Thursday 30th of March 2023
Hire Purchase is a popular way to finance vehicles. After paying an initial deposit, you hire your vehicle with the option to buy it on regular monthly payments. After you have made all the payments including the hire charges the vehicle will subsequently be yours. The advantage of a hire purchase contract is that a person can buy a used vehicle and the repayment installment is not subject to VAT and as such, it is very much affordable.