With hire purchase becoming a convenient way to acquire assets in Kenya, one might want to join the many buyers that adopting this payment strategy. However, just like any other decision, it is vital to check the pros and cons and ensure you make the right decision. You want to ensure you are getting the best deal when selecting to purchase items on hire purchase. Here are steps or ways to get started with hire purchase.
1. Step 1: Determine the assets you intend to purchase
Before you even start the process of venturing the market to find out about hire purchase, there is a need to determine what assets you intend to purchase. The convenience of hire purchase at times can lead to impulse buying. One might be tempted to purchase assets that they do not require. Always have in mind items that you need to purchase.
2. Step 2: Determine the best payment method
While hire purchase is one of the best ways to acquire items, it is not always the best. One ought to learn other financing options. If you can purchase an asset outright without affecting cash flow or income, you might not require hire purchase. Invest effort and time learning pros and cons of different payment methods and learn the best one for the assets you are looking to purchase.
3. Step 3: Learn about hire purchase
It is always advisable to spend some effort and learn how hire purchase works. It is vital to learn your rights and duties as the borrower. Also learn about interest rates, installments, and other factors that affect cost in hire purchase. You also learn circumstances under which the item can be repossessed by the owner. Find articles about hire purchase here.
4. Step 4: Find a reliable hire purchase company
After determining that hire purchase is the best payment strategy for the assets you require, it is time to find the best dealer. In modern times, the internet offers the quickest way to find a hire purchase company. However, word of mouth from a friend or relative can lead you to a reliable hire purchase company.
Do not settle for the first hire purchase company you come across. Take time and compare the hire purchase deals from different dealers to find the best one. Check ratings and reviews from their customers to check whether they are reliable.
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