Hire purchase or loans

[MercySmith]

Neither higher purchase not loan as both required payments of interest (usury) which is forbidden for me. I will rather go for what I can afford instead of going to higher purchase and if funding can come inform of love money (funds from family and friends) to support me, then I will go for something higher

I can not understand what you're saying. Are you saying you are against getting a loan or buying something and paying in instalmentally? I would really like to know you reason behind this.

 

[Bkoks]

Hire purchase will come with you paying daily , monthly or something. Loan is paying everything thing back ones at an agreed time or period. Now it depends on the one the person can afford to do if it's daily, monthly, or so, you go for hire purchase and if you feel it's once ,you go for loan.

 

[Olubayo12]

A friend of mine wants to get a bus for a working purposes but the resources available(money) at the moment is not really sufficient to get the bus, he is thinking of either obtaining loans or going for hire purchase where he will be paying in instalment.
Which is more prefferable?

actually the decision of taking a loan to buy a car for personal use is as bad as taking a loan to buy food. Your friend could have waited and save as much money as possible to be able to afford buying thecar with his own money. I can't advise such move

 

[Shigobad20201]

A friend of mine wants to get a bus for a working purposes but the resources available(money) at the moment is not really sufficient to get the bus, he is thinking of either obtaining loans or going for hire purchase where he will be paying in instalment.
Which is more prefferable?

Since he's buying the bus for business purposes, for him to pay with ease and still be convinient , it is bettr he go for loan than going for higher purchase, in loan the money you borrowed will be deducted from your salary every month with ease till he balance the payment, but in higher purchase if he borrowed 1million , they might add 500,000 on it and if he cannot meet the demand, they might sell his bus.

 

[Kingsley]

Hire purchase agragreement is somewhat similar to a loan. But there are differences the hire takes possession of the goals while he continues making payment. It 're helps the buyer to make good plans for payments. I prefer hire purchase.

 

[Ebensco]

I would advise him to go for hire purchase as that would be beneficial to him. With loans, there would be high interest rate and he'd have to work through his nose to pay back the money. But with hire purchase he's as good earning and paying little by little till he completes paym

 

[Joseph555]

I think that if you have a pool with yourself you should go for your punches instead of loan because if you can be so painful in a space of 12 years you might have pay off the hire purchase as we have the acquired I came to your cell but in the case of loan it is not the same thing honestly you are enriching the bank which is not good for agent business

 

[Mawome]

I think hired purchase is far more better than loan, now let me give you one reason I said that hired purchase is better, your bank can not give you some money without collateral, and the collateral must be higher than the money you borrowed from them, if you are not meeting there requirements it's either they cease your property or you pay back the money instantly.

 

[Nurudeen]

When it comes to interest rate on both hire purchase and loan I don't tht there is much difference on both because most always comes with stringent policies which can never favour the person taking it. However, if your friend don't have money for capital I will advise the person to go for hire purchase

 

[Alee]

Sometimes, if you don’t have enough money, you may need to take out a loan or buy items on hire purchase agreements (also legally known as credit sales).

There are some special protections in the law for consumers when they enter into a credit contract. This section briefly explains some of these protections.

 

[Folaham]

I can not understand what you're saying. Are you saying you are against getting a loan or buying something and paying in instalmentally? I would really like to know you reason behind this.

Higher purchase are of two types - (a) higher purchase with lease element, and (b) without lease element.
Lease are of two type- (a) finance lease and (b) operating lease. If the higher purchase is with the element of finance lease i.e the liability and the maintenance of the higher purchased item will reside with the person that hire the asset. But if it is the higher purchase with operating lease, the maintenance or liability resides with the higher purchase owner.
It depend on the type of higher purchase as explain above

 

[Caali]

You can purchase goods on hire purchase from the seller and later make payment in installments. Learn all about hire purchase and how it is different from consumer durable loan.

 

[Kelly5]

I would want to advise that your friend to take the hire purchase option. This very hire purchase option seem to have a softer landing for him than taking the option of collecting loan from a financial house or institution

 

[abegunrinmicheal]

Hire purchase is better and going for loan, loan repayment interest can give one hypertension if can caution isn't taken. At least with hire purchase, there will be an agreement whether to pay daily, weekly, or monthly. Though both have their merits and demerits but hire outweigh loan, if the person is determined and hardworking, he will pay all his money because many just go for hire purchase, then they relax in paying back.

 

[Abbeyola]

A friend of mine wants to get a bus for a working purposes but the resources available(money) at the moment is not really sufficient to get the bus, he is thinking of either obtaining loans or going for hire purchase where he will be paying in instalment.
Which is more prefferable?

Hire purchase is a bit reasonable to loan , because it allows you pay gradually with interest on it,but it allows you meet up the target of payment between a stipulated period of time,then the property later becomes your after payment.
Loan is a bit tedious , considering the high interest rate.

 

[Nicklas22]

I will go for a higher purchase because when you go to the bank to take a loan and you couldn't pay at the required set period you're definitely in big trouble
But when you go through the highest purchase process you can reason with the owner and you can be given some time

 

[MercySmith]

Higher purchase are of two types - (a) higher purchase with lease element, and (b) without lease element.
Lease are of two type- (a) finance lease and (b) operating lease. If the higher purchase is with the element of finance lease i.e the liability and the maintenance of the higher purchased item will reside with the person that hire the asset. But if it is the higher purchase with operating lease, the maintenance or liability resides with the higher purchase owner.
i depend on the type of higher purchase as explain above

Wow. You seem to be very enlightened on stuff like this. But what do you think of most Keke drivers. I believe most of them got their Keke with higher purchase. And with proper management, it is paying off for them.

 

[Hasan Raza]

My recommendation to you my dear is to go available buy since the transport is for working and not for simply close to home use, unquestionably he would reimburse certain sum each months as opposed to advances where you can be compromised if the cash isn't paid as at when due and hence in waiting line.

 

[Tinaconcept]

In my opinion I will rather advice him to opt in for hire purchase rather than loan. Hire purchase is a situation where you get a good on lease in order to be paying install mentally. Its better he goes for hire purchase than loan that will be giving him blood pressure

 

[Blessingedidiong]

Hire purchase and loan are two similar things. In this case,your friend should go for hire purchase. He will be able to negotiate the payment to favour his financial strength and no collateral is needed for hire purchase unlike loan.