How to register for Hire Purchase in Edo State?

Are you living in Edo State and you’re looking for how you can register your car for hire purchase, worry no more, there are companies that got you covered.  There’s more to it than just handing over your car and collecting money. Whether you’re a car owner looking to put your vehicle to work or an investor interested in the car hire purchase business, this post breaks down everything you need to know about registering a car for hire purchase in Edo State, Nigeria.

What Does It Mean to Register a Car for Hire Purchase?

Getting a car registered for hire purchase simply means you’re offering your vehicle to someone (usually a driver) under a legal agreement. This agreement allows them to use the car and pay for it in installments over a period of time usually between 24-36 months.  At the end of the agreed term, if all payments are completed, the ownership of the car transfers to the buyer.

Yes! Hire purchase is legal and commonly practiced in Edo State, especially in cities like Benin City.

What you need to register your car for Hire Purchase

Here are some basic steps and documents required to successfully register your car on hire purchase.

1. Vehicle Documents

Before you can register your car for hire purchase, it must be roadworthy and fully registered. In Nigeria, vehicle registration is handled by the Federal Road Safety Corps (FRSC). These document include:

  • Original purchase receipt or invoice
  • Proof of ownership
  • Vehicle license
  • Insurance papers (at least third-party)

2. Hire Purchase Agreement

This is the legal document that outlines the terms of agreement such as initial deposit, amount to be paid weekly/monthly, total amount to be paid, interest rate, conditions for repossession, duration of payment, name and details of both parties involved and so on.  This agreement protects both parties and should be reviewed by a lawyer.

3. Driver Details

The driver to be give the vehicle must satisfy and present some documents and details. This may include passport photograph, valid ID card ((National ID, Driver’s License, or Voter’s Card), name and address, must not drink alcohol before driving, abiding to the road safety rules and regulations and so on.

4. Hire purchase companies

There are several hire purchase companies who stand as third party mediating between you and the driver. Many a time you may not even know the driver in person as these companies help you source for drivers and handle all the processes while you just sit back. Some of such companies are edoproperty.com, Pukena technologies, Gbovo transport and many others.

Where Can You Find Drivers for Hire Purchase in Edo State?

Finding the right driver is key to making hire purchase successful. There are several ways you can source for trusted drivers in Edo State. Here are some of them:

  • Trusted families and friends
  • Hire purchase companies
  • Bolt or Uber driver groups in Benin City
  • Facebook Groups for Edo transport workers
  • Online marketplaces
  • Referrals from existing drivers

Why Register Your Car for Hire Purchase in Edo State?

1. Steady Passive Income

Hire provides a passive income for the investor. With a well-structured hire purchase plan, you can earn monthly income while your car is being used by someone else.

2. High Demand for Vehicles

Due to the good road and thriving bustling business activities in Benin City and other urban areas in Edo, there is a growing demand for transport services. From taxis to delivery vans, many drivers are looking for cars to work with but can’t afford to buy one outright.

3. Supports Entrepreneurship

By giving a car on hire purchase, you’re helping someone earn a living while also growing your investment. This helps to promote entrepreneurship and investment as well as improve stand of living.

How to get Started

Are you an investor looking for hire purchase company that can help you get vehicles of your choice, source for trusted drivers and monitor your investment? Or Are you a driver looking to get a vehicle on hire purchase?

  • Visit edoproperty.com
  • Register and fill the necessary details
  • Get started immediately
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