services they require.

Another we guarantee positive KCT hire purchase customer experience is by providing quality products. Our staff focus on delivering quality services, but as a brand, we focus on providing quality products. All our products are sourced from established brands to ensure domestic efficiency. In some cases, some products come with a warranty to ensure that any damages will be corrected immediately. We also guarantee a hassle-free purchase process saving you valuable time and effort.

The best part about our services to customers is that we personalize your experience with us. We are keen to help you improve your home or business through hire purchase. We aim to provide you a hire purchase contract that reflects your needs.

Are you considering a hire purchase agreement for your next purchase? Are you looking for high ticket items that are likely to be out of reach in a cash purchase?

Hire purchase is one of the leading purchase agreements and financing methods in modern times. The increase in the number of assets available on hire purchase terms is one of the reasons behind the growth of hire purchase. Technology also plays a vital role in enhancing access to hire purchase as a financing option for customers.

How Does Hire Purchase Work

The primary goal of a hire purchase agreement is to make assets affordable. Assets that are considered expensive in cash are made affordable in a hire purchase contract. In hire purchase, the total cost is divided into two: the down payment and the installments. The down payment is usually as low as 15% of the total cost of the asset. The installments further break down the cost into small affordable amounts. The payments can be daily, weekly, or monthly depending on the buyers’ income frequency.

How hire purchase changed customers’ lives

Hire purchase aims at improving inclusivity by ensuring customers have access to affordable financing. Customers get the chance to acquire assets quickly without having to pay upfront. This is beneficial to consumers as well as business owners.

One of the KCT hire purchase success stories is a customer looking to improve their restaurant. To achieve the goal, the customer needed several items such as a Smart TV and kitchen appliances. Acquiring the items at once would create a significant gap in their working capital. However, by choosing to hire purchase, they only pay a small fraction as a downpayment, and the remaining cost is distributed over several months. This ensures that every month the restaurant owner has enough capital to run their business.

Another KCT hire purchase success story is that hire purchase allows customers to access quality items. Quality assets are without a doubt expensive. Take the example of a homeowner who wants to replace a refrigerator in their home. A new fridge costs tens of thousands. When one cannot afford the amount in a cash purchase, they will be stuck with the old one. However, other businesses or homeowners settle for low-quality assets that are cheaper. These appliances are not energy efficient and only increase your energy bills every month. By choosing a hire purchase, the homeowner can acquire a quality fridge and benefit from it as they make the payments in installments.

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Hire purchase is one of the payment methods a buyer can choose when buying assets for a business or home. In the past, hire purchase was a preserve for high ticket items such as land and vehicles. However, in modern times, hire purchase covers a wide variety of items such as furniture, electronic gadgets, solar panels, kitchen appliances, and home entertainment. It is important that one understands the legalities of a hire purchase contract before signing the agreement. This helps ensure that one learns their rights and the level of protection offered to them.

Hire Purchase Legal Considerations

A hire purchase agreement is a purchase contract between the seller and the buyer. It outlines several factors that affect the deal between the two parties. The purpose of the agreement is to protect both the seller and the buyer. Here are some legal considerations when buying home entertainment electronics on hire purchase terms.

Aspects of a hire purchase agreement

For the hire purchase agreement to be legal, it must contain the following features.
1. Name and address for both the buyer and the seller: A legal hire purchase contract will contain information about the addresses of both parties.

2. The date of the agreement: The date when the buyer and the seller sign a hire purchase agreement should be indicated on the agreement.

3. The items acquired on hire purchase terms: The hire purchase act also requires a correct description of the items a buyer acquires from the seller on hire purchase terms. If you are purchasing a smart TV, for example, the correct description includes the brand, the size, and product name.

4. The total cost of the items: The seller ought to disclose the total cost of the items to the buyer before signing the agreement. In some cases, the seller has to provide the cash price of the items. If there are additional charges or fees, they should also be disclosed to the buyer before signing a hire purchase contract.

5. The number of installments, the date of payment, and the amount: A hire purchase aims at making items affordable by allowing the buyer to pay in installments. Defaulting usually leads to the seller repossessing the items from the buyer. The buyer should thus check the number of installments. Some dealers accept daily, weekly, or monthly payments. The date of making each payment is also part of the features of the agreement.

When a customer understands these features of a hire purchase agreement, they will make the right financial decision.

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Sustainability is the ability to afford the current needs without compromising future generations’ ability to meet theirs across geography and time. In modern times, there is a lot of focus on environmental preservation. Climate change and global warming have become central to modern policies. It is thus important to determine the impact of hire purchase and how it can enhance sustainability.

What Is Sustainability In Hire Purchase In Kenya

Hire purchase is a purchase structure that helps customers to afford items by spreading the cost. The aim of a hire purchase is to make items that are expensive in cash more affordable. The buyer avoids paying the total cost of items upfront. The hire purchase dealers allow the buyer to pay only a fraction of the cost and take home the items. The remaining balance is spread out into affordable installments to clear the cost.

Hire purchase cuts across different areas in sustainability. It seeks not only to promote environmental sustainability goals, but also promotes social sustainability.

Environmental Sustainability In Hire Purchase

There are a number of ways that hire purchase improves environmental sustainability. One such way is through making green energy affordable for businesses and homeowners. Instead of relying on carbon fuels for electricity in homes and businesses, hire purchase makes solar energy affordable. It is possible to acquire solar panels and batteries on hire purchase terms to provide lighting and other electricity needs in your home. This helps reduce carbon emissions that affect the environment.

Apart from green energy, hire purchase also promotes the purchase of quality products. Most buyers who cannot afford quality products settle for low-quality items. Cheap items are not durable and will end up being replaced within a short duration. A lot of energy, cost, and resources go into waste when they have to replace these items. With hire purchase, customers can afford expensive items. Most appliances are also energy efficient thus helping the customer save on energy bills and reduce reliance on carbon fuels. Quality is thus not compromised, and they will be less wastage on repairs and replacement.

Social Sustainability in Hire Purchase

One of the best parts about hire purchase is that it promotes diversity and inclusion. Low-income earners and middle-income workers can access quality products as they become affordable with hire purchase. Dividing the cost into small affordable payments drives financial and economic inclusion thus promoting sustainability.

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Check out this blog for more posts about hire purchase.

Hire purchase remains one of the oldest financing options that have stood the test of time. The emergence of new financing options as well as technological advancements provides an alternative to consumers. However, hire purchase remains a popular option due to the many benefits the purchase method offers.

The Role of Technology in Modern Hire Purchase

Technology has without doubt changed how we do things in modern times. Almost every business wants to be online considering that a majority of the population have access to the internet. Shoppers use mobile phones, tablets, laptops and computers to look for products and services.

One of the roles of technology in hire purchase in Kenya is to provide consumers with relevant information enabling them to make sound decisions. A buyer looking to understand how a hire purchase agreement works can easily access the information online. This blog has many educative articles to guide you before signing a hire purchase agreement. Customers who understand how hire purchase works will not have a hard time choosing to sign an agreement and purchase items they require.

Most hire purchase dealers in modern times have an online presence. The website’s purpose is to display products available on hire purchase terms. Customers get the opportunity to view different items and find ones that suit their needs. Most dealers also provide their contact information on the website making it easier for customers to reach out to them.

Apart from a website, some hire purchase dealers develop apps for customers to interact easily and place orders. By the time a customer visits a physical store, they will have all the information to make the right decision.

How Technology Helps Streamline Hire Purchase Transactions

One of the best parts about technology is how easy it is to transact in modern times. Much of the work is done online saving your time, effort, and money. The only time a buyer might be required to visit a shop physically is when they need to provide the documents. However, there are dealers that provide for customers to download documents online and also submit them online.

Payments are also easily done in modern times. The rise of mobile payment services and online banking is a plus for the hire purchase market. The best dealers have online portals for customers to log in and verify payments. The portal also allows the customers to monitor their payments until they complete and have the dealer transfer the title.

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Hire purchase is one of the many financing options for consumers looking for household or business assets. It offers an alternative for customers unable to purchase expensive items outright. A hire purchase agreement allows for spreading the cost of items into small and affordable installments.

Why Choose Hire Purchase for Acquiring Household Items

A homeowner looking to improve their home can benefit from choosing a hire purchase agreement. Some of the items we need to improve quality of life may prove expensive. However, with a hire purchase, you can add quality furniture, kitchen appliances, electronics, and appliances without much of a hassle.

In a hire purchase agreement, the homeowner needs a fraction of the cost as a deposit. After paying a deposit, you will take home the asset and you have the right to use it. The remaining cost is spread out to several months. This means you only pay a small fraction of the cost every month. Hire purchase agreements are affordable and flexible.

Transforming Lives with Accessible Hire Purchase from Kenya Credit Traders

Hire purchase as a financing option offers an opportunity to improve the quality of life and transform lives. One of the ways KCT is transforming lives with accessible hire purchase is through promoting affordability. Hire purchase allows a buyer to acquire assets that are expensive and out of reach in a cash purchase. The chance to spread the cost into small affordable payments makes it easy to find household items that improve quality of life.

Accessibility of the hire purchase deals is also part of the reasons why hire purchase is transforming lives in modern times. Traditional loans and other financing options can prove hard to obtain. Traditional banks need you to have an impressive credit score to get a loan. Saccos also demand that a customer save with them before acquiring financing. On the other hand, your credit score doesn’t affect your chances of acquiring assets on hire purchase terms. The asset you are acquiring is collateral for the hire purchase deal. Hire purchase is thus more accessible than other financing options.

Hire purchase deals are flexible. The dealer tailors the hire purchase terms to ensure that they suit your needs. The duration of the agreement, the amount one pays as a down payment, and the installments will be tailored to suit your financial goal.

Check out our educative blog to learn more about hire purchase deals.

Hire purchase is one of the financial services that has stood the test of time. It is a purchase agreement that allows buyers to initially hire assets and end up owning them. Unlike a cash purchase where one makes payment upfront, in a hire purchase, you only need a small fraction of the cost to acquire assets. The initial payment is a deposit or a downpayment. One takes home the asset and has the right to use the asset. During this period, they are considered to hire the assets, until when they make the total payment. To achieve the goal, the balance is spread into equal amounts known as installments.

Why Consider a Hire Purchase Agreement

There are plenty of benefits of acquiring items for your business or home through a hire purchase agreement. The primary benefit of hire purchase is spreading the cost. A hire purchase contract is similar to a rent-to-own agreement. This means that you will be hiring the assets but end up as the owner. One meets the total cost through installments. These are manageable and affordable payments. You will only pay a small fraction of the cost every month. This leaves you with to spend on other activities, bills, and items.

Another reason to buy items on hire purchase terms is that you will own items at the end of the agreement. When you make the last payment, the dealer transfers the title.

Hire purchase interest rates are also favorable. Other options for financing including term loans come with high interest rates. With hire purchase, the interest rate is fixed. This means that the total cost does not change even when base lending rates are changed by the Central Bank.

Hire Purchase Accessibility

One of the reasons why hire purchase remains relevant is that it promotes financial inclusion. It is a financial product that is accessible to people of different social classes. Traditional loans rely on data and score credits to evaluate whether or not one qualifies for a loan.

On the other hand, hire purchase does not rely on your credit score. The assets that one acquires are the collateral in this financing. Hire purchase payments are also flexible. One signs a contract that suits their financial status or income. Kenya Credit Traders ensures hire purchase accessibility by providing a wide variety of assets on hire purchase items. Check our website to find out items available in our stores on hire purchase terms.

Hire purchase remains one of the financing options available to homeowners and business owners. There is an increase in customers opting for hire purchase over other financing options available. This is partly due to the many benefits that hire purchase offers in comparison to traditional financing options.

How Does Hire Purchase Work

A hire purchase agreement involves acquiring assets by paying only a fraction of the cost. The initial amount that one pays to acquire the items is a down payment. The remaining cost is split into equal installments. The assets functions as the collateral and one doesn’t become the owner immediately after acquiring the asset. As such, hire purchase doesn’t have complex requirements as is the case with traditional loans. The dealer can repossess the asset in a case where one defaults.

The Role of Hire Purchase in Economic Inclusion

What is economic inclusion?

Financial or economic inclusion means that business as well as individuals can access affordable and essential financial products and services for their needs. It means that individuals, regardless of their occupation, social status, and location and benefit from financial services.

Traditional lenders leave a gap in economic inclusion. Studies show that a majority of the population are not formally employed. A big percentage also lacks transactional accounts. These are the primary considerations for traditional lenders when providing financing services. As such, a majority of consumers remain underserved. However, Kenya Credit Traders is attempting to bridge the gap with economic inclusion.

How Kenya Credit Traders Ensure Financial Inclusion Through Hire Purchase

The first step towards financial inclusion is financial literacy. There is a need to educate consumers about various financial products and services available to them, and how they can benefit from them. A conscious customer makes informed decision and a long-term plan for their finances. KCT is educating customers about hire purchase deals through weekly updates on their blog.

Another way KCT promotes financial inclusion is through offering hire purchase as an alternative to traditional loans. In most cases, consumers with not credit history or poor credit scores miss out on financing. However, hire purchase offers such customers a chance to own assets as the credit score is not a primary consideration.

Another role of hire purchase in economic conclusion is offering affordable terms for consumers looking to acquire assets. Hire purchase not only offers fixed interest rates, but the payment structure is also flexible.