Hire purchase in Ghana - tips and tricks
Hire purchase is the most convenient and economic way to purchase electronic equipment. But before transacting, you need to be aware of the hire purchase terms and conditions. You have to pay upfront a specified deposit, and the rest is paid in terms of installments over a specified period of time. The conditions also specify steps to be taken in case the goods are damaged.
Hire purchase in Ghana has evolved over the years, the terms of payments have expanded into accepting partial payments accounted on the salary account of the purchaser. Before involving yourself in any purchase, it is important to be informed about the rules and regulations governing hire purchase in Ghana.
Hire Purchase Act Ghana.
The hire purchase Act regulates all transactions between the purchaser and firm. The hirer and the owner are binded by the contract. The act also allows the owner to repossess the goods in case the hirer defaults in payment. The ownership also does not pass hand until the last installment is paid.
The hirer is also protected by the law to terminate the transaction through an official notice in case they have problems in fulfilling the contract. The contract between the owner and the hirer must be registered within 30 days as a legal entity and a certificate offered to the Registrar.
List of Hire Purchase Companies in Ghana.
Orchard Asset Finance Limited.
They are among the biggest hire purchase companies in Ghana. They deal in a variety of hire purchase electronics in Ghana. They have built a long-term reputation through the over 10 years of operations. They deal with electronic brands like LG, Samsung, Whirlpool, HP, Ramtons and many more. They have a variety of kitchen to home appliances.
Goldman Capital.
They offer the best and affordable installment and deposit rates on all goods on hire purchase in Ghana. They have grown their home base to include hire purchase terms on commercial vehicles. Their client base includes workers with salary accounts and also shareholders of Goldman investments. They deal with brand names like LG, Hisense and Samsung.
They also allow full payments in case the buyer decides to pay before time. All contracts made with the firm are registered under the law as in accordance with the Hire Purchase act in Ghana. They have minimum interest rates as low as 5% per month.
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Wonak Abie Enterprise.
They are offer flexible payment terms on all home appliances. They are open to individual with credible salary accounts. They have a wide variety of home electronic appliances ranging from televisions, fridges, cookers, home theatre systems and much more. They deal in quality brand names like Samsung, LG, Sony and Hisense. They offer low processing fees of less than 4% on all purchases.
Rowi Limited.
They have over 20 years’ experience of offering quality hire purchase terms to customers. They also offer sound advice to customers on the quality of the home appliances and electronics. They deal in appliances like television sets, fridges, air conditioners and gas cookers.
All you require is to show up with the photocopy of your national identification card, pay slips for the last three months and proof of employment. All the rest of the details will be handled conveniently for you.
Gentrac Investments Limited.
The Hire Purchase company is a registered entity by the Government in Ghana. Their operation falls under the Hire Purchase act of Ghana. They deal in a wide range of electronic devices and home appliances. They have brand names like LG, Samsung, Sony and Ramtons. They offer competitive interest rates on all purchases. They also offer after-sale services such as free transport on all heavy appliances.
City Hire Purchase.
They have been in the hire purchase industry for over a decade. They have a wide variety of different home appliances and electronic goods. All electronic goods come with a warranty and guarantee. They offer low interest rates on all purchases with flexible payment periods.
Multi Hire Purchase
Located in the Eastern region, they offer different home appliances. Depending on the electronic device, they offer a warranty in case the appliances are faulty. They have a flexible and affordable payment system that can be made in ether daily, weekly or monthly installments. The installments period depending on the appliance can last close to one year.
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Source: YEN.com.gh
