Customers on the lookout for asset financing options will always have choices. However, an option that stands regardless of the value of the assets is a hire purchase. Hire purchase is a popular option for consumers as well as business owners looking to purchase new assets.
What Is Hire Purchase?
Hire purchase is a financing option where a buyer acquires assets by paying only a fraction of the cost. When one determines the asset they need, they approach a hire purchase dealer with as little as 15% of the total cost. After paying this down payment, the customer takes home the asset and has a right to use it. However, they do not immediately get the ownership rights of the assets. A dealer transfers ownership to the buyer after they pay the total cost of the assets.
Hire Purchase Benefits
Hire purchase agreements come with plenty of benefits. If you are looking to purchase items for your home or business, here are some of the pros of settling for a hire purchase contract.
1. Access quality products.
Hire purchase ensures that you are not limited in terms of quality assets. In most cases, when making a cash purchase, you are limited to the available resources. This can make buyers settle for low-quality assets to stay within their budget. Hire purchase opens a door of possibilities on the other hand. You have a chance to spread the cost over several months, and this makes it possible to acquire items that would otherwise be unaffordable.
2. Have better control over your finances
Another reason to consider hire purchase deals is that they give you better control over your finances. Hire purchase allows you to spread the cost of assets. This means you only pay a small fraction of the cost every month. Hire purchase thus allows you to balance between investing in new assets, spending on expenditure, and making savings.
3. Own assets at the end of the hire purchase agreement
The best about a hire purchase agreement is that you end up as the owner of the assets at the end of the contract. Unlike leasing where you pay installments and return assets at the end of the agreement, in hire purchase you retain the assets.
Why Choose Kenya Credit Traders for Your Hire Purchase Needs
If you want the best hire purchase deals in Kenya, Kenya Credit Traders (KCT) is your best option. Apart from being reliable, experienced, and reputable, KCT offers deals customized to suit your needs. Follow us on Facebook.
