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Hire Purchase Car Dealers in Ghana – Hire purchase is an arrangement. It is used to purchase expensive consumer goods. The buyer will make an initial down payment and later on, pay the balance, in addition to interest, in installments. It is also known as an installment plan. Hire purchase agreements are not viewed as credit extensions and ownership of the good- a car, in this case- will not be transferred to the buyer until all payments are made.
Hire purchase is advantageous because it is designed to help a business or individual find new ways to expand and function conveniently. It does this by providing a way to purchase needed equipment without departing huge amounts of money all at once. You can take your time and pay over a set time.
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Here is a list of hire purchase car dealers in Ghana in 2022.
List of hire purchase car dealers in Ghana in 2022
- Alabaster Car Rentals and Tours Ltd
Polo Court, Liberation Road, Accra
0302768899
- Erata Motors
Opposite Body Talk Boutique, Lagos Avenue, Accra
0244445268
- Leasafric Ghana Plc
No.5 Legon East Road, via 1st Freetown Link Accra GH, Legon E Rd
0302780901
- Toyota Ghana Limited
HQ5G+MQM, Adjuma Cres, Accra
0302221316
- Yoks Rent-a-Car
Oxford Street, Accra
0540614545
- Fiandad Ghana Limited- Osu Branch
First Kaadjano Street, Accra
0312292657
How Does Hire Purchase Work?
With a hire purchase, the person purchasing receives the official ownership of the car after all required payments have been made- as mentioned above. The buyer will, however, get the item after the first deposit. After making an initial deposit, the balance may be spread out over a set time period, in which you are expected to have finished making all the payments in order to claim the car as yours.
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Is Work-and-Pay The Same As Hire Purchase?
Work-and-pay is not the same as hire purchase, although they share similarities. As the name suggests, work-and-pay means you get to use the car to earn money and pay off the debt. Typically, taxi drivers and public transport such as ‘trotro’ drivers engage in this system. It is usually between the buyer and the individual owner of the car.
Hire purchase, on the other hand, means you make a down payment and spread out the balance and interest over a period. In the long run, it tends to be more expensive than buying outright.
What Will You Need to Get a Car on Hire Purchase?
To get a car on hire purchase, you will need:
- Ghana ID Card/ Ghanaian Passport
- Proof of revenue/permanent source of income
- Bank statement (of about six months)
- Three month’s payslips- if employed
- Car valuation report
- Sale agreement/ copy of the logbook
And, that about sums it up. That’s basically everything you need to know about hiring purchase car dealers in Ghana.
Source: GhGossip.com
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