Consumer & Competition: Hire Purchase & Equipment Lease - FAQ
What is a hire purchase agreement?
- A hire purchase agreement refers to a contract where the buyer purchases items and pays for them in instalments instead of paying the full value of the item upfront. There will usually also be interest paid on the item.
- At the end of the payment period and after all payments have been made the ownership transfers to the person who has been hiring the item and paying all fees.
Read some more FAQS from our Hire Purchase & Equipment Lease section