AQA GCSE History · 8145
Paper 1
Revise: The ‘Boom’Hire purchase allowed consumers to obtain goods and pay for them through regular instalments over many months.
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GCSE History · key term
A credit arrangement allowing someone to obtain goods and pay for them in instalments rather than paying the full price immediately.
Used by AQA and OCR
Paper 1
Revise: The ‘Boom’Hire purchase allowed consumers to obtain goods and pay for them through regular instalments over many months.
Paper 1
Buying goods with an initial deposit and paying the remaining cost in instalments over time.
Hire purchase made buying easier. A family could take home a car, radio or refrigerator after paying a deposit, then pay the balance in instalments. Instead of saving the full price before buying, customers could use goods while paying for them.
Distinguish hire purchase of consumer goods from buying shares on the margin. Both involved credit, but they financed different purchases.
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