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Home Accounting Dictionary Letter H Hire Purchase Transaction Definition
 
 

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Hire Purchase Transaction Definition:

When a person is unable to acquire an asset against immediate cash payment, or is not able to make payment within a stipulated period of time he may make some arrangements with the seller to stagger the payment. This enables the purchaser to use the asset while paying for it by installments over an agreed period of time. This type of business deal is known as hire purchase transaction.

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