Agreement Advisory Sample For Hire Purchase
Description
How to fill out Agreement To Provide Financial Planning Advisory Services?
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FAQ
A statement that you (the hirer) must tell the owner (finance company) of the locations of the item. The words "Hire Purchase Agreement" must be stated clearly and in a prominent place on the agreement form. The agreement must also set out the fees, charges, and penalties that apply.
Hire PurchaseTotal payments: 3 years = 3 x 12 = 36 months. R50 per month x 36 months = R1 800.Total interest paid: Total amount paid R1 800. Minus original price tag R1 500.Total payments: 2 years = 2 x 12 = 24 months. R70 per month x 24 months = R1 680.Total interest paid: Total amount paid R1 680.
Hire purchase is a form of finance. Essentially you have bought the item and used a loan (from the finance company) to pay for it. With HP you are considered the owner of the item immediately, the item appears as an asset on your balance sheet, and the balance owing to the finance company appears as a liability.
Hire purchase (HP) is a type of borrowing. It is different from other types of borrowing because you don't own the goods until you have paid in full. Under an HP agreement, you hire the goods and then pay an agreed amount by instalments.
With hire purchase you hire an item (a car, a laptop, a television) and pay an agreed amount in monthly payments. You do not own the item until you have made the final payment. Personal Contract Plans (PCPs) are a type of hire purchase agreement.