Before you take out a hire purchase loan, it is advisable to compare different lenders. There are many banks that offer a lease-purchase loan. The interest rates can differ greatly per loan, including the conditions per bank. The term hire-purchase comes from the idea that the person taking out the loan will continue to rent the product or service until the loan is paid off: the product or service can be purchased. After the loan has been repaid, the product or service can be purchased and the person becomes a full owner. This form corresponds to the financial leasing. For convenience, we have compiled a top 4 list for you with the most attractive offers to take out a lease purchase loan.
If the monthly term of the hire-purchase loan can no longer be repaid, the loan agreement will stop. If the loan has not yet been repaid for 75% within the agreed period, the borrower will have completely lost the product or service. The loan must still be fully repaid. This is possible through the sale of the product or service that is ‘rented’. If this does not yield enough, then another way must be found to fully repay the loan. The chance of a negative lease purchase BKR registration is present.
Hire purchase and the bkr
Purchase purchase without BKR is possible from various lenders. A negative registration with the BKR can prevent the Hire Purchase from being concluded. A negative BKR indicates that the person applying for the lease-purchase loan has not properly complied with the agreements from his current loan. The chance that this will happen again with a new request to borrow money is too great. That is why banks often check whether someone is registered positively or negatively with the BKR.
The pros and cons of Huurkoop in a row
Advantages: The rental buyer is directly in possession of the product or service and there is a fixed term and a fixed interest. This applies to the hire-purchase cars, but also to the rental-purchase home.
Disadvantages: The interest on the hire purchase loan is generally high. The rental buyer can completely lose his or her ‘possession’ if the agreed monthly repayment can no longer be met and 75% of the product has not yet been paid.