Making good of hire-purchase

[Augusta]

Hire-purchase is a good way of getting into business or owing a product after a period. So it pertinent to make sure that all relevant processes have been carried out. This is to help you have a smooth landing at the end of the day without issues. You need to consider the following when engaging in a hire purchase

• Make sure every agreement is in a written form
• Have one or two witnesses; if possible also append their signatures
• Whenever you make a payment, don’t be in haste. Be sure it was duly registered
• Have a copy of your payment records as well. To help you sort out any differences in the future
• Very importantly make all efforts to finish your payment at the stated time

What’s your thought?

 

[Chibson]

There is a minibus business that is very seriously giving him a lot of people money in my area of residence. All you need to do is to buy a bus that is actually what about $2000. And you look for a driver who will be driving it and giving you a returns on weekly basis. The return may be as high as$40 per week and where he completes the money you demanded which may be about $4000 then the minibus automatically belongs to the driver.

 

[Augusta]

There is a minibus business that is very seriously giving him a lot of people money in my area of residence. All you need to do is to buy a bus that is actually what about $2000. And you look for a driver who will be driving it and giving you a returns on weekly basis. The return may be as high as$40 per week and where he completes the money you demanded which may be about $4000 then the minibus automatically belongs to the driver.

Yeah, I can totally relate with this, because in most cases this is where hire-purchase really happen with vehicles. This is why this post is here to help anyone that will going into it. They need to get it right. Let everything be documented to avoid issues at the end of the day

 

[IamDozzy]

Hire purchase is a very good way of starting a business especially if one doesn't have the required capital to start the business. Hire purchase makes the entepreneur disciplined and focused as he/she would be working to pay off the contract. A lot of business riders in Nigeria usually use this method to start their business and a lot of people have become bread winners from this method.

 

[Augusta]

Hire purchase is a very good way of starting a business especially if one doesn't have the required capital to start the business. Hire purchase makes the entepreneur disciplined and focused as he/she would be working to pay off the contract. A lot of business riders in Nigeria usually use this method to start their business and a lot of people have become bread winners from this method.

Yeah you are right. A lot of commercial drivers in Nigeria are into hire purchase either on bike, tricycle or taxi. It is a good way of owning of a vehicle after payment. This. Is why it is good to know what it entails to carry it out without stress

 

[Alexandoy]

I forgot what it is called here but it is practically the same. A colleague in the office was selling a portable oven called Turbo Broiler. You can buy from her by 4 monthly installments. But you can only receive the product when you have paid in full. When I questioned the method she said that you are safe from price increase. In other words you are like reserving the product so that you can be protected from a possible price increase.

 

[Augusta]

I forgot what it is called here but it is practically the same. A colleague in the office was selling a portable oven called Turbo Broiler. You can buy from her by 4 monthly installments. But you can only receive the product when you have paid in full. When I questioned the method she said that you are safe from price increase. In other words you are like reserving the product so that you can be protected from a possible price increase.

This seems to be slight different from hire purchase because hire purchase agreement is that the buyer goes with the product even in the first instalment. So you pay up the remaining bal periodically and own the product at the end of the day. But the snag is without fulfilling your payment at the end, the owner has the right to seize the product

 

[Wisdom01]

Hire purchase is a very good way of starting a business especially if one doesn't have the required capital to start the business. Hire purchase makes the entepreneur disciplined and focused as he/she would be working to pay off the contract. A lot of business riders in Nigeria usually use this method to start their business and a lot of people have become bread winners from this method.

This is true most especially those people that have little amount of money with them and need something to start feeding their family on a daily , the only thing you need to note is the collateral aspect , because the person involved needs to have the needed collateral to seal up the deal , but hire purchase business is really popular in my country

 

[Sherman198]

This is viable business that can bring enough cash returns to the owner. You can give it to a driver and the driver will be using it to work then he pays on installment. But you would have made the calculation where by, you will make 100% of the amount you purchased in the first place.

 

[btaliat]

You have said it all especially on the precautionary measures. There are some people that are abusing the business here. They will give their motorcycles on hire purchase and when the money is almost complete, they may find a dubious mean to steal the motorcycle from the hire purchasers. That's why one needs to becareful

 

[Setho]

I know that the hire-purchase business is one that can use some profit but to be honest I don't like it because it is very problematic. My uncle used to have a rental business where it was concerned with lending out chairs and canopies for events. After almost every event despite the signed agreement the celebrants usually written broken chairs and bench candle is leading to him always having one dispute or the other.