Hire purchase is undoubtedly one of the best asset financing options in the Kenyan market. There is a growth in the number of consumers choosing hire purchase over other financing options. The many benefits of hire purchase terms motivate consumers to choose this option.
Why You Should Consider Hire Purchase Agreements
A hire purchase agreement involves acquiring assets on a fraction of the total cost and splitting the remaining fraction into installments. The total price of items in hire purchase is higher than a cash purchase. However, the convenience that comes with the agreements and other financial benefits outweigh the issue of cost.
The number one reason to consider payments on hire purchase terms is the chance to acquire quality items. Acquiring household goods is a long-term investment, considering that they affect the quality of life. Hire purchase offers you a chance to get quality furniture, household appliances, gadgets, and electronics without compromising due to high cost.
Here are some hire purchase success stories to give you a clear picture of the benefits of hire purchase.
Hire Purchase Success Stories
There are some reviews and success stories that customers provide after choosing to acquire assets on hire purchase. Here are a few highlights.
· Homeowner 1
One of the homeowners providing testimonials about hire purchase expressed how hire purchase helped furnish their home. The homeowner invested a lot of his money in the construction of a new home for his family. After completion, they did not have the cash to purchase household furniture for the home. However, through hire purchase, they were able to acquire quality furniture and immediately move to their new home. The homeowner recommends hire purchase as the best way to get access to quality items when one doesn’t have all the cash.
· A young shopper
Another testimonial comes from a tech-savvy young shopper. She mentions that the aim was to improve her home entertainment experience. At first, she acquired a Smart TV, to give her access to online movie streaming services. She hadn’t been employed for long and did not have enough savings to acquire her dream TV. However, she opted to hire purchase the smart TV from Kenya Credit Traders and paid a fraction of the cost every month until she completed the payment. Currently, she is on another hire purchase agreement, paying for a home theater.
· A small business owner
A small business owner running a hotel wanted a refrigerator to provide cold refreshments to their customers. Choosing a hire purchase meant they quickly acquired one from KCT, even when they did not have enough savings to pay in cash. Spreading the cost over several months also saved the business by protecting cash flow.
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