CHP Commercial Hire Purchase
COMMERCIAL HIRE PURCHASE (CHP)
A commercial car hire purchase is a method of vehicle financing.
CHP essentially means that a finance company buys a vehicle for a customer and then in turn grants the client use and custody of the motor vehicle on a contractually stated payment plan. The purpose of this transaction is that ownership is gained immediately upon the client making the final payment including any outstanding balances.
This method of financing the purchase of a vehicle or plant and equipment has largely been superseded with the introduction of Chattel Mortgages.
Please check with your financial advisor as to your individual needs.
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