With the electronics, vehicles, and gadgets getting updated and getting better day-by-day, consumers’ wants and needs are also growing. And therefore, it is obvious that one needs substantial money in the pocket. However, there are organizations and institutions which are trying to your dream for you. One way to do this is by hiring a purchase.
What is a hire purchase?
Hire purchase is a financial arrangement wherein customer A enters into a contract with the seller to buy an asset B by paying the initial installment. This initial installment could vary from company to company and from product to product. After you pay the installment, you can take asset A with you, however, with a legal obligation to repay the balance along with interest over some time. In a layman’s term, you can call it “buying on rent.”
Service of hire purchase Singapore is well known. Many companies in Singapore hire purchase to the customers with an “easy” installment and interest rate. With the growing investments by the customers, the competition for these hire purchase companies has also increased. This has led to many companies providing the service and thus giving consumers a wide choice.