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What is car hire purchase?

Car hire purchase is a financing arrangement that allows individuals to acquire a vehicle by paying fixed monthly Or weakly nstalments over an agreed-upon period. The individual gains ful ownership of the car at the end of the payment term.

How does car hire purchase work?

With car hire purchase, you choose a car, agree on the dowr payment and installment amount, and sign a contract with the company. You make regular payments (usually weekly or monthly) over the contract duration. Once the final payment is made, you become the outright owner of the vehicle

What are the benefits of car hire purchase?

Car hire purchase offers several benefits, including lower upfront costs compared to buying outright, manageable monthly payments. fixed interest rates, and the ability to own the car at the end of the contract.

Is a down payment required for car hire purchase?

Yes, a down payment is usually required. The amount can vary and is typically a percentage of the car's total cost.

Who is responsible for maintenance and repairs during the hire purchase period?

You are responsible for the maintenance and repairs of the vehicle during the hire purchase period, just like any other car owner.

What happens if I miss a payment?

Missing a payment can result in penalties or late fees. In some repeated missed payments could lead to repossession of the cases, vehicle.

Can I choose any car I want for hire purchase?

This may depend on the cars available at that period Remember that the information provided here is general in nature. It's important to carefully review the terms and conditions of the agreement and seek advice.

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