Hire Purchase

Some of you might have some savings and wonder what to do with it to get some more turn over.

You might want to consider Hire Purchase. 

So, the question is what is hire purchase?

According to www.investopedia.com, hire purchase is a method of buying goods through making installment payments over time. The term hire purchase originated in the U.K., and is similar to what are called "rent-to-own" arrangements in the United States. 

Under a hire purchase contract, the buyer is leasing the goods and does not obtain ownership until the full amount of the contract is paid.

Simply put, you buy a vehicle, sell the vehicle to someone reliable/trustworthy at a much higher rate (selling price + interest), who in most cases to uses it as a means of livelihood. This person then spreads the payment for the vehicle and pays a fixed amount on a monthly basis over a period of agreed time.

An agreement is to be signed between the two parties, a witness and a guarantor to legalize this process. 

Also, the vehicle particulars should remain in the name of the seller until the buyer completes payment.