Difference between deferred payment and hire purchase in table
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On the left side Deffered Payments and right side Hire purchase.
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Hire purchase and deferred payment are related to each other. In a few scenarios, you can also substitute the word hire purchase with deferred payment. The phrases will give the same meaning. In deferred payment, the borrower will agreed to pay certain amount of money on the promised date. The store will allow you to pay for the appliance you purchase on an installment basis. In hire purchase, the purchaser will be getting the belongings without paying the full price of the item. The purchasers would make down payment and the balance is paid in installments.
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