Hire Purchase Agreement

Hire Purchase Agreement,

What is Hire Purchase Agreement?

  • Hire Purchase Agreement definition is: An installment purchase is an agreement to purchase expensive consumer goods in which the buyer submits and pays interest on the rest of the installment. The term installment purchase is widely used in the UK and is commonly known as installment payment in the United States. However, there is a difference between the two: some entry plans give buyers rights to the property once the seller is contracted. In the case of a lease purchase agreement, ownership of the goods is officially transferred to the buyer only after payment.

    • Rent is not counted as an extension of credit.
    • In the case of a commercial lease, the property is transferred to the buyer only after payment.
    • A lease agreement is more expensive than buying instant goods.

Literal Meanings of Hire Purchase Agreement


Meanings of Hire:
  1. Hiring (someone) for a salary.

  2. Get temporary use (of something) for agreed rental.

  3. Someone's attitude or someone else's.

  4. The person who has the employee.

Sentences of Hire
  1. The administration hired workers and fired them.

  2. She had to rent a wedding dress

  3. It is advisable to rent a car

  4. New employees receive six months of training

Synonyms of Hire

employ, engage, recruit, appoint, take on, sign on, sign up, enrol, commission, enlist, take into employment, secure the services of, put on the payroll, rent, lease, charter, pay for the use of, rental, hiring, leasing, conscript


Meanings of Purchase:
  1. Elevation (rope or cable) or height (anchor) using hooks, levers, etc.

  2. A position or position that uses force for profit or benefit that comes from its use.

Sentences of Purchase
  1. Mr Gill saw the manuscript at a local auction and bought it for 1,500

  2. The hooves struggled to catch the slippery floor

Synonyms of Purchase

buy, acquire, obtain, pick up, snap up, take, secure, procure, come by, pay for, shop for, invest in, put money into, grip, firm contact, attachment, hold, foothold, footing, toehold, fingerhold


Meanings of Agreement:
  1. Consensus or agreement as an opinion or feeling of a position or the result of an agreement.

Sentences of Agreement
  1. The government has not reached an agreement

Synonyms of Agreement

accord, concurrence, consensus, harmony, accordance, unity, unison, concord, like-mindedness, rapport, sympathy