What is the difference between the meaning of the words hire purchase and leasing?

What is the difference between the meaning of the words hire purchase and leasing?

People doing financial transactions when they hear the words hire-purchase and leasing may be confused as to how they are actually different. In this article, we will explain to each other.

Hire purchase (Hire Purchase) is a contract of the owner of the property for rent. Provided that the leased property will go to the lessee upon paying the lessor in full the amount stipulated from the installment payments. Once the contract is signed, the ownership will belong to the lessee. But the lessor must have the ownership transferred to the lessee upon receipt of full payment for the goods.

Leasing (Leasing) is a contract that has an agreement to utilize the property by following the conditions of the contract. and have to pay as specified Is that the owner of the property agrees to sell the asset to the lessee by leasing. When the rental contract is complete The decision of whether to purchase the asset, lease it, or return it is at the discretion of the entity.

It can be concluded that for hire-purchase, the property will belong to the lessee when the payment has been made in full. But leasing, when the lease payment has been paid to the giver in full, the property does not belong to the leasing until it is traded.

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