What does hire purchase mean?

Definitions for hire purchase
hire pur·chase

Here are all the possible meanings and translations of the word hire purchase.

Wiktionary

  1. hire purchase(Noun)

    A method of purchasing an item, where the buyer hires it and takes possession of it and pays regular installments. Ownership is only transferred on payment of the final amount. Abbreviated as HP.

Freebase

  1. Hire purchase

    Hire purchase is the legal term for a contract, in which persons usually agree to pay for goods in parts or a percentage at a time. It was developed in the United Kingdom and can now be found in Australia, China, India, Jamaica, Japan, Malaysia, New Zealand, and South Africa. It is also called closed-end leasing. In cases where a buyer can not afford to pay the asked price for an item of property as a lump sum but can afford to pay a percentage as a deposit, a hire-purchase contract allows the buyer to hire the goods for a not rent. When a sum equal to the original full price plus interest has been paid in equal installments, the buyer may then exercise an option to buy the goods at a predetermined price or return the goods to the owner. In Canada and the United States, a hire purchase is termed an installment plan; other analogous practices are described as closed-end leasing or rent to own. If the buyer defaults in paying the installments, the owner may repossess the goods, a vendor protection not available with unsecured-consumer-credit systems. HP is frequently advantageous to consumers because it spreads the cost of expensive items over an extended time period. Business consumers may find the different balance sheet and taxation treatment of hire-purchased goods beneficial to their taxable income. The need for HP is reduced when consumers have collateral or other forms of credit readily available.

How to pronounce hire purchase?

  1. Alex
    Alex
    US English
    Daniel
    Daniel
    British
    Karen
    Karen
    Australian
    Veena
    Veena
    Indian

How to say hire purchase in sign language?

  1. hirepurchase

Numerology

  1. Chaldean Numerology

    The numerical value of hire purchase in Chaldean Numerology is: 1

  2. Pythagorean Numerology

    The numerical value of hire purchase in Pythagorean Numerology is: 5

Images & Illustrations of hire purchase

  1. hire purchasehire purchasehire purchasehire purchasehire purchase


Translations for hire purchase

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"hire purchase." Definitions.net. STANDS4 LLC, 2020. Web. 28 Mar. 2020. <https://www.definitions.net/definition/hire+purchase>.

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