Singer introduced Hire Purchase to the world way back in 1851.The Hire Purchase transactions are governed by Consumer Credit Act No 29 of 1982. Hire Purchase was initially used for consumer products but has now emerged as a popular alternative to Leasing.
Hire purchase became a popular financial product due to VAT concessions given when financing used vehicles and provides a flexible method of payment for those unable to pay the full amount at the time of purchase. Hire Purchas was initially used for consumer products but has now emerged as a popular alternative to leasing.
Singer Finance provides Hire Purchase facilities for used vehicles and agricultural equipment. With exemptions on VAT for certain vehicle categories such as buses, we experienced a shift from Hire Purchase to Leasing. Further, the demand for second hand vehicles has dropped at an alarming pace as a result of duty increases. You can have your own Hire Purchase package with customer made Hire Purchase solutions from Singer Finance.