In Hire Purchase System the ownership of goods is transferred after the payment of First Installment.
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Yes sometimes before the first installment also.
Most mostly in hire purchase system the goods are transferred after first installment only.
As for having some advance in case of any future fault between the borrower and lender will be a little less due to this.
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1
Answer:
Yes, sometimes before the first installment also mostly in hire purchase system the advance money is taken before the first installment so that if any future problem comes company gets some money.
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