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2 1 Hire Purchase Video Lecture - B Com
FAQs on 2 1 Hire Purchase Video Lecture - B Com
| 1. What is hire purchase? |  |
Ans. Hire purchase is a financial agreement in which a buyer obtains an item by paying an initial deposit and then makes regular installment payments over a specified period. The buyer does not own the item until the final payment is made.
| 2. What are the advantages of hire purchase? | |
Ans. Hire purchase offers several advantages, including the ability to acquire high-value items without a large upfront payment, flexible payment options, and the possibility of tax benefits. It also allows individuals with limited funds to make purchases and provides them with the opportunity to own the item at the end of the agreement.
| 3. How does hire purchase differ from a personal loan? | |
Ans. While both hire purchase and personal loans allow individuals to make purchases, they differ in terms of ownership. In hire purchase, the buyer does not gain ownership until the final payment is made, whereas in a personal loan, the buyer becomes the owner of the item immediately. Additionally, the payment structure and interest rates may vary between the two financing options.
| 4. What happens if I miss a payment during a hire purchase agreement? | |
Ans. If a payment is missed during a hire purchase agreement, the buyer may incur additional fees or penalties. The seller or financing company may also have the right to repossess the item if the buyer defaults on multiple payments. It is important to communicate with the seller or financing company in case of financial difficulties to explore possible solutions.
| 5. Can I settle a hire purchase agreement early? | |
Ans. Yes, it is possible to settle a hire purchase agreement early. However, the terms and conditions for early settlement may vary depending on the agreement. Some agreements may allow for early settlement with a reduced total payment, while others may charge a penalty for early termination. It is recommended to review the agreement and consult with the seller or financing company for the specific terms of early settlement.
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Nov 15, 2024 Last updated |
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