hire purchase

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Hire Purchase

The right to purchase an asset by the user of the asset according to a pre-agreed method. The user may be the owner for tax purposes.

Hire Purchase

A British and Commonwealth term for closed-end leasing. See also: Rent-to-own.

hire purchase

see INSTALMENT CREDIT.

hire purchase

see INSTALMENT CREDIT.
References in periodicals archive ?
The economic downturn has also made people more cautious, and less willing to take on bigger sums through loans or credit card debt, although they are happy to borrow smaller amounts through hire purchase.
46 billion was borrowed through hire purchase during the year to the end of March, nine per cent more than during the previous 12-month period, at a time when other forms of lending are contracting.
Collins was the man who signed the hire purchase agreements.