Hire purchase schemes are everywhere these days. So much so you may have one and not even realize it as they are not always advertised as such. The obvious and original hire purchase schemes are traditionally associated with buying a car. However, these are seen with all types of home improvement suppliers such as conservatories, extensions, and driveways. You have probably seen advertisements for sofas buy now pay later and not realized this is actually a hire purchase scheme that they are referring to. In short it is a scheme set up to finance cars, home improvements, household items, plastic surgery, practically most things that you can think of. Advantages of Hire Purchase Schemes Hire purchase schemes often allows you to buy big-ticket items such as a car on credit.
A simple, easy to understand method of financing a specific item. You might find this useful if you can’t borrow enough to fund your purchase through a bank loan or credit card to your credit rating or lenders criteria. You might find it easier to get credit from an HP company than from, say, a high street bank or credit card company as they sometimes hold the item as security against non payment...
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