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Hire purchase 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.
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).
Lease purchase agreement (click to view pages) Rent-to-own, also known as rental purchase or rent-to-buy, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances, engagement rings, and real property, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during ...
The delayed-financing process begins with a homebuyer coming up with the funds to purchase a home in cash. How they do so is up to them: They might choose to use savings or sell off other assets ...
In Islamic finance, al Ijarah does lead to purchase (Ijara wa Iqtina, or "rent and acquisition") and usually refers to a leasing contract of property (such as land, plant, office automation, a motor vehicle), which is leased to a client for stream of rental and purchase payments, ending with a transfer of ownership to the lessee, and otherwise ...
Hire purchase, used in the UK and other countries for the purchase of cars, other consumer equipment and business equipment. The term lease-purchase is also used. Closed-end leasing, used in the US and Canada for the leasing of cars. Unlike in hire purchase, the asset is sold at its residual value at the end of the term, rather than for a ...
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Hire Purchase under Shirkatul Melk (HPSM) is a type of hire purchase contract which has been developed through practice and approved in Shariah. The term is used in Islamic banking. It is a synthesis of three contracts: shirkat, ijarah and sale. Under this mode, banks supply goods on rental basis.