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A hire purchase (HP), [1] also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repaying the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as closed-end leasing ...
Personal contract purchase (PCP), often referred to as a personal contract plan, is a form of hire purchase vehicle finance for individual purchasers, similar to both personal contract hire and a traditional hire purchase (buying on installments). Unlike a traditional hire purchase, where the customer repays the total debt in equal monthly ...
Lease purchase contract. A Lease-Purchase Contract, also known as a lease purchase agreement or rent-to-own agreement, allows consumers to obtain durable goods [1] or rent-to-own real estate [2] without entering into a standard credit contract. [1] It is a shortened name for a lease with option to purchase contract.
Unlike credit cards, installment loans are close-ended debt products. Skip to main content. 24/7 Help. For premium support please call: 800-290 ... buying a car or even purchasing a house.
An installment loan is a type of closed-end debt. You pay it off over a set number of months or years, also known as your loan term. Unlike credit cards or lines of credit, which are open-ended ...
Building a vehicle comparison spreadsheet is super helpful for processing the mountains of data you should be compiling if doing your due diligence when shopping for a new or used car. But if you ...