When in the market to purchase electronics, one is keen to find out the payment options available to them. At times, a buyer might be short of cash to purchase their preferred electronics outright. In the modern market, one of the best choices you can make is to find a hire purchase deal.
Reasons To Consider Electronics Hire Purchase
There are plenty of hire purchase benefits you can enjoy when in the market for electronics. One of the advantages of hire purchase is the ability to spread the cost. You only pay as little as 10% of the total cost and clear the cost in the form of daily, weekly, or monthly payments.
Another reason to settle for hire purchase electronics is the fixed interest rates charged. Unlike when you take a loan to purchase electronics, where interest rates can change and thus increase the total cost, interest rates in hire purchases are fixed. This allows you to budget in advance.
Hire Purchase Agreements
Before acquiring assets on hire purchase, one has to sign an agreement with the dealer. The hire-purchase contract works to protect both the buyer and the seller. Here are some of the contents of the electronics hire purchase agreements:
- Terms and definitions used in the agreements. The definitions aim at ensuring that one fully understands the agreement before signing it.
- The agreement also outlines the duties of the buyer as well as the duties of the seller. One of the duties of the seller and the buyer is to fully disclose information. The seller has the duty to deliver the items to the buyer, while the buyer has a duty to make payments.
- The rights of the buyer and the seller. The primary aim of the contract is to protect the seller and the buyer. This is achieved by ensuring that you understand your rights before signing the contract.
- Payments and penalties. A hire purchase agreement outlines the costs involved when purchasing electronics on hire purchase. interest rates and penalties are also included in a hire purchase agreement.
- Information on how to cancel the agreement. Both parties have a right to cancel a hire purchase agreement. The process of canceling hire purchase agreements is a part of the agreement.
Always invest your time and effort reading through the lines before signing a hire purchase agreement. At Kenya Credit Traders, we have plenty of electronics available on hire purchase terms. Follow Kenya Credit Traders on Facebook.