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Setting up a hire purchase system

  • 12-02-2015 3:41pm
    #1
    podge2013
    Registered Users, Registered Users 2 Posts: 5 ✭


    Lets say when if I want to sell a product on hire purchase does it need to have a certain price or can hire purchase be used at any price.

    For example.
    I want to sell a product on hire purchase. It costs €50 and want sell it over 5 months plus interest of 5% (€2.50).

    €10+€0.50= €10.50/month

    At the end I should have €52.50

    Is this legal or is Hire purchase only allowed in certain price ranges.
    Tagged:


Comments

  • #2
    Sunny Dayz
    Registered Users, Registered Users 2 Posts: 5,517 ✭✭✭Sunny Dayz


    I think you have to set up a hire purchase system through a financial provider which is covered by the financial regulator. I don't think you can just "set up" finance yourself. Alternatively you can give a customer credit on account and allow them to pay back instalments and apply interest if there is late payment or overdue accounts.


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