Hire Purchase in Kenya: How it Works, Pros and Cons

Steve Oke Chapchap Market September 4, 2019 No Comments

Hire Purchase in Kenya: How it Works, Pros and Cons
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Hire Purchase in Kenya

It is no secret that Kenyans are looking for convenient ways of buying items for their homes and offices. However, most shoppers find a challenge in paying for the items they so desperately need. Some do not even know what hire purchase in Kenya entails. If you are one of them, it is time to open your eyes and see the huge convenience that is staring at you. Read on to understand what hire purchase covers and what it doesn’t. You will also, separate common myths from realities and then benefit from the advantages.

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Quick Introduction
Hire purchase in Kenya can loosely be defined as a system of buying goods and products from dealers and traders through regular instalments. In most cases, those instalments are equal and are paid monthly. If you are buying a television set, for example, you spread the purchase over several months instead of paying the whole price upfront. If it goes for Ksh. 50,000 for example, you could enter into a hire purchase agreement and pay five instalments of Ksh.10,000 each.

What Items can you Buy?
You can find numerous traders who offer hire purchase as a payment option. However, it is best to shop with a trusted trader such as Kenya Credit Traders Limited. Avoid the temptation of going for offers that look too good to be true. It is important for you as a consumer to note that you can purchase just any item through this system. The following are examples of popular items for hire purchase in Kenya that you can purchase at Kenya Credit Traders Limited.

  • Home Entertainment
  • Household Furniture
  • Transport i.e Bicycles
  • Solar Products
  • Building Materials
  • Dairy & Agricultural Equipment
  • Light Commercial Equipment
  • Kitchen improvement products

Common Terms and Conditions

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The terms and conditions of hire purchase in Kenya vary from one trader to another. It is, therefore, prudent to understand the terms at each trader. The last thing you want is to be fleeced of your hard-earned cash in the form of hidden costs and charges.All traders that offer hire purchase in Kenya will require you to make a down payment before you take the item home. This amount varies from one trader to another. Some request for a 50% payment, but others are more flexible. After that, read and sign an agreement that binds both you and the trader, and then take the item away. Usually, the ownership of the item is not expressly transferred to you until you pay all due instalments.

Tips on Hire Purchase

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As the item still belongs to the trader during the payment duration, ensure you do not deface it. Tampering with the operation, look or functioning of the item voids the hire purchase agreement.Note that the overall price of the item in the hire purchase agreement is usually a bit higher than the marked price. The extra cost is the trader’s profit. Regardless of this, hire purchase in Kenya remains as one of the most preferred ways of shopping. Head over to Kenya Credit Traders Limited and go home with an item you desperately need.

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